3 Sectors That Benefited Most from Rapid Application Development Software

3 Sectors That Benefited Most from Rapid Application Development Software

January 8, 2020

The demand for rapid application development tools (RAD) is gaining traction as companies and organizations from various industries and verticals call fast development and deployment of customized applications. Another major driver for rapid application development is that more enterprises adopt and implement BYOD (Bring Your Own Device) policies in the workplace.

Companies are constantly looking for fast and cost-effective ways to achieve total digital transformation and rapid application development looks to be one of the more popular solutions. Such an approach is quite attractive as one of the main characteristics of rapid application development is that it allows not just for quick development and deployment of apps, but also for continuous iterations.

This is something you can’t say about the waterfall software methodology in which you are stuck with a rigid schedule and you need to start from the beginning whenever the client suggests a change or a new idea.

The following industries have been pinpointed as the leading verticals for massive rapid application development adoption and execution now and in the foreseeable future.

1. Banking, Financial Services, and Insurance (BFSI)

There is a huge increase in customers preferring mobile banking platforms for their transactions. According to the Mobile Banking Competitive Edge Study, 89% of survey respondents replied in the affirmative when asked if they used mobile banking.

Millennials are the major users of mobile banking, with 97% indicating they perform transactions through their mobile devices on a regular basis. But Generation Xers (91%) and Baby Boomers (79%) posted significant numbers, many revealing they find mobile banking far more advantageous than conventional banking methods.

With such development, banks and other financial institutions have to move on the digital and mobile space to keep up with the growing demand and surging expectations. They need to develop mobile banking apps and other digital banking products and services that are fully tested and evaluated in the quickest way possible before these are rolled out for public consumption.

Rapid application development allows them to do just that. RAD speeds up the development time, including planning and testing, allowing banks and other financial services providers to launch new financial products in just days. RAD gives banks a distinctive competitive advantage in a very unforgiving and ever-evolving industry.

2. Automobile Industry

The RAD methodology introduced the concept of rapid prototyping, an approach that is very evident and widespread in the automobile industry.

Car manufacturers make physical prototypes and scaled models based on the design instead of creating actual cars. The prototypes are then tested to experiment with its capabilities, identify potential issues and flaws, and discover areas for improvement. With today’s technology, car manufacturers can craft out prototypes with 3D printing technology.

Feedback from developers, testers, and observers are then gathered for analysis and insights. From here, ideas for improvements are derived and applied to the next model until a particular prototype satisfies all the requirements and passes rigorous testing and quality checks.

The successful prototype then becomes the basis of the actual model. It includes all hardware and software needed for the specific model, exact measurement and dimensions, alarm systems, and safety measures, among others.

Rapid prototyping in the automobile industry is becoming a separate industry within the industry. According to a recent study by Stratasys, rapid automotive prototyping is poised to become a $5-billion market in 2020.

Because rapid prototyping helps eliminate many design issues and flaws at the earliest stage of development, it drastically speeds up the whole manufacturing process. It also saves car manufacturers millions, if not billions, of dollars. Today, car factories can assemble thousands of models with 100% accuracy and 0% chance of error while enabling designers to be highly flexible with their aesthetics.

3. Online Retail Industry

Online retail is already big and it is set to become bigger in the future. In an April 2019 article, CNBC reported that the online shopping sector accounted for 11.813% of the total US retail sales last February 2019. For the first time, online retail stores posted contributed more sales than the general merchandise’s 11.807%.

The disparity may be small but Paul Hickey of Bespoke Group described it as a momentous occasion for online shopping. It proves that online retail and e-commerce are no longer a fad; it is going to be a permanent fixture in the modern business landscape.

In 2018, 40% of e-commerce transactions were from mobile devices. Come 2021, that figure will grow to 54% according to Statista.

With such development and projections, online retailers and e-commerce businesses must develop mobile e-commerce apps that simplify the shopping process while delivering a delightful experience per customer.

Rapid application development software coupled with a clear understanding and definition of KPI helps online retailers create apps that make online shopping effortless and quick without compromising their security. Check out FinancesOnline.com KPI guide to know more about KPIs and what’s their role in developing business applications and tools.

By analyzing customer feedback, users are able to discover ways to improve in-app experiences and add features that can further enhance the buyer’s overall experience. At the same time, users can remove functionalities that hinder their customer’s journey and doesn’t add value to their business. They can also go back and check the basic elements in building an app to see if they missed something along the way.

RAD Is Here To Stay

The rapid application development software market is expected to experience an impressively huge increase in the near future. According to a 2019 forecast by Research and Markets, the said industry will grow from $7.8 billion in 2018 to an extraordinarily enormous $42.9 billion by the end of 2024. That’s nearly 43% compound annual growth rate within the five-year forecast period.

Businesses that use RAD understand the rapid application development pros and cons. On one end, you enjoy reduced development time, faster time to market, and clients are encouraged to become more involved. On the downside, RAD requires designers and developers with a high level of expertise and they don’t come cheap.

But judging by the aforementioned growth of the rapid application development software industry, it looks like the benefits clearly outweigh the disadvantages by a clear margin.

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