Increasing demand for business digitization, less dependency in information technology (IT) professionals, and stringent government norms are the key factors that drive the growth of the low-code development platform market. The market is expected to generate $187.0 billion revenue by 2030, advancing at a CAGR of 31.1% during the forecast period (2020–2030).
COVID-19 Impact Analysis
Due to coronavirus (COVID-19) pandemic, a large number of companies are restructuring their business operations to reduce operational costs. Therefore, they are increasingly adopting low-code development platform as it is also for citizen developers and companies are not required to hire software developer to develop any tool, which may save their expenditure up to some extent.
Service Category Expected to Witness Faster Growth during Forecast Period
The low-code development platform market, based on offering, is classified into solution and service. Between these, the service category is projected to witness faster growth in the market during the forecast period. This can be attributed to the growing demand for implementation, integration, and consulting services. Other factors include growing need for technical expertise, upgradation, monitoring, and maintenance of low-code platforms.
Further, the low-code development platform market, based on enterprise, is bifurcated into large enterprises and small & medium enterprises (SMEs). Of these, the SMEs category is expected to register faster growth during the forecast period. This can be attributed to the increasing availability and affordability of cloud-based low-code development platforms provided by major market players. Low-code development platform minimizes the barriers of unskilled developers and resources, as well as the cost to develop applications. As a result, SMEs across all regions are rapidly adopting low-code development platform to increase their profitability.
Geographically, the low-code development platform market in APAC is expected to witness lucrative growth during the forecast period. The market is buoyed by rising internet penetration, increasing investment in IT solutions, and rising demand for mobile based-apps. In addition, rapid economic growth in major countries and growing IT service industry are other factors supporting the growth of the market in the region. In addition, countries in the APAC region are the most preferred destination for IT outsourcing. Owing to this, IT companies receive large-scale requests for application development, which further boosts the growth of the market.
Product Launches Is the Strongest Strategic Measure Taken by the Players in the Market
Players in the low-code development platform market are focusing on product launches to gain market foothold. For instance, in April 2019, Kony Inc. launched a low-code platform solution, Kony Quantum, for Microsoft Azure. It is seamlessly integrated with Azure and fully optimized using a cloud-native architecture. This integration over the cloud architecture enables rapid development of enterprise applications, and also enhances the scalability of the applications.
Furthermore, in April 2019, Mendix Technology B.V. launched Mendix Studio and Mendix Studio Pro. Mendix Studio is an intuitive no-code platform that includes a suite of templates for various business applications, such as budgeting, task and time tracking, and portals. On the other hand, Mendix Studio Pro is a low-code platform that provides low-code visual model–driven environment to developers to build robust, complex, and mission-critical enterprise applications.
Browse report overview with detailed TOC on "Low-Code Development Platform Market Research Report: By Offering (Solution, Service), Deployment Type (Cloud, On-Premises), Enterprise (Large Enterprises, SME), Vertical (IT, BFSI, Retail, Healthcare, Government, Manufacturing, Media and Entertainment, Education, Energy and Utilities) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/low-code-development-platform-market
Also, in July 2018, OutSystems Inc. launched low-code platform solution template for Microsoft Azure Marketplace. This increases scalability, improves customer satisfaction through high-quality and better-performing apps, and allows 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 of the major players operating in the global low-code development platform market are Appian Corporation, Salesforce.com Inc., AgilePoint Inc., Alphabet Inc., Kony Inc, Microsoft Corporation, Outsystems Inc., Oracle Corporation, Caspio Inc., ServiceNow Inc., Mendix Technology B.V., MatsSoft Limited, Lansa Inc., Quick Base Inc., Pegasystems Inc., and Magic Software Enterprises Ltd.