Application Development Software - India

India

Revenue in the Application Development Software market is projected to reach US$2.46bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 12.57%, resulting in a market volume of US$3.95bn by 2028.
In global comparison, most revenue will be generated in the United States (US$91,020.00m in 2024).

Key regions: Australia, Germany, United Kingdom, China, United States

Market

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Analyst Opinion

The Application Development Software market in India has been experiencing significant growth in recent years.

Customer preferences: The Indian market has shown a strong preference for cloud-based application development software, as it allows for greater flexibility and scalability. Additionally, there has been an increasing demand for low-code or no-code platforms, which allow for faster and more efficient application development.

Trends in the market: One major trend in the Indian market is the rise of mobile application development. With the increasing penetration of smartphones and internet connectivity, there has been a growing demand for mobile applications across various sectors. Another trend is the adoption of artificial intelligence and machine learning in application development, which has led to the development of more intelligent and intuitive applications.

Local special circumstances: India has a large pool of skilled software developers and engineers, which has made it an attractive destination for outsourcing application development projects. Additionally, the Indian government has been promoting the growth of the software industry through various initiatives such as the Digital India campaign and the Start-up India program.

Underlying macroeconomic factors: India has one of the fastest-growing economies in the world, with a large and rapidly expanding middle class. This has led to increased demand for technology and software products across various sectors. Additionally, the Indian government has been investing heavily in digital infrastructure, which has created a favorable environment for the growth of the software industry.

Methodology

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations such as GDP, level of digitization, GDP sector composition, and observed level of software piracy.

Forecasts:

We use a variety of forecasting techniques, for instance, advanced statistical methods, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.