Press release
Deployment of Purpose-Built Apps Is Projected to Increase at A CAGR of Over 21% During 2021 - 2031
Demand for cloud-based custom built application services will accelerate and enjoy 6.6X growth with an absolute dollar opportunity of US$ 687 Bn by 2031. SaaS-based solutions is the largest contributor to the industry, expected to surge at 21% CAGR owing to the rising trend of pay-as-you-go models.
Purpose-built application development services have witnessed high demand largely due to the growing need for more business-specific applications, which registered an annual growth of 18% during the historical period of 2016 - 2020.
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Segments Covered in Purpose-Built App Industry Research
By Solution
• SaaS-based Applications
• Mobile Applications
• Desktop Applications
• Web-based Applications
By Deployment
• Cloud-based Services
• On-premise Services
By Industry Vertical
• BFSI
• IT & Telecom
• Automotive
• Logistics & Transportation
• Energy & Power
• Oil & gas
• Retail
• Travel & Hospitality
• Chemicals & Petrochemicals
• Academics & Research
• Entertainment Industry
• Metal & Mining
• Food & Beverages
• Aerospace & Defence
• Electronics & Semiconductors
• Others
By Enterprise Size
• Small & Medium Enterprises
• Large Enterprises
Key Takeaways from Market Study
• Small & medium enterprises are expected to remain the most attractive and are likely to generate an absolute dollar opportunity of US$ 820 Bn during 2021 - 2031.
• Based on industry vertical, the IT & telecom sector was the most lucrative with a market share of 14.6% in 2020.
• Based on deployment, demand for cloud-based services is expected to grow 6.5X during the forecast period.
• Together, North America and Europe represented 53.5% of overall revenue share in 2020.
• East Asia is expected to capture a market share of 18.8% by 2031, and reach a market valuation of US$ 218 Bn.
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Competitive Landscape
Majority of companies discussed in the report have focused on expansion, investments, acquisitions, delivery, portfolio expansion, and brand development.
Some of the key developments are:
• In 2021, Cognizant partnered with Philips Company to provide a service of purpose-built applications to the healthcare sector. This partnership will allow the healthcare sector to leverage the platform to monitor patients by using advanced analytics for its clinical developments.
• In 2021, IBM acquired Turbonomic, a U.S.-based developer of purpose-built applications. This acquisition will allow IBM to boost the compliance and real-time performance of its applications.
• In 2021, HCL Technologies Limited announced the latest version of Domino, a platform for purpose-built applications. The new version will have low code capability for custom web applications.
• In 2021, acquired Swedish company Cygni for its various software engineering services. This acquisition will help the company alter its business through innovative technical & customized software solutions.
• In 2021, Cognizant acquired U.S.-based Magnetic Technologies to make purpose-built applications and cloud modernization.
• In 2021, Oracle launched the APEX low code service to simplify the making of purpose-built applications, which enables developers to build cultured data-driven initiative apps at least 38X faster than modern coding.
• In 2020, Infosys acquired Kaleidoscope, a U.S.-based company. This acquisition will strengthen its digital offerings of purpose-built applications in the medical, consumer, and industrial markets.
• In 2020, Appian announced a partnership with Pyze. This partnership will provide application business insights with low code analytics for mobile as well as desktop applications.
• In 2018, Microsoft acquired purpose-built application developer GitHub. Software developers will continue to be able to use the tools & operating systems and programming languages of their choice for their assignments, and will still be able to array their code to any cloud, any operating system, and any device.
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Key competitors:
• Cognizant
• IBM
• HCL Technologies Limited
• Infosys
• Oracle
• Microsoft
• Appian
• Zoho Corporation Pvt. Ltd.
• Pegasystems Inc.
• Capgemini
• TechFabric LLC
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