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Rapid Application Development Market Growing at a CAGR 42.9% | Key Player Oracle, Salesforce, Appian, Zoho Corporation, Kissflow

Rapid Application Development Market Growing at a CAGR 42.9% | Key Player Oracle, Salesforce, Appian, Zoho Corporation, Kissflow
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)
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

MarketsandMarkets estimates the global Rapid Application Development (RAD) Market 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 includes increasing need for rapid customization and scalability along with increasing business mobility driving adoption of business smartphones.

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.

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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 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. The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and upgradations; and partnerships, agreements, and collaborations, have been the most dominating strategies adopted by the major players, which helped them innovate their offerings and expand their audience.

Microsoft is one of the major providers of rapid application development platform provider over its Microsoft Azure Cloud. The company’s diverse customer base includes both large and small and medium-sized enterprises. Microsoft majorly adopts both organic and inorganic growth strategies to sustain its leading position in the competitive market. It also invests heavily in R&D activities to strengthen its capabilities and competencies in its core business. PowerApps is a platform-as-a-service that enables creation of mobile apps for Android, iOS, and Windows systems, and also with any internet browser. It is also available as a mobile application so the user can build an app over mobile. Microsoft Azure has already proven successful for a variety of research projects and future enhancements promise to support research in new and exciting ways, as cloud computing continues to evolve. In May 2017, Microsoft launched Azure Cosmos DB, the first globally distributed database service that enables the customer as per the pay-as-you-go method, which help in reducing the cost and enables access to the storage across multiple geographic regions. It is a cloud-based database that supports a multitude of data models and popular query APIs.

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Mendix, is one of the leading providers of cloud-based low-code application development platform. It enables easy integration with third-party software. Mendix users can develop proactive, context-aware smart applications to deliver innovative offerings and create new sources of competitive advantage. Siemens, an industrial manufacturing company, acquired Mendix in October, 2018; this is the largest investment made by an organization in the low-code development category till date. In July 2018, Mendix launched its office in Frankfurt, Germany. The opening of the Frankfurt office in addition to Rotterdam and London indicates the expansion of its reach in the Europe region.

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