The report "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", The rapid application development market size is expected 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 application market include increase in need for customization and scalability with rising business mobility driving business smartphone adoption.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=252654522Browse 66 market data Tables and 40 Figures spread through 137 Pages and in-depth TOC on "Rapid Application Development Market - Global Forecast to 2023"Expanding user base driving he deployment of both web based and mobile based development applications to account for the largest market size in 2018The companies in this industry vertical are constantly evolving in terms of technology.
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.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 enterprisesSMEs and large enterprises are adopting RAD platforms to develop applications and enhance their productivity.
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 sales and marketing to grow at a higher CAGR during the forecast periodEnterprises and organizations are extensively harnessing the power of RAD solutions to provide various services to clients and remain competitive in the market.
Organizations can design separate applications for event planning and follow-ups, thereby streamlining the process of designing, manufacturing, and ordering marketing materials.North America to account for the largest market size during the forecast periodNorth America is estimated to contribute the largest share to the global RAD market.