Global Rapid Application Development Market was valued US$ 10.01 Bn in 2019 and is expected to reach US$ 52.59 Bn by 2027, at CAGR of 26.74% during forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
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The rapid application development market include factors like increase in need for customization and scalability with increasing business mobility which are driving the market. The businesses at times to cater their customers, needs rapid transfer and deployment of business related application, the customized apps which helps in saving time with maximum business orientation. These platforms help developers to create customized applications with minimum hand coding, in advancing a high-quality software development process when compared to the traditional Software Development Life Cycle (SDLC).
The rise in digital transformation has led organizations to meet the need of clients instantly. The RAD environment enables a technical as well as a non-technical user to develop a customized software application using RAD’s unique underlying characteristics. Because of RAD tools, an organization can build any application faster, so eliminating the time taken for vendor-supplied customization. Another factor accelerating the RAD market is the minimal training to non-developers to allow them to learn more about the software development process.
Increase competitive marketplace, enterprises have to optimize their performance and processes. The RAD environment helps organizations develop faster and high-quality applications. But, technological developments and user-friendly cloud situations like Platform-as-a-Service (PaaS), Infrastructure-as -a-Service (IaaS), and Everything-as-a-Service (XaaS) have driven the business mobility on a large scale.
Geographically, North America is projected to contribute the largest market share to the global RAD market during forecast period. Because of the emergence of trending technologies, like 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 estimated to contribute to the overall growth of the RAD market in North America. Furthermore, strong healthcare and BFSI compliances, high penetration of advanced cloud technologies, and better citizen services are helping the region to implement the emerging technologies. The North American region comprises the US and Canada, which will be also witnessing a phenomenal adoption of RAD platforms during forecast period.
The report gives a broad explanation about the presence of the Rapid Application Development Software market in different economies. By an extensive regional analysis of the Rapid Application Development Software market, the research analysts make an attempt to reveal hidden development prospects available for key trends in different regions of the world.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding rapid application development market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in near future to emerging segment in rapid application development market.
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Global Rapid application development Market by Type:
• Low-Code Development Platforms
• No-Code Development Platforms
Global Rapid application development Market by Component:
o Professional Services
Support and Maintenance
Support and Maintenance
Global Rapid application development Market by Business Function:
• Sales and Marketing
o Increasing Need to Build Applications
• HR and Operations
Global Rapid application development Market by Deployment Model:
Global Rapid application development Market by Organization Size:
• Small and Medium-Sized Enterprises
• Large Enterprises
Global Rapid application development Market by Industry Vertical:
• Banking, Financial Services, and Insurance
• Manufacturing and Automotive
• Retail and Consumer Goods
• Telecommunications and IT
• Government and Public Sector
• Media and Entertainment
Global Rapid application development Market by Region:
• North America
• Asia Pacific
• Latin America
• Middle East Africa
Key Players Operated in Global Rapid application development Market
• Microsoft Corporation
• Amazon Web Services, Inc.
• Oracle Corporation
• Appian Corporation
• Zoho Office Suite
• Kony, Inc.
• ORO Inc
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