Global low-code development platform market is forecasted to attain a value of $52.3 billion by 2024, progressing at a CAGR of 45.2% during the forecast period. On the basis of vertical, IT category held the largest market share in 2018. The category is expected to register the fastest growth, during the forecast period. IT companies generally develop a large number of mobile and web applications and other third-party solutions. Thus, to enhance the productivity and optimal utilization of resources, the IT companies are adopting low-code development platforms to scale up their application development capacity.
Optimizing Time to Market (TTM) by Utilizing Low-Code Development Platform is One of the Key Trends Observed in the Market
In today’s economic condition and increasing competition in the market, companies are constantly working on achieving more efficiency with limited resources. Digital transformation across BFSI, healthcare, education, retail, and other verticals has enhanced the functioning of these verticals. Companies offer digital applications to their customers in order to retain them, and also need to maintain data in an organized manner. Low-code development platform is offering significant advantages to the companies, such as faster development, availability of drag-and-drop templates, and ease in developing web and mobile applications, which enhances the scalability of applications. As a result, the enterprises are able to quickly develop new applications to compete and sustain in the market. Traditional software development cannot match with enhanced functions, speed, and productivity gains, which are offered by low-code development platform. Thus, companies are leveraging the platform to optimally strategize TTM for new product/service launch.
Need to Reduce Workload on IT Professionals is One of the Significant Drivers Exhibited in the Market
Application development backlog is the biggest obstacle faced by the IT department across industries. Various business departments, such as human resource (HR), operations, and accounting and finance, would require applications to improve business process efficiency, however, delay in applications’ deliver affects the productivity. To reduce the workload from the IT department, the organizations have started to adopt low-code solution. Low-code development platform has enabled citizen developers (non-professional developers) to develop business applications, thereby, reducing the workload for the IT professionals. As digital transformation is being adopted in every industry across the globe, burden on IT department is increasing to develop applications. Therefore, organizations are embracing low-code development platform to accelerate the process of developing web and mobile applications.
Segmentation Analysis of Low-Code Development Platform Market
Geographical Analysis of Low-Code Development Platform Market
North America region generated largest revenue in 2018, and this can be attributed to the presence of majority of web and mobile app developing companies, high disposable income, and strong internet penetration in the region. On the other hand, APAC region is projected to be the fastest growing region during the forecast period. Presently, a majority percentage of the APAC populace rely on their mobile phones to access internet. Thus, to provide more sophisticated services to customers, businesses are offering web-based and mobile-based applications for the convenience of the customers. With the rising internet connection coupled with increasing smartphone penetration in the region, demand for application-based services for better customer interaction witnessed to be increasing year-over-year (Y-o-Y).
Browse report overview with detailed TOC on "Low-Code Development Platform Market Research Report: By Offering (General Purpose, Mobile-First App, Database App, Process App, Request Handling), Deployment Type (On-Premises, Cloud-Based), Vertical (Government, Healthcare, Education, Media and Entertainment, Retail, Energy and Utilities, Manufacturing, IT, BFSI), Regional Outlook (U.S, Canada, Germany, France, U.K., Italy, Spain, China, Japan, India, South Korea, Brazil, Mexico, Saudi Arabia, U.A.E., Turkey, South Africa) – Global Industry Trends, Technology Analysis and Growth Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/low-code-development-platform-market
Competitive Landscape of Low-Code Development Platform Market
Rapid development in digital technologies, such as AI, machine learning, and predictive analytics, and digital transformation of industries have increased competition in the global low-code development platform market. Oracle Corporation, salesforce.com Inc, Appian Corporation, Mendix Technology B.V., Outsystems Inc ServiceNow Inc, Caspio Inc, Kony Inc, Alphabet Inc, are key players operating in the low-code development platform market.
Market players are focused on product launches in order to cater to the growing demand from various verticals. For instance, Mendix Technology B.V. launched Mendix Spring ’19, an update to its market-leading low-code platform, which would enable developers to build true mobile apps. The platform would offer mobile technologies, such as augmented reality (AR) and 3D visualizations, enhancing end-user experience. Further, OutSystems Inc. launched low-code platform solution template for Microsoft Azure Marketplace. This would increase scalability, improve customer satisfaction through high-quality and better-performing apps, and allow organizations to easily build digital solution to accelerate their digital transformation. Further, the platform will be integrated with Azure Active Directory and Azure SQL Database for providing enhanced security and performance.
Some other key players operating in the low-code development platform market are Microsoft Corporation, MatsSoft Limited, AgilePoint Inc., Pegasystems Inc, Red Hat Inc, GeneXus S.A., Apinauten GmbH, and Data Systems International Inc.