According to Fact.MR, purpose built application market revenue totaled US$ 140.6 Bn in 2020, with the market expected to balloon over 8X by 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.
The report offers actionable and valuable market insights of Purpose-Built Application. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Purpose-Built Application Market across various industries and regions.
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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Purpose-Built Application market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Purpose-Built Application
This newly published and insightful report sheds light on Market Insights of Purpose-Built Application, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Purpose-Built Application Market.
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.
“Increasing digitization and trend of using business-specific applications will drive purpose-built app adoption on a large scale,” says a Fact.MR analyst.
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, Accenture 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.
Similarly, recent developments by top providers of custom-built applications have been tracked by the team at Fact.MR, which are available in the full report.
Segments Covered in Purpose-Built App Industry Research
- By Solution
- SaaS-based Applications
- Mobile Applications
- Desktop Applications
- Web-based Applications
- SaaS-based Applications
- By Deployment
- Cloud-based Services
- On-premise Services
- By Industry Vertical
- IT & Telecom
- Logistics & Transportation
- Energy & Power
- Oil & gas
- Travel & Hospitality
- Chemicals & Petrochemicals
- Academics & Research
- Entertainment Industry
- Metal & Mining
- Food & Beverages
- Aerospace & Defence
- Electronics & Semiconductors
- By Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
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- Market Analysis of Purpose-Built Application
- Market Insights of Purpose-Built Application
- Key Drivers Impacting the Purpose-Built Application market
- Which are the Key drivers impacted by Purpose-Built Application market
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