Rapid Application Development Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Rapid Application Development Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The rapid application development market is expected to reach a CAGR of 42.6% during the forecast period (2021 - 2026). The growth of the market is attributed to the advantages over other development models such as requirements that can be changed at any time, encourages and priorities customer feedback, and time between prototypes and iterations is short, among others.

Key Highlights

• Moreover, the rising need for customized applications and expanding BYOD into enterprise have changed the mobile landscape, thus accelerating the adoption of rapid application development. Furthermore, the growing accessibility to business applications, services, and data on the go is a significant factor for growing business mobility.
• For instance, in 2019, Apple saw a rise in people’s spending habits towards mobile applications with the total coming to USD120 billion that further prove to how this ever-growing industry has become a key focus area for many businesses looking to upscale.
• Rapid application development is used across diverse business functions to provide flexibility by giving customized solutions as per an organization’s dynamic requirements, security, and privacy. For instance, the RAD platform develops applications to implement the best practices for customer service, measure the performance of key metrics, such as market attribution, RoI, and ad-campaign effectiveness, and monitor the performance of the sales force in sales and marketing organizations.
• However, the need for highly skilled developers and complexities like systems that can only be modularised can be developed using rapid application development are some factors that are likely to hinder the growth of the market.
• Due to the COVID-19 outbreak, industries are still adjusting to new internal logistics like WFH or building infrastructure to cope with the new demand. With the changing needs, rapid application development is likely to be adopted at a higher pace by companies to meet the changing requirements of their customers.

Key Market TrendsSmall and Medium-sized Enterprises To Drive the Market Growth

• Small and Medium-sized Enterprises are likely to drive the growth of the market due to their adoption of rapid application development platforms to develop customer-centric applications at lower costs and for better productivity.
• SMEs are significantly contributing to the economy for most regions. According to the US Small Business Administration (SBA), more than 50% of Americans either own or work for a small business. SMBs also account for 40% of the country’s GDP. Approximately 99% of all enterprises in the EU employ fewer than 250 persons.
• Small businesses need access to their data on the go, with no overhead for storage maintenance and hardware maintenance costs. Moreover, SMEs are looking for cloud-based RAD platforms to save money, time, and resources. This further boost the growth of the market.

Asia-Pacific to Witness Highest Growth

• The increasing technical expertise, the growing presence of large enterprises, enhanced services, and expanding cloud-based service providers are contributing to tremendous growth in the APAC region.
• Moreover, countries like China, Japan, India, and Singapore adopt the latest technologies in the region that influence the rapid application development vendors to expand in the region further.
• Furthermore, Singapore is home to companies like Point Share, Octal Info Solution, Hermes Infotech, Ranosys Technologies, and MindCraft Singapore, among others that provide technology solutions that propel the businesses to higher levels and increase the efficiency of the application.
• Also, SME's in the region are shifting towards cloud computing and migrating their services to clouds for better business results and productivity. According to recent data from the Indian Ministry of Micro, Small and Medium Enterprises, India has 50 million MSMEs, making it among the world's largest MSMEs, which further boosts the market's growth.

Competitive Landscape

The rapid application development market is moderately concentrated. Players in the market are launching new products, developing new technologies, and mergers & acquisitions to remain competitive. Some of the key development in the market are:

• In March 2019 - Zudy's Microsoft Cloud Solution combined with its application development platform, Vinyl, to accelerate all areas of the enterprise. This combination of rapid application development allows for seamless interaction of all existing data systems.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Oracle Corporation
Microsoft Corporation
Salesforce.com Inc.
IBM Corporation
Amazon Web Services
Appian Corporation
ServiceNow
Zoho Corporation Private Limited
OutSystems
LANSA

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