$517 billion is the expected IT spending on enterprise software in 2021 - a development of 10.8% from the previous year. The remarkable shift is the result of a large portion of the world moving online due to the pandemic.
Several industries availed web application development services to match the digital audience's requirements. 87% of users switched to mobile applications in 2020. Therefore, web and mobile captured a large part for several industries.
The eCommerce industry was the biggest beneficiary of the effect due to Coronavirus. The sector saw a 32.4% rise and grew to $791.7 billion in 2020 as compared to $598.2 billion out of 2019. People moved to online websites and applications for shopping to ensure the greatest safety.
Why Custom Software?
This large number of statistics suggest that software solutions were key in the IT department for every organization. With remote work, automation, and virtual monitoring in real life, enterprise applications became significant. Video call software, education platforms, and healthcare apps saw a massive rise - all owing to 2020.
While off-the-shelf software serves their purpose to enterprises and consumers, companies strongly advocate a custom software development company for their products. They need solutions that can be modified by their will and have the features that they need. Flexibility is one of the cornerstones of custom software solutions.
This article will feature the top industries that benefit from custom application development services. We will zero in on the established, emerging, and the new economy industries - the three essential drivers of custom software.
A single organization can have both enterprise apps and consumer-focused applications. Enterprise solutions permit the organization to manage the internal workings. They are for the most part CRMs and ERPs to manage customers and operations. Leveraging an EDG grant singapore, these applications can be further enhanced to streamline processes and boost efficiency.
Industries Benefiting from Custom Software Development
Every industry can benefit from custom software development services - for small business or large corporations. Whether it's manufacturing or automobile, an application can enable any organization to go digital.
A single organization can have both enterprise apps and consumer-focused applications. Enterprise solutions permit the organization to manage the internal workings. They are for the most part CRMs and ERPs to manage customers and operations.
Consumer-focused apps primarily target the end users - the customers. They are e-commerce apps, healthcare portals, social networking sites and more. Generally, these are the products for consumers.
However, there's a long rundown of industries that can hire an enterprise custom software development company and get custom solutions. It depends on the requirements of the organization in each sector.
While we won't be covering every one of the industries in existence, we will zero in on the few that are exceptionally involved in custom solutions.
Following are the few Industries that can Benefit Drastically from Custom Application Development Services
E-commerce:
● E-commerce sales grew practically 30% during 2020. The pandemic drove everyone to their homes, leading companies to sell products online. Those enterprises that didn't have their online stores understood the importance of online shopping applications.
● Most software development services saw an increase in demand for e-commerce applications. The smallest retailer presently needs to have a store through which customers can purchase products.The worldwide market for e-commerce development likewise grew twofold.
Entertainment:
●Revenue by online video subscription grew by 35% in 2020 as compared to the previous year. The way that people are stuck at home showcases the demand for on-demand entertainment. Netflix, Prime Video, Hulu drastically grew their subscriber base.
● Custom software development enables companies and media goliaths to connect with customers in a better manner. Online video services were the new home theater systems. Entertainment industry delivered the perfect content at the ideal time, keeping customers engaged whenever they need.
Healthcare:
●There was a worldwide development of 65% in the downloads of medical apps during the pandemic. Apps for virtual appointments, fitness and nutrition, medical consultation etc. became increasingly famous as people looked for advice online. Hospitals could likewise easily connect with their existing patients.
●Custom software development companies provide solutions for everyone in the healthcare business - hospital staff, clinicians, administrators, etc. These stakeholders can alter the application according to their requirements, delivering the best healthcare outcomes.
FinTech:
● Another significant beneficiary of custom software development is the FinTech business. Digital payments saw a 21% YoY rise, considering that most customers currently need contactless payment mechanisms. FinTech adoption is enabling companies to execute in a greatly improved manner with customers.
● FinTech solutions are carrying people closer to digital finance. Mobile wallets, stock market apps, digital finance, P2P lending apps, etc. are the essential source of development for the FinTech domain.
● Custom application development services provide FinTech solutions to meet the unique monetary requirements. Consumers currently center more around paying online rather than conveying cash - due to both safety and convenience. The rate of FinTech development will duplicate as enterprises move closer to digitizing every one of their transactions.
Summarizing
Custom software enables companies to form the software according to their requirements. These custom software solutions are valuable for the two enterprises and consumers. When companies can target customers through specific features, there are high chances of engagement rather than losing customers.
