Newark, NJ, Feb. 19, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global rapid application development market is expected to grow from USD 6.4 billion in 2017 to USD 95.2 billion by 2025 at a CAGR of 40.1% during the forecast period from 2018-2025.
Rapid application development is witnessing the robust growth in the recent years. Increasing innovation in the businesses and integration of advanced technologies is expected to be key driving factors for the growth of rapid application development market. Rapid application development method, enables developers and designers utilize discoveries and knowledge gleaned during the development process itself to shape the design and or alter the software direction entirely.
Rapid application development (RAD) is defined as a suite of software development techniques which are used to expedite software application development. It deploys predefined prototyping techniques and tools to generate software applications. It covers a graphical user interface (GUI) development environment which allows end users to easily drag and drop required software application components. Software RAD techniques uses computer-aided software engineering (CASE).
Global rapid application development market is expected to witness rapid growth over the forecast period, owing to growing need for quick customization and scalability. In addition, the increase in enterprise mobility leads to increased usage of smartphones in businesses which influences the demand. However, high dependency on vendor-supplied customization, is anticipated to hinder the market growth over the forecast period. On the flip side, digital transformation and technological advancement in the IT industry may boost the market in forthcoming years.
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Key players operating in the global rapid application development market include Salesforce, Appian, Mendix, Zoho Corporation, IBM, AWS, Google, Microsoft, Oracle, OutSystems, LANSA, Ninox, Oro, Matsoft, Kony, Pegasystems, ServiceNow, WaveMaker, KiSSFLOW, Radzen, AmpleLogic, FileMaker, QuickBase, AppSheet, and K2 among others. To enhance their market position in the global rapid application development market, the key players are now focusing on adopting the strategies such as recent developments, mergers & acquisitions, product innovation, joint venture, collaborations, and partnership.
- For instance, in July 2018, OutSystems launched OutSystems Insights, its first app intelligence solutions for the low-code development platform. OutSystems Insights is focused on helping organizations that need support for continuous improvement and prioritizing current and future application development.
- In April 2018, IBM announced the launch of low-code app development onto its Bluemix cloud platform, providing support for low-code application development and adding security authorization into apps.
- In December 2018, The AWS Amplify Console for Rapid Application Deployment for rapidly releasing new features, avoiding downtime while deploying applications, and reducing complexity of simultaneously updating the client-side and server-side components of applications.
The no-code segment held the largest market share and valued at USD 3.66 billion in 2017
The type segment is classified into no-code and low-code. The no-code segment held the largest market share and valued at USD 3.66 billion in 2017. The No-code segment is dominating because these platforms works on the visual development approach, which makes it both scalable and accessible to tech-savvy individuals working across various business lines
Service segment is dominating the market with the highest share of 60.10% in 2017
Component segment includes tools and services. Service segment is dominating the market with the highest share of 60.10% in 2017. The need for technical support and integration of vendor and customer systems with less deviations to meet the requirements and the benefit of enhancing the performance of the deployed rad platforms are all influencing the services segment.
The cloud segment held market share of 61.10% in 2017
The deployment model segment includes cloud and on-premises. The cloud segment held market share of 61.10% in 2017. More applications are being deployed over the cloud, and the large enterprises and SMEs have been making a shift from the traditional on-premises deployment model to the cloud-based deployment model.
The small and medium-sized enterprises segment held the largest market share and valued around USD 4.14 billion in 2017
The organization size segment includes large enterprises and small and medium-sized enterprises. The small and medium-sized enterprises segment held the largest market share and valued around USD 4.14 billion in 2017. The SMEs are deploying RAD platforms to improve their productivity rapidly and change business applications to gain the profit.
The media and entertainment segment is dominating the segment with the highest share of 25.60% in 2017
The industry vertical segment includes banking, financial services, and insurance, manufacturing and automotive, retail and consumer goods, telecommunications and IT, government and public sector, healthcare, media and entertainment and education. The media and entertainment segment is dominating the segment with the highest share of 25.60% in 2017. The need to increase the popularity of media and entertainment creates a need for new applications is stimulating the market growth.
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Regional Segment Analysis of the Rapid Application Development Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region dominated the global rapid application development market with USD 2.66 billion in 2017. The Asia Pacific region is dominating because of fast urbanization, diet variation, and liberalization of foreign direct investment in the food sector. Besides this, rise in income level, increase in purchasing power, growth of the middle-class population and increasing consumer awareness are also some factors which is leading to growth of the market. North America is the fastest growing region as the presence of leading global players and early adoption of cloud solutions and growing investments in data management solutions for making better decisions.
About the report:
The global rapid application development market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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