Fior Markets launched a study titled “Global Rapid Application Development Market by Type (Low-Code, No-Code), Component, Business Function, Deployment Model, Organization Size, Industry Vertical, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
The global rapid application development market is expected to grow from USD 6.4 Billion in 2017 to USD 95.2 Billion by 2025 at a CAGR of 40.1% during the forecast period from 2018-2025. Rise in enterprise mobility causes increased usage of smartphones in businesses, in turn, influencing the demand. Also, elimination of gaps in the required IT skills is also expected to drive the market growth.
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The no-code segment is dominating the market with a market share of 57.30% in 2017
The type segment is classified into low-code and no-code. The no-code segment is dominating the rapid application development market in 2017. The No-code segment is dominating because these platforms works on the visual development approach, which makes it both scalable and accessible to tech-savvy individuals working across various business lines
Service segment valued around USD 3.84 Billion in 2017
Component segment includes tools and services. Service segment is dominating the market with the highest share in 2017. The need for technical support and integration of vendor and customer systems with less deviations to meet the requirements andthe benefit of enhancing the performance of the deployed rad platforms are all influencing the services segment.
IT segment held the market share of36.60% in 2017
Business function segment is divided into segments such as a sales and marketing, HR and operations, finance and IT. IT is dominating the market in 2017. The need for file sharing, data security and storage, email and collaboration, and infrastructure and network management applications have led to the growth of IT sector
Cloud segment valued around USD 3.91 Billion in 2017
The deployment model segment includes cloud and on-premises. The cloud segment held the highest market share in 2017. More applications are being deployed over the cloud, and the large enterprises and SMEs have been making a shift from the traditional on-premises deployment model to the cloud-based deployment model.
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Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. Asia Pacific held the largest market share of approximately41.60% in 2017.TheAsia Pacific region is dominating because of fast urbanization, diet variation, and liberalization of foreign direct investment in the food sector. Besides this, rise in income level, increase in purchasing power, growth of the middle-class population and increasing consumer awareness are also some factors which is leading to growth of the market.
The major players ofmarketinclude IBM, AWS, Google, Microsoft, Oracle, Salesforce, Appian, Mendix, Zoho Corporation, OutSystems, LANSA, Ninox, Oro,Matsoft, Kony, Pegasystems, ServiceNow, WaveMaker, KiSSFLOW, Radzen, AmpleLogic, FileMaker, QuickBase, AppSheet, and K2.