Yes. Here, development is an action noun. That is a noun related to a process or activity; in this case, it is related to the verb to develop. It is used here as an uncountable noun, referring to the process of development in general. As a countable noun, development refers to things that have developed, such as:
There has been a new development in the Watergate scandal.
Or to a specific instance of a process:
The development of this new product has been fraught with difficulty
(note, however, that in that instance it works without the article, and it would mean the same thing)
As an uncountable noun, it can be used like you see in your example:
Development of market analyst's applications depends on having accurate data and well-designed models.
(I have no idea if that's an accurate statement, I'm just stringing words together in a way that works semantically)
We are proud to support development of open-source applications.
However, it should be noted in passing that the sentence featuring development in your example is not actually a true sentence. It is a sentence fragment, a bare noun phrase, and as such shouldn't usually be in the body of text. It could appear in dialogue, or as a heading.