Custom Software Development Market Factors Hindering The Growth Rate, Challenges and Restraints For Business Development 2030

 Custom Software Development Market Growth & Trends

The global custom software development market size is expected to reach USD 146.18 billion by 2030, registering a CAGR of 22.4% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. Today's organizations leverage customized solutions to transform their business by enhancing existing applications and developing new ones. Several industries and individuals are adopting custom software platforms due to the growing need for industry-specific applications, the increasing popularity of flexible workplaces, and the emergence of low-code development platforms.

Additionally, market growth is fueled by increasing reliance on chatbots, robotic process automation, and other emerging technologies to enhance the efficiency of custom software. Platform as a Service (PaaS) and open-source solutions are driving demand for custom software for cost-effectiveness and ease of upgrading, along with blockchain technologies to ensure enhanced levels of the COVID-19 pandemic, demonstrated the potential of a remote workforce. Considering the size of the organization and the remote workforce, a company started implementing custom software to walk the line between cost reduction and a remote workforce.

Enterprises rely more on custom software to automate business operations and scale up their business applications using the agile development process. Adapting to evolving business processes, increased workloads, and new integrations is easy with agile software development. Vendors are collaborating to introduce comprehensive enterprise agility solutions to clients to modernize their work environments. For instance, in October 2022, Accenture plc, a custom software developer, partnered with Atlassian Corporation, a software company, to implement Atlassian Corporation’s software tools to enhance enterprise agility. Businesses are investing heavily in custom software to customize their businesses, which leads to significant growth of the market.

Due to the rapid growth of the software market, new technological solutions have become increasingly important to address problems immediately . The development of custom software can now be more easily accomplished due to software development using low-code platforms. Enterprise systems and application architecture are integral to enterprises' processes and lifecycles. Low-code software development enables companies to create working solutions and integrate them with greater speed and agility, improving user experiences, automating processes, and upgrading key systems. Due to their low cost, companies can prototype, build, or scale applications by using their scripts, codes and integrations without developing complex infrastructure.

A platform as a service enables custom software developers to create software without having to maintain the underlying infrastructure. Furthermore, Companies provide Platform as a Service(PaaS) in pay-per-use options while reducing development costs and time. In view of the benefits listed above, many companies are collaborating with PaaS providers. For instance, in March 2022, OpenText, enterprise information management company, announced the launch of its OpenText core content on Google Cloud. The OpenText solution would enhance user experience, utilizing Google cloud capabilities and a secure software supply chain. OpenText would benefit from this partnership by getting access to cloud-based content services. Increasing use of the platform as a service is expected within enterprises in order to enable streamlined, secure, and governed data access for entire enterprises, as well as offering customers more cloud-based content services.

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Custom Software Development Market Report Highlights

• The web-based solutions is expected to drive the market growth owing to factors such as low development costs, less development time, ease in software upgradation, data sharing and collaboration, and less hardware cost
• The cloud segment is expected to grow significantly during the forecast period owing to its scalability, ease of implementation, and software updates. A cloud-based application eliminates the need for end-users to buy licenses
• The small & medium enterprises segment is anticipated to register the highest CAGR. It provides companies with a highly flexible workspace and scalability. Moreover, it’s cost effective in the longer run as SMEs enterprisers only develop features that are required for business. It provides support and assistance
• The BFSI sector is anticipated to have the highest market share over the forecast period.
• Custom software has security control of financial application data. Moreover, it allows for time-sensitive maintenance and support for the custom application. Custom software development facilitates the integration of new technologies
• The Asia Pacific is anticipated to register the highest growth rate over the forecast period, owing to the increasing use of technology. Corporates are becoming more competitive, and SMEs are increasing in the region

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Custom Software Development Market Segmentation

Grand View Research has segmented the global custom software development market based on solution, deployment, enterprise size, end-use, and region:

Custom Software Development Solution Outlook (Revenue, USD Million; 2018 - 2030)

• Web-based Solutions
• Mobile App
• Enterprise Software

Custom Software Development Deployment Outlook (Revenue, USD Million; 2018 - 2030)

• Cloud
• On-premise

Custom Software Development Enterprise Size Outlook (Revenue, USD Million; 2018 - 2030)

• Large Enterprises
• Small & Medium Enterprises (SMEs)

Custom Software Development End-use Outlook (Revenue, USD Million; 2018 - 2030)

• BFSI
• Government
• Healthcare
• IT & Telecom
• Manufacturing
• Retail
• Others

Custom Software Development Regional Outlook (Revenue, USD Million; 2018 - 2030)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• MEA
  • United Arab Emirates (UAE)
  • Saudi Arabia
  • South Africa

List of Key Players in the Custom Software Development Market

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

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.