CHICAGO, Feb. 19, 2019 /PRNewswire/ -- According to a new market research report "Rapid Application Development Market by Type (Low-code and No-code), Tool (Mobile-based, Web-based, Desktop-based, and Server-based), Business Function, Deployment Model, Organization Size, Industry Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global Rapid Application Development Market size is expected to grow from USD 7.8 billion in 2018 to USD 46.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 42.9% during the forecast period.
The key factors driving the Rapid Application Development Market include increase in need for customization and scalability with rising business mobility driving business smartphone adoption.
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Expanding user base driving he deployment of both web based and mobile based development applications to account for the largest market size in 2018
The companies in this industry vertical are constantly evolving in terms of technology. Moreover, the industry vertical is an early adopter of innovative technological solutions. The telecommunications and IT companies are deploying a large number of services using web- and mobile-based applications. Additionally, the industry vertical is a major provider of various business applications to the other industry verticals. The telecommunications and IT industry vertical shows an increased rate of deployment of RAD platforms, as organizations in the industry vertical are always looking for application development solutions. The SMEs in this industry vertical are also entering into the application development industry and are deploying cloud-based RAD platforms to reduce the costs related to designing and developing applications.
The increased scalability and improved security with 24/7 service and support availability to drive the adoption of rapid application development in SMEs and large enterprises
SMEs and large enterprises are adopting RAD platforms to develop applications and enhance their productivity. The adoption rate of RAD platforms is expected to be higher among large enterprises and projected to grow among the SMEs in the near future eventually. The cloud-based deployment model provides benefits, such as increased scalability, speed, 24/7 services, and improved IT security. Additionally, this deployment model also meets organizations' IT needs perfectly. Using the cloud deployment model for deploying the suitable RAD platform, organizations can avoid costs related to hardware, software, storage, and technical staff. In fact, the cloud-based deployment model helps in the rapid development of business applications, which, in turn, is beneficial for organizations that have strict budgets for investments in IT infrastructure.
The sales and marketing to grow at a higher CAGR during the forecast period
Enterprises and organizations are extensively harnessing the power of RAD solutions to provide various services to clients and remain competitive in the market. Sales organizations reap the benefits of RAD platforms by developing applications to implement the best practices for customer service and monitor the performance of the sales force. Organizations can design separate applications for event planning and follow-ups, thereby streamlining the process of designing, manufacturing, and ordering marketing materials.
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North America to account for the largest market size during the forecast period
North America is estimated to contribute the largest share to the global Rapid Application Development Market. Due to the emergence of trending technologies, such as IoT, AI, ML, cloud computing, big data, DevOps, and enterprise mobility, users and enterprises have been urged to adopt much more sophisticated and reliable application platform software and the associated services. This fact is expected to contribute to the overall growth of the RAD market in North America. Additionally, strong healthcare and BFSI compliances, high penetration of advanced cloud technologies, and better citizen services are helping the region grow in terms of adopting the emerging technologies. The North American region comprises the US and Canada, which are also witnessing a phenomenal adoption of RAD platforms.
The major vendors offering rapid application development globally include IBM (US), AWS (US), Google (US), Microsoft (US), Oracle (US), Salesforce (US), Appian (US), Mendix (US), Zoho Corporation (India), Kissflow (India), OutSystems (US), LANSA (US), Ninox (US), Oro (US), Matsoft (UK), and Kony (US). Pegasystems (US), ServiceNow (US), WaveMaker (US), KiSSFLOW (India), Radzen (Europe), AmpleLogic (India), FileMaker (US), QuickBase (US), AppSheet (US), and K2 (South Africa) The study includes an in-depth competitive analysis of the key players in the Rapid Application Development Market, along with their company profiles, recent developments, and key market strategies.
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