The "Rapid Application Development Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
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.
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.
Key Topics Covered:
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 Organization'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
4.6 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
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
For more information about this report visit https://www.researchandmarkets.com/r/q36ytj
View source version on businesswire.com: https://www.businesswire.com/news/home/20210226005176/en/
Laura Wood, Senior Press Manager
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