LONDON--(BUSINESS WIRE)--The custom applications development service market size is poised to grow by USD 26.74 billion during 2020-2024, progressing at a CAGR of over 7% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The demand for cloud-based services is increasing among small- and medium-sized enterprises as they offer advantages such as ease of access, flexibility, cost-effectivity, and security. Therefore, vendors in the market are offering cloud-based application services that simplify the process and allow the administrator to securely collaborate with team members, customers, partners, and suppliers. SAP and International Business Machines are among the vendors offering SaaS-based application services. Companies across the world are partnering with vendors operating in the market to deploy cloud-based applications to manage their business lifecycles. Therefore, the custom application development service market is expected to record significant growth during the forecast period.
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Report Highlights:
- The major custom applications development service market growth came from the on-premise segment. On-premise custom applications are used by companies that demand more control and ownership of the hardware and software. Large companies that deal with critical business information prefer on-premise application development services as they provide an optimum level of data security with physical access controls and security protocols. In addition, many vendors in the market offer on-premise application development solutions.
- North America was the largest custom application development service market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing adoption of advanced technologies and the rising use of smartphones by consumers and enterprises to develop applications will significantly drive the custom application development service market growth in this region during the forecast period.
- The custom applications development service market is fragmented. Accenture Plc, Bourntec Solutions Inc., Capgemini SE, Cognizant Technology Solutions Corp., HCL Technologies Ltd., HP Inc., Iblesoft Inc., Infosys Ltd., International Business Machines Corp., and Tata Consultancy Services Ltd. are some of the major market participants. To help clients improve their market position, this custom applications development service market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the custom applications development service market 2020-2024 is expected to have Positive growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Growing Adoption of Analytics in Enterprise Applications will be a Key Market Trend
The growing adoption of analytics in enterprise applications is one of the key custom application development service market trends. The development of an enterprise application with the help of analytics facilitates the assessment and streamlining of customer data and marketing strategies. Applications integrated with analytics developed by service providers enable enterprises to understand their customers better and make insight-based marketing decisions. The analysis of customer data helps enterprises develop new customer-centric marketing strategies and campaigns. The custom application development service market will grow during the forecast period.
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Custom Applications Development Service Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist custom applications development service market growth during the next five years
- Estimation of the custom applications development service market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the custom applications development service market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of custom applications development service market vendors
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Executive Summary
- Market Overview
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019-2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Deployment
- Market segments
- Comparison by Deployment placement
- On-premise - Market size and forecast 2019-2024
- Cloud - Market size and forecast 2019-2024
- Market opportunity by Deployment
Customer landscape
- Overview
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher-priced units
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Accenture Plc
- Bourntec Solutions, Inc.
- Capgemini SE
- Cognizant Technology Solutions Corp.
- HCL Technologies Ltd.
- HP Inc.
- Iblesoft Inc.
- Infosys Ltd.
- International Business Machines Corp.
- Tata Consultancy Services Ltd.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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