7 Top Trends For ISVs To Consider
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The software development industry is constantly evolving with new technologies like artificial intelligence, machine learning, and blockchain. Innovative solutions are revolutionizing the way products are designed and tested. Independent software vendors (ISVs) are also pushing their boundaries with new development methods to create products that keep customer requirements in focus. This innovation is driving massive growth in the software industry too. The global ISV market is estimated to be worth 4,077 billion USD by 2027, up from 1,573 billion USD in 2019 with a CAGR of ~13% from 2019 to 2027.
Every year, new technology and product development trends define the course of software development for ISVs.
Here are 7 Top Trends that ISVs should consider for growth:
Trend #1: Cybersecurity and 5G -
With each passing year, cybersecurity threats keep growing in the digital domain. For most businesses, the risk of a data breach increases with work from home models, so the most important trend that ISVs should consider is cybersecurity. The first step is to fix the possibility of any cloud breach by adopting strong security practices in cloud configurations.
As big data is in focus, ensuring data security will also be a priority in 2022. As 5G promises to bring faster connectivity, ISVs must concentrate even more on cybersecurity.
Trend #2: Low-code Software Development Trends -
Simplification is a trend for ISVs to consider in 2022. Accenture writes that low-code or no-code software development will drive the development of 75% of new apps. This democratization of coding will ensure the low-code software development market hits $187 billion in revenue by 2030, according to Forbes.
By simplifying the software development process, smaller companies can move into the software without much investment, and larger companies can update legacy apps and processes and evolve faster. Low-code development relies on a graphical user interface without (or less of) any coding involved. This approach can open opportunities for companies in 2022 as they develop faster and cheaper apps.
Trend #3: Aligning with the AI trends - Decision Intelligence -
ISVs have considered artificial intelligence in software development for a long time now, but the trends are ever-evolving. Decision intelligence is the latest trend towards developing decision-making techniques that will impact various industries in 2022, as per Gartner.
Decisions drive businesses, and the decision intelligence enhancements of AI assist organizations in making faster, more accurate decisions. Its various tools can help every sector differently. For retail, it can help optimize the inventory of local stores while in healthcare, it can help make clinical decisions based on research and data. The possibilities with decision intelligence are endless, and we will definitely witness new integrations in 2022.
Trend #4: Hyperautomation -
According to Gartner, hyperautomation is the approach of organizations to automate the majority of their processes using technologies like robotic process automation (RPA), artificial intelligence (AI), virtual assistants, and low-code application platforms (LCAP). It also forecasts that 50% of coding will rely on automated systems in 2022, resulting in hyperautomation.
On average, developers spend 40 hours every week writing and maintaining codes. Hyperautomation can help coders finish about 90% of their work with a single click, saving them hours. This massive increase in productivity and reduction in time investment can enhance the working life of all employees. With the rising popularity of cognitive automation technologies, the combination of hyperautomation with decision intelligence will be trending.
Trend #5: Financial services-ready Public Cloud Computing-
PwC notes that expenses on cloud services rose by 39%, increasing to $29 billion by the first quarter of 2020. Throughout the COVID-19 crisis, small and large businesses equally depended on cloud-based services for remote operations and work flexibility.
In 2022, cloud services are expected to go beyond reliability and scalability. ISVs should consider strategic collaboration opportunities to develop financial services-ready public cloud platforms. Recently, setting this new trend, IBM collaborated with Bank of America to launch its own financial services-ready public cloud platform.
Trend #6: Blockchain -
Since its primary use as a distributed ledger for cryptocurrencies like bitcoin, blockchain has kept the market stirred up, but it has still not become mainstream. Although some companies are now experimenting with blockchain, we may witness a wider blockchain implementation in 2022.
Blockchain has already proven its potential in the financial sector and is now entering other verticals like supply chain, manufacturing, healthcare, government, and others. The remote working model requires businesses to opt for decentralized technologies that can simplify strategic operations and transactions. Blockchain can potentially reduce costs, improve cash flow, and lower the transaction completion times for businesses — large or small.
Trend #7 : The Continuous Delivery trend in Software Development -
The modern delivery cycle has left no room for gaps between Dev and Ops, and continuous software delivery prompts the developers to deploy their code for production as and when desired.
DevOps is now a software development norm, but continuous delivery is going to take the center stage in 2022. It ensures deployable, clean code and gives a cost-effective solution to crucial release reporting. It also reduces labor by fixing all the loopholes before the release itself.
Apart from these trends, cross-platform software development, accessibility enhancement with the Internet of Things, use of immersive technology, escalation of edge computing, and the growth of Python and JavaScript continue to be widely popular in the ISV market. These top trends only project where the software development industry is headed in 2022. Developers can focus on polishing their skills in these domains, and companies can look for ISVs that have evolved with these trends.
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