As per a new report published by Fact.MR, the global purpose-built application market is projected to exceed a valuation of US$ 169 Bn in 2021, and surge at an impressive CAGR of 21.3% over the forecast period of 2021 to 2031.
Purpose-built application development services have witnessed high demand largely due to the growing need for more business-specific applications, which registered an annual growth of 18% during the historical period of 2016 – 2020.
Fact.MR, a market research and competitive intelligence provider, anticipates significant potential in the purpose-built application market, owing to the popularity among all sizes of companies that are mostly looking to scale up their business operations through digital channels. Cloud-based services are likely to see US$ 787 Bn in sales with a market share of more than 67% by 2031.
Purpose-built application developers provide several desktop, web, and mobile applications, wherein, mobile applications accounted for nearly 1/3 market share in SaaS-based, while the remaining 2/3 was captured by desktop applications in 2020. Deployment of purpose-built applications is creating new streams of revenue for companies with increased efficiency. By developing new purpose-built applications as well as improving existing ones, companies are leveraging customized solutions to transform their business prospects.
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The COVID-19 pandemic badly impacted several industries, including the technology sector, where a number of enterprises were being forced to re-visit their policies. In order to make sure sales are being closed, customers are served, and at the same time employees are efficient, implementation of purpose-built CRM applications increased.
Whereas, due to rising number of orders for purpose-built applications, the need for timely support and higher costs for licensing were the foremost constraints for the growth of the market.
The market had a downfall of around 6% Y-o-Y owing to the pandemic effect wherein, market valuation reached US$ 140 Bn, which was estimated to have a valuation of US$ 148 Bn if the pandemic uncertainty was not encountered.
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