Published Date : 06 Nov 2023
The global application development software market size surpassed USD 155.64 billion in 2022 and is projected to rise to USD 328.3 billion by 2032, anticipated to grow at a CAGR of 7.8 percent during the projection period from 2023 to 2032.
The procedures involved in designing, creating, installing, using, and maintaining computer software are collectively referred to as application development software. It is common for computer programmers to do this. Computer software is a collection of instructions or commands that tell a computer to perform different tasks, including word processing or web surfing apps. It is distinct from hardware. Either a single independent developer or big companies with significant teams working on projects may accomplish it. Application development outlines the procedure for creating an application and often adheres to a set approach.
Experts in the industry projected that by 2024, there will be 500 million downloads of mobile apps per day. By the end of that year, there will have been 184 billion app downloads, double that of 2020. Furthermore, secondary data analysis indicates that worldwide user spending on mobile applications on Google Play and Apple's App Store will increase significantly in the upcoming years.
The global application development software market is driven by several factors including the growing digital transformation, growing adoption of cloud computing, rising technological advancements, rising smartphone usage and others. In addition, the market growth is also propelled by the growing demand for mobile apps.
According to Oberlo, there will be 5.25 billion smartphone users worldwide by the end of 2023, a rise of 4.9% per year. Additionally, it represents a 98% increase from the 2.6 billion smartphone users in 2016, which was only seven years ago.
According to buildfire, an average smartphone user utilizes their gadget for three hours and ten minutes per day. Roughly 90% of smartphone usage is accounted for by applications, thus 2 hours and 51 minutes are spent using them.
North America is expected to dominate the market over the forecast period. The region is home to a robust technological ecosystem, with major technology hubs in Silicon Valley (California), the Pacific Northwest, and the Northeastern United States. These areas are hubs for innovation, drawing in both new and well-established tech firms that depend on application development software.
In the region, the United States and Canada have some of the highest smartphone penetration rates in the world, and the demand for mobile app development tools remains strong.
|Market Revenue in 2023||USD 167 Billion|
|Projected Forecast Revenue by 2032||USD 328.3 Billion|
|Growth Rate from 2023 to 2032||CAGR of 7.8%|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Rising use of mobile devices
One of the main factors driving the rise of mobile application development is the expansion of platforms for developing mobile applications in the business sector. Smartphones are used by businesses to improve customer service and maintain strong contact with suppliers and consumers. They also promote productivity, mobility and safety for staff members. Employees may now operate effectively and remotely due to this. The need for mobile apps is driven by the growing requirements of companies and the growth in the use of mobile phones in the commercial sector. As a result, the market for software used to create mobile applications is expanding along with the number of mobile devices.
Organizations across various industries are undergoing digital transformation initiatives to remain competitive and meet the evolving needs of their customers. Application development software is crucial for building and updating digital solutions. For instance, according to the World Economic Forum, digital transformation is expected to bring $100 trillion to the global economy by 2025. Furthermore, it is anticipated that by 2025, platform-driven interactions will allow about two thirds of the $100 trillion in value that digitization holds.
Growing cost and technical difficulties
Despite this, the market for developing mobile applications is expanding quickly. The market expansion is being hampered by rising prices and technological challenges in the mobile application development platform. Even with the use of a mobile application development platform, creating a mobile application is a difficult process that requires a high degree of technical expertise. The corporations are being forced to invest in third-party developers due to the technological challenges involved in producing the apps. Thus, this is expected to hamper the market growth.
Security is a significant concern in application development. As the sophistication of cyber threats increases, developers must prioritize security, which can slow down the development processes. Therefore, security concerns might be impacting the growth of the market over the forecast period.
Emergence of cloud-based technology
The development of mobile apps will heavily rely on cloud technologies. App developers will need to concentrate on making their apps compatible with many devices, as the use of wearable technology and numerous mobile devices increases. With the help of cloud techniques, developers will be able to create apps that have the same features, functionalities, and data across many devices.
Furthermore, mobile app developers may launch their apps concurrently on several platforms, such as IOS and Android, by utilizing cloud technology, since the programs would function flawlessly on both. Additionally, there will be less work for application developers, which facilitates wider adoption and easier implementation.
Expansion of machine learning
The general population has been exposed to machine learning (ML) as a disruptive technology that is affecting several commercial areas. Applications of practical machine learning include personalized suggestions and advertisements, speech and picture recognition, chatbots and virtual assistants, fraud detection software, self-driving automobiles, and predictive analytics. As could be expected, more businesses desire to leverage machine learning (ML) technology by integrating it into their operations. Thus, the expansion of machine learning is expected to propel the market growth during the forecast period.
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