The North America Custom Software Development Market is expected to witness market growth of 21.4% CAGR during the forecast period (2024-2031).
The US market dominated the North America Custom Software Development Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $43.16 billion by 2031. The Canada market is experiencing a CAGR of 23.8% during 2024-2031. Additionally, the Mexico market is expected to exhibit a CAGR of 22.9% during 2024-2031.
Businesses encounter a variety of regional regulations, languages, currencies, and operational processes as they expand into international markets. Custom software development is often necessary to guarantee operational efficiency and compliance, as off-the-shelf software solutions frequently fail to meet the diverse requirements. The World Trade Organization (WTO) highlights the increasing significance of digital trade in the global economy.
According to the WTO's 2020 World Trade Report, government policies increasingly promote innovation in the digital age, underscoring the importance of tailored technological solutions for businesses operating across borders. This emphasis on digital innovation reflects companies' need to adopt customized software to meet the specific demands of various regional markets.
The custom software development market in North America has experienced substantial growth as a result of the widespread implementation of digital transformation strategies in a variety of industries. The BFSI (Banking, Financial Services, and Insurance) sector is a major driver of the custom software development market in the United States. The necessity for customized solutions to manage intricate financial transactions and adhere to rigorous regulatory standards has been exacerbated by the proliferation of mobile payment systems and digital banking. In 2023, the finance and insurance sector alone represented 7.3 percent of the gross domestic product (GDP) in 2023. The U.S. exported $175.5 billion in financial services and $25.0 billion in insurance services during the same year, underscoring the sector's significant economic impact.
The US market dominated the North America Custom Software Development Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $43.16 billion by 2031. The Canada market is experiencing a CAGR of 23.8% during 2024-2031. Additionally, the Mexico market is expected to exhibit a CAGR of 22.9% during 2024-2031.
Businesses encounter a variety of regional regulations, languages, currencies, and operational processes as they expand into international markets. Custom software development is often necessary to guarantee operational efficiency and compliance, as off-the-shelf software solutions frequently fail to meet the diverse requirements. The World Trade Organization (WTO) highlights the increasing significance of digital trade in the global economy.
According to the WTO's 2020 World Trade Report, government policies increasingly promote innovation in the digital age, underscoring the importance of tailored technological solutions for businesses operating across borders. This emphasis on digital innovation reflects companies' need to adopt customized software to meet the specific demands of various regional markets.
The custom software development market in North America has experienced substantial growth as a result of the widespread implementation of digital transformation strategies in a variety of industries. The BFSI (Banking, Financial Services, and Insurance) sector is a major driver of the custom software development market in the United States. The necessity for customized solutions to manage intricate financial transactions and adhere to rigorous regulatory standards has been exacerbated by the proliferation of mobile payment systems and digital banking. In 2023, the finance and insurance sector alone represented 7.3 percent of the gross domestic product (GDP) in 2023. The U.S. exported $175.5 billion in financial services and $25.0 billion in insurance services during the same year, underscoring the sector's significant economic impact.
List of Key Companies Profiled
- Tata Consultancy Services Ltd.
- Infosys Limited
- Capgemini SE
- Accenture PLC
- Magora Systems
- Microsoft Corporation
- MentorMate, Inc. (Taylor Corporation)
- IBM Corporation
- Cognizant Technology Solutions Corporation
- Brainvire Infotech, Inc.
Market Report Segmentation
By Deployment Mode
- Cloud-Based
- On-Premises
By Enterprise Size
- Large Enterprises
- Small & Medium-sized Enterprises
By Type
- Enterprise Software
- Web-based Solutions
- Mobile App
By End User
- IT & Telecom
- Retail
- BFSI
- Manufacturing
- Healthcare
- Government
- Other End User
By Country
- US
- Canada
- Mexico
- Rest of North America
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. North America Custom Software Development Market by Deployment Mode
Chapter 6. North America Custom Software Development Market by Enterprise Size
Chapter 7. North America Custom Software Development Market by Type
Chapter 8. North America Custom Software Development Market by End User
Chapter 9. North America Custom Software Development Market by Country
Chapter 10. Company Profiles
Companies Mentioned
- Tata Consultancy Services Ltd.
- Infosys Limited
- Capgemini SE
- Accenture PLC
- Magora Systems
- Microsoft Corporation
- MentorMate, Inc. (Taylor Corporation)
- IBM Corporation
- Cognizant Technology Solutions Corporation
- Brainvire Infotech, Inc.
Methodology
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