Custom software development services have experienced explosive growth in recent times thanks to the rising demand for industry-specific technology demands. Their unique ability to seamlessly integrate new software with the existing one alongside their increased scalability makes them highly appealing to various industries—from retail and automobile to healthcare and education.
Such ubiquitous applications suggest that the need for custom software is not strictly limited to bulkier, heavy-duty machinery. We can also see its impact on businesses that require tailored solutions. E-commerce sites and university student portals are all examples of custom-built software.
The Market for Custom Software
Undeniably, custom software development has brought about a greater level of automation and personalization in every aspect of our modern life. At its current pace, the market for such services would continue to grow at a breakneck speed—with the burgeoning presence of custom developers as its catalyst. Such a growing phenomenon is also attributable to the booming enterprise software industry at large—led by the US. In 2020, the business software market globally was valued at USD389.86 billion. By 2028, experts predicted it would grow at a CAGR of 11.3%. In North America alone accounted for more than 20% of the total global market share in 2020.
What does this tell us about the future trajectories of the market?
Companies across the globe, including Silicon Valley tycoons, depend on custom-designed technology for their operations. This is where software development firms like us play an important role. We deliver scalable custom-made products to a diverse clientele by using the latest methodologies for longevity and sustenance.
However, the process of transitioning to a tailor-made solution for your business can be a cumbersome process. Our team has conducted a SWOT analysis based on the market trends so you know what to expect before considering custom software development for your business. We present you with the observations of that analysis below.
There is an exhaustive list of benefits in favor of running your business with the help of custom software. Chiefly among those are as follows:
Highly bespoke solutions
The first benefit of bespoke software is its innate ability to match your exact needs. Every business in the world is unique in its own way; no two companies in the same niche operate and hold similar values. Consequently, a program designed to your specifications would be irreplicable and cater only to your business objectives—letting you reap the returns on your investment almost in a snap.
Worry about future compatibility issues with your existing software? Don’t kick yourself over that just yet since custom software boasts seamless integration capabilities with already fixed systems in place without any glitches.
Coming in third on our list is longevity. Unlike most product-based software applications whose continuity is at the mercy of the developers, a customized program can function reliably for a prolonged period and be modified to handle the changing market needs of your business.
Last but not least, custom software is highly cost-effective in terms of development and maintenance—meaning you don’t have to incur extra costs for unnecessary features or subscriptions. For instance, custom development software made for a bank will exclusively run tasks related to banking usage. There won’t be any additional functions ballooning up the costs.
While the offered benefits are definitely worth your while, there are still some limitations to bespoke software you need to watch out for:
Expert technical proficiency required
Crafting a bespoke application from scratch is not a walk in the park; it requires highly technical proficiency and skills to get things right and in order. However, with so many software developers out there to choose from, picking the right one might not be a breeze. Thus, we highly encourage you to extensively research the background of the developers you’ve narrowed down as your potential collaborator. This includes perusing their breadth of resources such as blogs, testimonials, and case studies to see if their past experiences correspond with your industry needs.
Most companies have curated their past works like we do here. In our case, however, we have also categorized them not only by their verticals but also expertise, tech stack, and engagement models—making it easier for you to browse through.
Unfortunately, custom software isn’t as instantly accessible as its off-the-shelf counterparts. Nonetheless, all good things come to those who wait—or so goes the adage. So, don’t be surprised when it takes a while for your developers to design the software for you. Given that the end product would significantly improve business efficiency, this is certainly an investment that is worth the wait.
The market valuation for the US business software and services industry would be more than doubled in a little over a decade, with Finance and Sales & Marketing sectors leading the mix. This market forecast serves as an opportunity for highly enterprising players across sectors to ramp up their technological capabilities against tougher competition ahead. Developing the right technology, thus, would help you fare in the following areas:
Simplified user experience
The most significant advantage of a custom application is the oasis of privileges and accessibility it offers the customers, which considerably yields a more intimate brand experience. Case in point, if you run an online retail shop, custom software that is highly adaptable to a wide variety of device viewports (e.g., computers, smartphones, and other mobile devices) would reduce bounce rates and ensure higher checkout rates.
Retain existing customers and bring in new ones
Custom software tracks your target demographics’ preferences, locations, and daily habits with greater precision at a considerably lower cost. Based on these inputs, these tailored-made applications can be an instant solutions provider for in-depth market insights—enabling you to capture new customers and retain existing ones better.
While custom software empowers you to take your business to new heights, here are some caveats to be aware of:
High Cost of Maintenance
Delivering tailor-made solutions with software comes with a cost. First, let’s bifurcate the costing into two categories: total cost of ownership and deployment costs. The total cost of ownership includes direct and indirect costs such as training the employees on how to use the software and bringing in the clients who will use the software.
On the other hand, deployment costs mainly encompass delivery, the preliminary costs of development, and any additional costs incurred while building the software. Thus, we strongly advise you to plan ahead to keep the costs of development within the scope of your allocated budget. Additionally, good developers typically provide a clear project timeframe upon consultation, which you can use as a reference point for the initial planning phase.
While proficient developers know how to prevent and swiftly rectify security loopholes, it’s a great exercise to keep a watchful eye on their presence from time to time. The first security issue you need to be wary of is the presence of bugs that might leak the clients’ sensitive data. Another security issue—and a more potent threat—is broken authentication, which often leaves room for hackers to gain unauthorized access. Schedule regular maintenance with your developer to minimize and eliminate such risks.
As modern business problems grow in complexity, custom software development has increasingly become a lucrative option for companies to find lasting solutions and improve productivity. Just as pivotal in this endeavor is finding a trusted and reputable developer to help you make your first step. Simply put, you need a dedicated team with vast technical expertise and resources to trust your vision and build it into reality.
Think you’re ready to leverage more business opportunities with custom software? Reach out to us for a complimentary consultation or to discuss your specific project requirements.