30 Sep Custom Application Development Trends & Outlook End of 2021
As we work through the past 9 months of 2021, we are also looking ahead at the importance of finishing strong with only one month left in Q3 before entering the inevitable boom of Q4. The front half of 2021 brought more growth and opportunities to the industry with the increased traction and continued investment in the custom app dev category. We saw major advancements in several industries including; healthcare, manufacturing, HR automation, remote work delivery solution, and even some renewed traction in education despite the fact the kids are returning to the classroom this fall.
Like other categories with the increased adoption and investment we have seen an increase in transaction volume relating to business combinations. This is especially true for the healthcare and manufacturing sectors where we have seen unprecedented growth and interest for consolidation. A few examples to support out position:
- Proliferation and maturity of “the internet of things” IoT: In 2021 an estimated $222B will be spent on IoT, of which $166B will be in the custom software applications.
- Increased deployment of 5G wireless networks are bringing new opportunities to the custom app development market. We have deployed 3.5 X more 5G devices in 2021 vs all of 2020.
- The continued use of e-commerce and mobile commerce as consumers remain mobile and largely out of the office. In fact, 72% of all e-commerce sales will take place on a mobile device this year.
- Industry-wide adoption of AI based solutions such as;
- Image recognition
- Face detection
- Text and image classification
- Sentiment recognition and classification
- Speech recognition
- Predictive maintenance
- Augmented Reality (AR) is popping up in real world use such as healthcare, manufacturing and many consumer solutions as user experience benefits increase engagement.
- Security-based solutions to help secure the enterprise and consumer were also on the rise with malware attacks increasing by 54% year over year.
When it comes to establishing the right growth strategy for your custom app development business, working with an advisor can help tremendously as the valuations vary significantly from industry to industry and ensuring you capitalize on both organic and strategic growth prior to entering into a process is critical. If you are interested in learning how Revenue Rocket can help you finish the year strong and create the best possible growth plan, please connect with us at www.revenuerocket.com/contactus for more information.