Application Platform Market Updates

Global Application Platform Market size was valued at USD 11.2 billion in 2023 and is poised to grow from USD 12.05 billion in 2024 to USD 21.65 billion by 2032, growing at a CAGR of 7.6% during the forecast period (2025-2032).

Application development platform is undergoing extreme revolution, and start-ups are exploiting AI-driven technology to overhaul traditional development models. Qodo and Replit are two leading startup companies which are revolutionizing the paradigm using next-generation tools to streamline code creation and app development workflows. The startups are leveraging the growing demand for efficient, scalable, and intelligent application platforms and hence turning into industry players to watch among industry giants. Their focus on AI capabilities integration into dev pipelines is disrupting the development and maintenance of applications, thereby leading industry transformation. 'IBM', 'Oracle', 'NEC Technologies India Private Limited', 'Micro Focus', 'SAP', 'Fujitsu', 'Microsoft', 'Hitachi', 'Adobe Systems', 'Hewlett Packard Enterprise Development LP', 'Huawei', 'Red Hat', 'Akamai', 'Gigaspaces', 'Caucho Technology'

One of the primary drivers for the application platform market is the increased demand for cloud-native applications. Organizations are embracing cloud computing because it has the potential for scalability, adaptability, and cost-effectiveness. Cloud-native platforms support the development of accelerated cycles, better system performance, and easy deployment across multiple environments. The adoption of cloud-native application platforms has also grown with the rise of microservices architecture and containerized apps. This revolution is assisting companies in minimizing infrastructure expenditures, driving innovation, and competing in the digital-first era, driving long-term application platform market growth.

Rise of Low-Code/No-Code Platforms: The demand for low-code/no-code platforms is changing the application platform marketplace. These platforms allow end users without technical expertise to create, test, and deploy applications with limited coding knowledge. The trend is driven by organizations that need to accelerate digital transformation, reduce development cost, and enable citizen developers. Low-code/no-code solutions streamline workflows, improve time-to-market, and drive innovation, particularly in industries like retail and finance. As firms embrace such platforms, the industry is rapidly expanding, with an emphasis on access by consumers and collaboration enhancement.

What makes North America the top market for Application Platform in 2024?