In 2021, the market for custom software development services and solutions is expected to enjoy explosive growth. In fact, the global market for business software is forecasted to surpass $600 Billion by 2025. The rapid rise of this highly technical market has already impacted several key sectors, including healthcare, manufacturing, retail, and transportation. As a tech-savvy individual, there has never been a better time to pursue a career in custom software. After all, the recent job outlook for developers is as high as 22%. Pursuing these opportunities, you will access an incredibly high rate of pay, develop a transferable skillset, and challenge yourself with a continuous learning curve. Read on to learn about how the custom software development market is expected to enjoy explosive growth in 2021.
Industry Growth & Expansion
First and foremost, the software industry as a whole has recently experienced massive growth and expansion. Undoubtedly, it is expected to continue to grow over the next couple of years. In 2020, the market size was valued at just over $375 Billion. Of course, this expected to rapidly grow to a massive $600 Billion by 2025, powered by major industry leaders like Microsoft and IBM. Naturally, this has been accompanied by massive job growth. While the industry had less than 25 million positions in 2018, it is expected to surpass 28 million by 2024. Looking further to 2040, the industry may even reach 45 million global jobs. Certainly, the custom software industry has been experiencing explosive growth in recent years.
Expansion Of Software Development Tools
In addition, the growth of the software development market can be largely be attributed to the expansion of powerful tools. Development teams across the globe rely on forward-thinking programming tools to maximize productivity, agility, and efficiency. For example, many experienced developers leverage spdlog, which functions as a fast, header-only logging library. This pioneering solution delivers a Python-like formatting API, which will supercharge your flexibility. Using this resource, you can bolster overall performance, accelerate product delivery, and minimize programming risks. Surely, the expansion of powerful software development tools has certainly impacted the industry as a whole.
Increased Opportunities
Next, there are plenty of increased opportunities for software developers as the market continues to grow. Traditionally, software developers were limited to a handful of specialized positions. However, now there are plenty of pioneering career paths that programmers can follow. For example, you can work as a developer for smartphone mobile applications, video games, or computer 3D graphics. Simultaneously, many developers pursue careers in software integration, cybersecurity, and database administration. Other important job opportunities include configuration of APIs, WordPress themes, and website design. Indeed, the growing number of career opportunities has certainly impacted the market for custom software development services.
Growing Industry Applications
At the same time, custom software solutions have recently experienced a growing number of industry applications. In healthcare, for example, custom information systems are used for medical imaging, diagnosis, and research. Similarly, there are many custom-tailored solutions for ePrescribing, and hospital management. In the retail field, on the other hand, software products are constructed for payment processing, inventory management, and point of sale (POS). In fact, professionals in manufacturing may even use these tools for enterprise resource planning (ERP), computer-aided design (CAD), and product lifecycle management (PLM). Absolutely, growing industry applications have greatly impacted the market for custom software development services.
Significant Sector Challenges
Of course, the software industry has certainly been facing significant sector challenges along its path to growth. Major factors like barriers to entry, high license expenses, as well as costly maintenance fees already act as a major challenge for software developers. Similarly, the industry faces continuous market segmentation based on product type, application functionality, and end-users. By learning to navigate these obstacles, developers like yourself can still remain successful in this thriving industry. Definitely, the growth of the custom software market has been accompanied by significant sector challenges.
Several factors have allowed the custom software development market to enjoy explosive industry growth in 2021. First off, the software industry has recently grown and expanded significantly. In addition, the growth of software tools has helped teams across the globe maximize productivity, efficiency, and flexibility. At the same time, there are plenty of growing industry applications driving the expansion of the software sector. For example, many developers have begun programming digital healthcare products and services, as well as for industries like manufacturing or transportation. Of course, the software industry has been facing significant sector challenges along its path to growth. Follow the points highlighted above to learn about how the custom software development market is expected to enjoy explosive growth in 2021.
