There is actually not so much difference. It depends mostly on the platform you are using. Development of software solutions specifically for the desktop computers is referred to as application development. Browser based applications fall under the broad category web development. And mobile applications are for mobile devices, like Android or iOS based applications.
Business applications, also known as business application software (EAS), are the software solutions that are used to meet the personalized needs of a company rather than individual users. Business application development focuses more on building business applications designed to provide performance optimization at low expenditure.
The web development process uses a variety of technologies and software such as HTML, PHP, WordPress, Joomla, Drupal etc., including web design, web content development and front & back-end programming.