Low Code Development Platform Market Overview
Low code development platform market is gaining momentum due to its adoption across digital-transformation-focused and customer centric organizations. These platforms allow the creation of application software through graphical user interfaces (GUI) and configuration instead of traditional procedural computer programming. These platforms find application in industries such as healthcare, manufacturing, IT and telecom, government, BFSI and education.
Based on type of platforms, the low code development platform market is categorized as general purpose platform, mobile-first app platform, database app platform, process app platform, request handling platform and others. Of them, mobile-first app platform is expected to witness faster growth during the forecast period as it allows vendors to deploy high-quality mobile applications significantly faster.
Based on deployment type, the low code development platform market is categorized as on-premises and cloud-based deployment. Cloud-based deployment is further categorized into public, private and hybrid cloud. Among these, hybrid cloud is expected to propel the growth of the market during the forecast period.
North America is expected to register highest revenue during the forecast period, owing to the presence of large number of low code development platform providers. APAC will witness substantial growth due to increasing investment in IT solutions and enhanced demand for mobile based-apps.
Low Code Development Platform Market Dynamics
Factors, such as rising demand for software automation & innovative applications, ease of development of web and mobile apps, low cost of development and the easy-to-deploy feature, are driving the adoption of the low-code development platform across the globe. The market is restrained due to the customization and performance issues of the platform.
With the help of these platforms, companies can carry out the development of applications without investing heavily in hiring development teams. Therefore, these platforms are gaining popularity, which is propelling the growth of low code development platform market.
Enterprises of all sizes are adopting these platforms as they allow to integrate the business management with the IT, enabling them to be more responsive in adapting to changing technologies.
Increasing focus of Application Development and Delivery (AD&D) professionals to develop customer-centric applications and the ease of development of web and mobile apps are pushing organizations to adopt the low-code development platform solution.
Low code development platform has the ability to build more apps in less time which leads to costs decrease. Low-code development reduces the need for more developers, which reduces hiring costs. These reduced costs are propelling the growth of low code development platform market.
Code based approaches to application development takes time, which makes it difficult for the IT industry to deliver the value that the business is looking for. Therefore, the companies are switching to these platforms in order to speed up delivery and customize the applications with minimal efforts and testing.
Vendors are more focused on assisting organizations of all sizes with an aim to impel business creativity by rapidly transforming ideas into advanced and secure applications. These platform require minimal hand-coding and upfront investment in setup, besides, it offers easy training and development, which makes it an ideal tool for developers to tactically mitigate a few intrinsic challenges they used to face in the job almost on a daily basis. Due to these factors, the developers are moving towards these platforms because they need to develop custom applications in bulk due to ever increasing demand.
By using these platforms, companies are developing a more customer-centric product. They are controlling both the front end and back end, making it possible to face customer requirements from different stages in the development process.
Low-code development platforms are being used to develop mission-critical applications for back office operations, transaction-centric applications, supply chain and production tools, and logistics systems. This trend is likely to accelerate the demand in the coming years as these platforms gain prominence in the application development space. Companies are also investing heavily in the low code development to rapidly develop robust applications.
Companies are introducing low code tools into their cloud-based platforms. For example, in 2016, Microsoft and Salesforce added low code tools into their cloud-based platforms. Google has also added some low code development tools for building applications into its G Suite.
Many enterprises are adopting low code development platforms for their ability to enable a broad range of developers to rapidly build and deploy custom web and mobile apps—without the need for time-consuming coding.
Organizations are switching to these platforms to deliver applications for innovation, customer engagement, operational efficiency and legacy migration to recognize the inherent business value and reduce time-to-market.
Low code development platform market face challenges in terms of customization and platform-specific limitations. These factors hamper the market growth. The readily available toolkits in the market are yet to resolve customization problems faced by developments from their roots, thus hindering the markets growth.
Low Code Development Platform Market Competitive Landscape
Some of the major players in global low code development platform market are AgilePoint, Bizagi, Appian, Caspio Inc., Mendix, OutSystems, MatsSoft, Salesforce.com, Microsoft Corporation and Google Inc.