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.
- 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 Trends
Small 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.
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.
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1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Innovation in the Businesses and Integration of Advanced Technologies
4.2.2 Flexibility to Customize Solutions as per an OrganizationÂ’s Dynamic Requirements
4.3 Market Restraints
4.3.1 Lack Of Skilled Professionals
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porters Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Assessment on the Impact of COVID-19 on the market
5 MARKET SEGMENTATION
5.1 By Type**
5.1.1 Low-Code Development Platforms
5.1.2 No-Code Development Platforms
5.2 By Tool**
5.3 By Deployment Mode
5.4 By Organization Size
5.4.1 Small and Medium-sized Enterprises
5.4.2 Large Enterprises
5.5 By End-User
5.5.1 Telecommunications and IT
5.5.6 Other End Users
5.6.1 North America
5.6.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 Oracle Corporation
6.1.2 Microsoft Corporation
6.1.3 Salesforce.com Inc.
6.1.4 IBM Corporation
6.1.5 Amazon Web Services
6.1.6 Appian Corporation
6.1.8 Zoho Corporation Private Limited
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.