Software development continues to grow with the advancement of technology. This can be validated by the fact that the global software market revenue is expected to reach $608 billion by 2022, up from $597.3 billion last year (Sources: Statista and MarketResearch.com ). A report from Statista indicated that there may be a CAGR between 2022-2027 of 5.78 %, which would bring the revenue for the software market to $806 billion in 2027.
The latest and ever-changing software development trends are what can drive such growth. This is why the question that business people ask most often is: What latest software trends are there?
Answering them by examining the trends that are most widely recognized in the software industry is today’s topic.
1. Artificial Intelligence
Artificial intelligence has become one of the most rapidly evolving technologies in software development. Applications like chatbots and machine learning algorithms are powered by artificial intelligence. The global AI market is expected to reach $328 Billion in 2021, and may increase further to $1,394 Billion with a 20.1% CAGR by 2029.
Narrow AI, or narrow AI as it is also known, is the most common and only form of AI currently in operation. The algorithm is focused on a single goal, such as speech recognition, spam filtering, music suggestions, or chatbots. AI applications that are actively used lead to more informed decisions and a customized customer experience. This is why IT giants such as Microsoft and startups like Narrative Sciences and Cynere continue to make huge profits through integrating AI.
2. Cybersecurity
After AI, cybersecurity is another trend that has been growing rapidly in the software industry. Now, it is on the list of software technology that will continue to grow. As the world becomes more digitally connected, cyber-attacks will increase. Cybersecurity systems are now essential to many business sectors and have become one of the most popular software technologies around the globe.
According to MarketsandMarkets ‘s report, the cybersecurity market could reach $240.27 Billion in 2022 as opposed to $217.87 Billion in 2021.
3. Blockchain Adoption
Blockchain is not a new technology anymore. Blockchain-based applications are expected to grow rapidly in 2023, especially among industries such as agriculture, logistics, and automotive. This technology ensures that all transactions in your business are secure.
Blockchain-based software systems with features like decentralized systems and public-key encryption, as well as immutable records of transactions, are gaining in popularity.
4. ISO/IEC-9126 Software Quality Standard
Before ISO/IEC 9126, there was no standard international for measuring the integrity and quality of software systems. This software standard helps to determine the trustworthiness, dependability and resilience of software applications. It does this by calculating the quality measures based upon the number weaknesses in the software.
ISO/IEC 9126 identifies and eliminates structural weaknesses within software during development. It allows companies to build a good reputation and impress multiple clients by ensuring high-quality software.
5. Low-code Development
Software engineering is rapidly moving to a streamlined method of building apps, such as low-code/no code development (LCNC). Low-code development has become a core part of modern software development. It allows developers to build applications using minimal code and allows anyone to program apps without having expert linear coding skills.
LCNC’s drag-and-drop interface (graphical user Interface) and other tools make this possible. LCNC allows individuals with little or no coding experience to easily turn their ideas into apps. Low code development is a cost-effective option for new firms that need to quickly prototype and test their business concepts.
In 2020 the global revenue of low code platforms reached 13 billion dollars . It is expected to reach $65 trillion by 2027, with a 26.1% CAGR. It is one of the biggest trends in software engineering.
WordPress, Weebly Wix and Squarespace are all examples of low-code applications.
6. Progressive Web Applications
Progressive Web Applications is a native solution which integrates functions/features from a website in a mobile app. These are the latest technologies in software development with unlimited potential. Downloading such applications is quick and easy. You can put them directly on your smartphone’s home screen. Downloading apps from the website is faster than going to the app store.
PWAs have the same features as native apps, but with a smaller size and more advanced performance. They also include offline mode and push notifications. These are the best options for new and small companies, as they are cheaper to maintain and create. They also offer the advantages of mobile and web. In the near future, more small businesses and startup companies are likely to opt for progressive web applications.
Starbucks, Debenhams and Flipboard, to name a few, are PWAs.
7. Outsourcing Software
Outsourcing Software Development Trends are the top choice of companies who want to save money and resources by not having an expensive in-house development team. IT professionals who can deliver top-of the-line software on time for all industries are hard to come by.
Global IT outsourcing will be worth $440.41 Billion in 2022 , compared to 413.80 Billion in 2021 and is expected to grow to 610.12 Billion by 2027 at a CAGR 6.68%. Software outsourcing can result in rapid growth, improved quality, reduced risks and protection of company resources.
8. Distributed Cloud Services
Distributed cloud services will soon be the norm for all software development companies. Cloud-native software solutions are profitable for development teams. They facilitate remote working and help grow the software industry.
Distributed cloud topologies are more efficient than placing backend services in a single cloud, as they can be hosted by multiple cloud providers located in different geographic regions. This results in less or zero downtime.
Netflix and YouTube are two of the most popular examples of apps that use distributed cloud services.
9. The Internet of Things
Internet of Things will be a major technological development in 2023. The Internet of Things has transformed the way we live by connecting sensors, gadgets and machinery. IoT offers several benefits for businesses, including the ability to collect large amounts of data, speed up operations, avoid equipment malfunctions, manage inventory without loss, and reduce operational costs.
IoT is a common term for devices such as activity trackers, self-healing automated systems, smart tags that prevent theft, home security systems and biometric scanners.
10. Mixed Reality
Mixed reality is the merging of virtual and real worlds, such as AR (augmented reality), and VR (virtuality). It creates an immersive environment that includes interactive digital or physical objects. Native apps can be built for businesses such as restaurants, real-estate, and others using mixed reality.
Mixed reality interfaces will guide your staff to the best possible results, even for complex procedures. Mixed reality includes the HoloLens and other mixed reality tools such as 3D modeling, Snapchat, Snapchat filters, or virtual makeup.
Stay on Top of the Trends
Software development statistics show that the current trends in software development will bring about irrefutable change for the IT industry. It is best to integrate your business with these trends and stay up-to date with all upcoming ones.
Ailoitte is a professional company that can help you modernize your software business. We will keep you up-to-date with the latest trends and inform you of upcoming ones that could benefit your business, whether it is software development trends for real estate, finance or healthcare.
