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Custom Software Development Market to expand at a CAGR of 23.90% by 2032

Oct 11, 2023 8:00 PM ET

Custom Software Development Market to expand at a CAGR of 23.90% by 2032

Custom Software Development Market Overview:

The custom software development market was estimated to be worth USD 26.9 billion in 2022. The end use of the custom software development market is expected to grow from USD 33.3 billion in 2023 to USD 185.1 billion by 2032 at a projected CAGR. (CAGR) 23.90%. during the forecast period (2023 – 2032).

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Key Players:

Key Companies in the Custom Software Development market include

  • Brainvire Infotech Inc.
  • Capgemini
  • Iflexion
  • Infopulse
  • Infosys Ltd.
  • Magora
  • MentorMate Inc.
  • Tata Consultancy Services Limited
  • Trigent Software, Inc.
  • TRooTech Business Solutions

 

Industrial applications for real-time data analysis are increasingly necessary, flexible workspaces are increasingly needed to increase productivity, and low-code development environments (LCDPs) are becoming increasingly popular to facilitate software development. market factors that increase market growth.  Custom software development is the process of creating software primarily for an individual or business. The market is expected to grow due to business applications of real-time data analysis, flexible workspaces that increase productivity, and a low-code development platform (LCDP) that facilitates software development.

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The adoption of analytics and adoption of many technologies such as AI-based chatbots and robotic automation are also contributing to the growth of the industry. One of the most important elements in creating custom software is cloud technology, which improves the speed and flexibility of the process. In addition, cloud-based software development accelerates and improves the production of fresh and high-quality software. For example, Cognizant acquired Magenic Technologies in January 2021, which develops custom software for cloud computing platforms offered by Google, Microsoft Azure and Amazon Web Services. Under the deal, Cognizant now has expertise in agile software and cloud development, DevOps, experience design and consulting services. Magenic Technologies’ software development and cloud modernization teams help Cognizant grow its global talent network and market knowledge. Thanks to cloud technology, custom developers can have an infinite number of test and production servers. Companies can save costs and improve cost efficiency by using software sharing features. Thus, income from the custom software development market.

Market Segmentation:

Segmentation of the custom software development market based on solutions includes web-based solutions, mobile applications, and enterprise software. The enterprise software segment dominated the global market in 2022.  Custom software development market segment based on deployment, cloud, and on-premises. The cloud segment dominated the custom software development market in 2022. Based on company size, the custom software market segment includes large enterprises and small and medium-sized enterprises (SMEs). The large enterprise segment dominated the custom software development market in 2022. Segmentation of the custom software development market based on end use includes BFSI, Government, Healthcare, IT & Telecom, Manufacturing, Retail and Others. The BFSI segment dominated the global market in 2022.  By region, the study provides market overviews of North America, Europe, Asia Pacific and Rest of the World. In 2022, this market was dominated by the North American client software market (45.80%).

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The widespread use of expertise, the explosive growth of IT services and the development of SMEs are just some of the factors behind the regional boom. Additionally, the US custom software development market held the largest market share, and the Canadian custom software development market was the fastest growing market in the North American region.

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