To maintain smooth operations as workers continue to work from home, ICT businesses are widely utilising technologies like cloud computing and artificial intelligence. Growth will be stimulated by a focus on quick automation and the utilisation of real-time operation in a variety of end-use industries, including the automotive, food & beverage, and others.
The research provides useful and practical Purpose-Built Application industry insights. The most recent research from Fact.MR includes historical market data and industry forecasting along with information on the market’s current state in several countries. The research also provides data on the Purpose-Built Application Market’s sales and demand across various sectors and geographical areas.
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The market study conducted by Fact.MR provides unique information regarding the market’s future growth. The analysis pinpoints significant trends that are influencing the market for purpose-built applications. This recently released study clarifies crucial trends, such as the market’s drivers, constraints, and possibilities for established businesses as well as up-and-coming competitors involved in supply and manufacturing. Fact.most MR’s recent report offers a thorough market analysis of purpose-built applications.
This recently released, informative research provides information on the market insights for purpose-built applications, together with important dynamics and their effects on the whole value chain, from suppliers to end users.
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
- 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
Key Takeaways from Market Study
- Small and medium-sized businesses are anticipated to continue to be the most alluring, and they are estimated to create an absolute monetary potential of US$ 820 billion between 2021 and 2031
- With a market share of 14.6% in 2020, the IT & telecom sector was the most profitable industry vertical.
- The demand for cloud-based services is anticipated to increase 6.5X throughout the projected period, depending on deployment.
- In 2020, North America and Europe accounted for 53.5% of global revenue.
- By 2031, East Asia is predicted to have a market value of US$ 218 billion and an 18.8% market share.
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.