Market Watch study highlights below mentioned facts about custom software development industry by 2022.
The global software engineering market is expected to grow approximately at USD 37.4 Billion by 2022, at an approx. CAGR of 11.72% between 2016 and 2022.
- By software type, CAD sub-segment in software engineering market accounts for the largest market share and is growing at a 13.28% CAGR, during the forecast period.
- By application, automation design sub-segment holds the largest market share, growing at a12.26% CAGR, during the forecast period.
- By end-user, automotive sub-segment holds the largest market share and is growing at a 13.48% CAGR, during the forecast period.
The reason behind such strong growth curve in this industry is because of the growing need for businesses to incorporate technology in every sphere of their operations to create competitive advantage and reduce their cost of operations. Artificial Intelligence, Internet of things, blockchain, Automation and Cloud computing are the need of the hour to make multi-national companies agile and proactive to their market conditions.
What is Custom Software Development?
Custom software development is the process of creating software applications specifically designed to meet the unique needs of a business or organization. Unlike off-the-shelf software, which offers generalized solutions suitable for a wide range of users, custom software is tailored to address specific operational challenges, workflows, and goals. This approach allows businesses to leverage technology to improve efficiency, enhance productivity, and differentiate themselves in a competitive market. The custom development process typically involves requirements gathering, design, coding, testing, and deployment, ensuring that the final product aligns perfectly with the client’s expectations.
5 Benefits of Custom Software Development
1. Adaptability
Custom apps and software’s can be adapted to the client’s unique business operations. On the Shelf provide a generic service which results in more manual work for operations team to get the output. As every business has its unique processes, automating and generating reports cannot be achieved through standard software. Customised software can be built to align with business requirements enabling complete automation and reporting of the process with least manual work.
2. Cost Effectiveness
Every astute business owner wants to make an investment only when the ROI can be measured over a period. With custom software measuring ROI is very easy and straightforward as your systems get streamlined, manual work hours get reduced and errors are minimised impacting the overall profit margins. Unlike on-the-shelf software, custom software can be developed as your business evolves without having to pay any ongoing licensing fees and upgradations etc. Custom software for your business is considered intellectual property which adds to the value of your venture.
3. Security
In today’s world businesses must be careful about securing their business data as well as their client’s information. On-the-shelf software cannot always provide the best security of your data and may not have enough contingency plan for any data breaches. Hence, having an inhouse custom software or app always ensure the business security is always intact and maintained.
4. Compliance
Every industry is ever evolving which results in having to comply with many local and global regulations from time to time. On-the-shelf software’s may not always be updated with all the compliance requirement in their reporting tool which can cause a lot of manual work for your business. Custom software’s not only consider all the compliance requirement but can also produce the report in required style & format. Plus, the software will also be compliant with industry regulations and can be updated as required without any hassles.
5. Integration
Every business uses a variety of software’s and gadgets which are built on different platforms which makes automation a very challenging process. At such points having on-the-shelf product will not be fruitful as it may not be compatible with all the existing programs. Custom software is the best solution when there are variety of software and gadgets are involved in the work process. As the developer can understand your required output along with the constraints before building a solution to help fil the gap in your process and help you automate it completely.
Custom Software Development Cost
The cost of custom software development can vary widely based on several factors, including the complexity of the application, the technology stack used, the geographical location of the development team, and the estimated timeline for completion.
Typically, more complex projects requiring advanced features or integrations will incur higher costs due to the increased development time and expertise needed. Businesses should also consider additional costs related to ongoing maintenance, updates, and potential scalability requirements. While the initial investment may be higher than purchasing off-the-shelf software, the long-term benefits—such as improved efficiency, enhanced user experience, and the ability to adapt to changing business needs—often justify the expenditure.
Ultimately, businesses should evaluate their unique requirements and potential return on investment when assessing custom software development costs.
At Zelite Solutions, we are a leading custom software development company dedicated to helping our manufacturing industry clients enhance efficiency by minimizing resource waste and communication delays. By creating tailored software and applications, we automate end-to-end processes, driving operational effectiveness. The duration for developing custom software can vary, typically ranging from 2 to 10 months, based on the specific needs of each project.
Read more about our Software product development services and custom application development services.
If you’re ready to develop custom software solutions that fit your business requirements, we invite you to connect with our team today and discover how our expertise can help you achieve your objectives.
