The rapid application development market size is expected to grow from USD 7.8 billion in 2018 to USD 46.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 42.9% during the forecast period. The key factors driving the rapid application development application market include increase in need for customization and scalability with rising business mobility driving business smartphone adoption.
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The major vendors offering rapid application development globally include IBM (US), AWS (US), Google (US), Microsoft (US), Oracle (US), Salesforce (US), Appian (US), Mendix (US), Zoho Corporation (India), Kissflow (India), OutSystems (US), LANSA (US), Ninox (US), Oro (US), Matsoft (UK), and Kony (US). Pegasystems (US), ServiceNow (US), WaveMaker (US), KiSSFLOW (India), Radzen (Europe), AmpleLogic (India), FileMaker (US), QuickBase (US), AppSheet (US), and K2 (South Africa) The study includes an in-depth competitive analysis of the key players in the rapid application development market, along with their company profiles, recent developments, and key market strategies.
The study includes an in-depth competitive analysis of the key players in the rapid application development market, along with their company profiles, recent developments, and key market strategies. The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and upgradations; and partnerships, agreements, and collaborations, have been the most dominating strategies adopted by the major players, which helped them innovate their offerings and expand their audience.
Microsoft is one of the major providers of rapid application development platform provider over its Microsoft Azure Cloud. The company’s diverse customer base includes both large and small and medium-sized enterprises. Microsoft majorly adopts both organic and inorganic growth strategies to sustain its leading position in the competitive market. It also invests heavily in R&D activities to strengthen its capabilities and competencies in its core business. PowerApps is a platform-as-a-service that enables creation of mobile apps for Android, iOS, and Windows systems, and also with any internet browser. It is also available as a mobile application so the user can build an app over mobile. Microsoft Azure has already proven successful for a variety of research projects and future enhancements promise to support research in new and exciting ways, as cloud computing continues to evolve. In May 2017, Microsoft launched Azure Cosmos DB, the first globally distributed database service that enables the customer as per the pay-as-you-go method, which help in reducing the cost and enables access to the storage across multiple geographic regions. It is a cloud-based database that supports a multitude of data models and popular query APIs.
Expanding user base driving he deployment of both web based and mobile based development applications to account for the largest market size in 2018
The companies in this industry vertical are constantly evolving in terms of technology. Moreover, the industry vertical is an early adopter of innovative technological solutions. The telecommunications and IT companies are deploying a large number of services using web- and mobile-based applications. Additionally, the industry vertical is a major provider of various business applications to the other industry verticals. The telecommunications and IT industry vertical shows an increased rate of deployment of RAD platforms, as organizations in the industry vertical are always looking for application development solutions. The SMEs in this industry vertical are also entering into the application development industry and are deploying cloud-based RAD platforms to reduce the costs related to designing and developing applications.
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The sales and marketing to grow at a higher CAGR during the forecast period
Enterprises and organizations are extensively harnessing the power of RAD solutions to provide various services to clients and remain competitive in the market. Sales organizations reap the benefits of RAD platforms by developing applications to implement the best practices for customer service and monitor the performance of the sales force. Organizations can design separate applications for event planning and follow-ups, thereby streamlining the process of designing, manufacturing, and ordering marketing materials.
North America to account for the largest market size during the forecast period
North America is estimated to contribute the largest share to the global RAD market. Due to the emergence of trending technologies, such as IoT, AI, ML, cloud computing, big data, DevOps, and enterprise mobility, users and enterprises have been urged to adopt much more sophisticated and reliable application platform software and the associated services. This fact is expected to contribute to the overall growth of the RAD market in North America. Additionally, strong healthcare and BFSI compliances, high penetration of advanced cloud technologies, and better citizen services are helping the region grow in terms of adopting the emerging technologies. The North American region comprises the US and Canada, which are also witnessing a phenomenal adoption of RAD platforms.
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