Global Application Platform Market 2020-2024 | Increasing Demand for Cloud Based Solutions to Boost the Market Growth | Technavio
LONDON--(BUSINESS WIRE)--Nov 26, 2019--
The application platform market size is expected to grow by USD 3.23 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global application platform market 2020-2024 (Graphic: Business Wire)
Enterprises are increasingly focusing on reducing their overall capital expenditure by adopting new technologies. SMEs are adopting cloud-based services such as aPaaS solutions for leveraging key benefits offered including reduced setup and labor cost as well as minimized expansion cost. Also, cloud-based solutions provide enterprises the benefit of using a single, all-purpose development framework as per-per-need and pay-per-use. This further reduces the extra cost incurred for building different platforms and enabling organizations to introduce applications or products in comparatively lesser time.
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As per Technavio, the launch of the application platform will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Application Platform Market: Launch of Application Platform
Application developers and enterprises are increasingly developing application platforms for reducing software development and deployment time. Vendors are developing innovative platform solutions to create applications for business processes, to model blockchain applications on a preconfigured Azure-supported network, and to enable users to run applications on any platform. Thus, continuously launched products are increasing the availability of new and advanced applications for the end-users, which, in turn, will likely boost the adoption of application platforms during the forecast period.
“Emergence of low-code application platforms, a growing number of acquisitions and partnerships, rapid development of mobile app ecosystem, and increasing capital investment in application development for mobile and web are few other factors expected to boost the application platform market growth during the forecast period, ” says a senior analyst at Technavio.
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Application Platform Market: Segmentation Analysis
This market research report segments the application platform market by deployment (on-premises and aPaaS) and geography (APAC, Europe, MEA, North America, and South America).
North America led the market in 2019, followed by Europe, APAC, South America, and MEA, respectively. The growth of the application platform market share in North America can be attributed to the early adoption of application platform software due to the increasing use of smartphones by consumers and aPaaS solution by enterprises to develop applications. Furthermore, the region is anticipated to contribute highest incremental growth in the market due to the increased focus of vendors on offering better solutions to their clients and increased adoption of application platform solutions for developing and deploying applications.
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Some of the key topics covered in the report include:
Five Forces Analysis
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