New York, U.S., May 3, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Low Code Development Platform Market“Information by Type, by Components, by Deployment, by Organization Size and by Region – Forecast to 2027” market size will reach USD 73,820.4 million, growing at a compound annual growth rate of 26 .5% by 2027.
The market for low-code development platforms is vibrating with exponential traction. Increased demand from industry verticals such as education, healthcare, corporate, manufacturing, and others is pushing the market higher on the global platform. Moreover, increasing digitalization and increasing adoption of cloud platforms justifies the market size of low code development platforms.
Growing demand for mobile communications and Internet of Things (IoT) along with growing penetration of cloud-based applications and cloud-based data storage are increasing the market revenue.
The Dominant Key Players in the Low Code Development Platform Market Covered Are:
- Salesforce (US)
- OutSystems (US)
- Mendix (USA)
- Google Inc. (USA)
- Caspio (USA)
- Appian (USA)
- Microsoft Corporation (USA)
- MatsSoft (UK)
- K2 (USA)
- Bizagi (UK)
- AgilePoint (USA)
- Kony Inc (USA)
- Service Now (US)
- TrackVia Inc. (USA)
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Exclusively encompassed USP market:
The low-code development platform offers essential efficient solutions for business processes categorized into web and mobile solutions. He mainly focuses on the creation and development of business processes and user interfaces, such as web applications and database platforms. Additionally, it offers little to no coding techniques, which helps reduce the time and cost needed to develop beneficial business processes.
This platform offers IT professionals a fast, cost-effective, and scalable way to industrialize custom application development, transforming IT organizations into application factories. As a result, IT professionals demand a lot of LCDP tools to build and maintain the end-to-end solutions and applications they need.
The low-code development platform market is witnessing increasing developments of low-code, SAP-centric enterprise application development platforms digitizing and optimizing business processes and user interfaces at scale and easily. Given the impact that low-code and digital experience platforms have on businesses’ ability to deliver business solutions at higher speed and quality. LCD platforms can add value to customers and across a wide range of use cases.
Browse the in-depth market research report (178 pages) on the Low Code Development Platform Market:
Market Segmentation Covered by Research:
The MRFR analysis is segmented into types, deployments, components, organizations, applications, and regions. The Type segment is sub-segmented into General Purpose Platforms, Database Application Platforms, Process Application Platforms, Demand Processing Platforms, and others.
The deployment segment of the low-code development platform market is sub-segmented into on-premise and cloud (public, private and hybrid). The component segment is sub-segmented into low code solution development (mobile solutions and web solutions) and low code service development (professional services and managed services, others).
The organizational segment of the low-code development platform market is sub-segmented into small and medium enterprises and large enterprises. The applications segment is sub-segmented into e-commerce, BFSI, IT and telecommunications, healthcare, media and entertainment, government and others. The regional segment is sub-segmented into Middle East & Africa, Asia-Pacific, Americas, Europe and Rest of the World.
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Globally, North America represents the significant market for low-code development platforms. Factors such as increasing adoption of advanced technologies and demand for safety and comfort features are driving the market shares of the region. Additionally, the well-established BFSI industry in the region creates opportunities. Among other North American countries, the United States is the dominant market in the region. The European low-code development platform market is significantly large in terms of revenue and volume.
The Asia-Pacific region is rapidly emerging as a promising market for low-code development platforms. Factors such as the continuous development of technologies and the presence of several manufacturers are supporting the growth of the market. In addition, growing user awareness of the benefits of low-code development platforms Low-code development platform is a key driver for the market demand for low-code development platforms in the industry. ‘APAC.
The low-code development platform market looks very competitive, with the presence of many prominent companies with international and regional presence. These companies are aggressively targeting increased participation through partnerships and collaborations to expand their operations and offerings to potential customers.
For example, on April 20, 2022, Globant, a digital native technology services company, announced the acquisition of GeneXus, a leading developer of a leading low-code platform, to strengthen the offering. of its product division – Globant X. In addition to reinventing the business and expanding its product portfolio, the acquisition is expected to make Globant a leading digital player to invest in a low-code platform to drive business transformation.
GeneXus has developed a leading low-code platform that drives software development and evolution. Its LCDP technologies are widely used by leading companies in several business sectors in Latin American and Asian countries.
Low-code apps and platforms are emerging in response to the shift to digital transformation and the growing adoption of remote work mandates resulting from the pandemic. One of the biggest benefits of low-code development platforms is higher application development and promoting business agility by minimizing time-to-market and cost.
Despite the continued growth, the market still faces major hurdles due to concerns over low-code development platforms. It’s important to recognize these issues, such as fewer customization options and increased possibility of vendor lock-in and security risk. Additionally, customization-based applications for enterprises are a major factor hindering the growth of the low-code development platform market.
Nevertheless, the low technical barrier to entry and endless development possibilities offered by low-code development would support the growth of the market. Additionally, the tremendous promises of reduced time to market and reduced overall costs of LCD platforms are expected to drive the market growth. Organizations are increasingly striving to balance convenience with the concerns of low code development and increasing applications to reduce time to market with/without sacrificing security.
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