Application Platform Market - Growth, Trends, Covid-19 Impact and Forecast (2023 - 2028)
The Application Platform Market is projected to register a CAGR of 7.5% during the forecast period. In the current demand for advanced technologies, every modern application relies on a suite of software offerings such as operating systems, database management, and cloud solutions to function optimally. The whole suite of software is combined to form an application platform.
The COVID-19 pandemic positively impacted the industry as it fueled its growth rate to satisfy the sudden boom in application development.
Key HighlightsThe Application Platform Market is moderately consolidated with the presence of prominent vendors, among others. The prominent vendors in the market are leveraging the customer's existing application investments toward the transition to emerging architectures and programming paradigms. Further, the vendors are embracing acquisitions and product enhancements to maintain their competitive position in the market.
In December 2022, Salesforce announced the availability of a low-code DevOps Center service on its infrastructure, providing developers with an opinionated platform for building custom applications. The Salesforce DevOps Center service is based on the same object model that Salesforce uses to construct its applications.
In May 2022, Red Hat announced Red Hat Application Foundations, a connected set of application services that, together with the Red Hat OpenShift, help accelerate containerized application development and delivery across hybrid and multi-cloud environments.
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