Rapid Application Development Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Rapid Application Development Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Report Digest
The process of application development in every IT firm is entirely different as compared to sales or marketing, notably on account of the multimodal complexities involved. Rapid application development helps firms in terms of creating applications via predesigned frameworks, app builders, and simple & easy drag-and-drop functionalities.
The operational methodology used by rapid application developments is vastly different and progressive as compared to the conventional variants, such as DevOps, waterfall, and agile. Rapid application development offer multipronged benefits, including seamless adaptability, instant system integration, productive user feedback, efficient code generation, and compartmentalization of the system components, which makes it a viable proportion for every company to outperform their business goals. Moreover, vendors in the rapid application development market are enhancing agility and adaptability of their offerings in a bid to stay at the forefront of technological innovations.
Rapid Application Development Market- Notable Highlights
- In 2018, IBM modernized Domino, its exclusive business app platform, that debuted in the year 1989 with roots in the ‘Lotus Notes’ ecosystem. Domino refers to a platform that is multi-faceted and offers seamless app development by making use of rapid application development approach. Via this revamp, IBM has improved mobile application development, analytics, and cloud support, which remain a mainstay for Lotus Notes.
- In 2018, HCL Technologies completed the acquisition of specific software businesses of IBM, which included Domino, Lotus Notes, and Tivoli products. The acquisition was for a deal of nearly $1.8 billion and was believed to boost IBM’s revenue mix.
Some of the most prominent competitors operating in the competitive landscape of global rapid application development market include –
- IBM
- Oracle
- AWS Microsoft
- Appian
- Salesforce
- Kony
- Zoho Corporation
- ServiceNow, Inc.
- OutSystems
- Mendix
- Ninox
- Pegasystems
- Matsoft
- QuickBase
- AppSheet
- LANSA
- Oro
- WaveMaker
- Radzen
- AmpleLogic
- K2
- FileMaker
Rapid Application Development Market- Multipronged Benefits of Rapid Application Development to Drive Demand
Rapid application development (RAD) prioritizes agility and speed over anything else, enabling IT firms and business practitioners to boost their productivity and enhance business outcomes. In addition, a host of additional benefits offered by rapid application development models are-
- Risk Reduction: RAD enables creating as well as sharing workable prototypes for the business to analyze functionality in the early stages of development, which helps in avoiding reiterations and rework.
- Enhanced Quality: With prototype & functionality analysis during the early stages of development along with persistent user feedback, RAD ensures high quality of the final application
- Fast time-to-market: RAD fuels faster development, which makes it easy for businesses to commercialize their offerings earlier than their peers.
Rapid Application Development Market- Growing Demand from SMEs for Seamless Application Development Propels Adoption
To meet the evolving end-user requirements, organizations are seeking effective software development solutions to develop products that are highly customer-centric. This, in turn, is fuelling investments in rapid application development (RAD) technologies.
Small and medium-sized enterprises (SMEs) are increasingly resorting to rapid application development platforms for smart development of business applications and enhanced productivity. Rapid application development technologies help with significant savings of resources, time, and cost, which is a key reason bolstering their importance in operational frameworks of SMEs. A primary aspect responsible for high dependence of SMEs on cloud based RAD platforms is their financial considerations. Such particulars are prompting SMEs to switch to cloud based RAD platforms, boosting the overall market growth over the forecast period.
Rapid Application Development Market- Rising Popularity of No-code Development Platforms Boosts Adoption
The rising popularity of no-code development platforms is working in favor of growth of rapid application development market. No-code development platforms, owing to their unmatched scalability and accessibility, are being actively embraced. Instead of employing a developer who has the knowledge of conventional programming languages, a no-code platform offers a visual development map to the rapid application development (RAD) platform.
Competency in terms of making app development highly accessible to a large number of people is one among the key reasons fostering popularity of no-code development platforms. This, in turn, is creating favorable grounds for high-scale adoption of rapid application development in the future.
Rapid Application Development Market Segmentation
By Type, the Rapid Application Development Market has been segmented as-
- Low-code development platforms
- No-code development platforms
By Component, the Rapid Application Development Market has been segmented as-
- Tools
- Mobile-based
- Web-based
- Desktop-based
- Server-based
- Services
- Managed Services
- Professional Services
- Support and maintenance
- Deployment and integration
- Consulting
By Business Function, the Rapid Application Development Market has been segmented as-
- Sales and Marketing
- HR and Operations
- Finance
- IT
By Deployment Model, the Rapid Application Development Market has been segmented as-
- Cloud
- On-premises
By Organization Size, the Rapid Application Development Market has been segmented as-
- Large Enterprises
- Small & Medium-sized Enterprises (SMEs)
By Industry Vertical, the Rapid Application Development Market has been segmented as-
- Healthcare
- BFSI
- Retail
- Government
- Energy & Utilities
- Manufacturing & Automotive
- Media & Entertainment
- Education
- Telecommunications & IT
- Others (Transportation, Travel & Tourism, & Logistics)
The study presents a granular assessment and quantitative evaluation of:
- Key growth factors and prominent trends
- Size and share of key segments in overall market
- Key challenges and winning imperatives
- Factors shaping competitive landscape
- Insights into how contours of market will change in coming years
- Technological advances
- New avenues and imminent investment pockets
- Regulatory landscape shaping current and future strategies of companies
The region-wise assessment includes market dynamics in:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
- Which key factors will shape the competitive landscape?
- Which trends will stimulate research and development activities in different geographies?
- Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
- Which disruptions in market growth are likely to come with the new business models?
- Which are some of the recent overhauls in policies that may change the course of the market significantly?
- Which are the geographies that will form sizable sources of new streams to new and established players alike?
- How are top players likely to realign their strategy to counter the forces of competition?
- Which key strategies emerging players are likely to focus on to consolidate their position?
- Which changes in end-user preferences might affect the status quo held by the leading players?
- Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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