Low-code technology platform can create more applications in less time, resulting in inexpensive investments and thus being used in many companies. Large, medium and small-scale enterprises are rapidly implementing this platform as they can integrate with the IT management. Hence, the global low code development platform market size is anticipated to reach USD 83.5 billion by 2027 with a CAGR of over 36%. Adoption of intelligent communication designs, remarkable growth in data traffic, and advancements in technologies are some of the key reasons responsible for the industry growth.
The low code development platform market growth prospects have been showing great promise all over the world with immense growth potential in terms of revenue generation. Escalating demand for business digitization, stringent government norms, and less dependency on information technology (IT) professionals are the key factors fueling the growth of the low-code development platform industry.
The easy development of mobile and web apps is forcing organizations to adopt the low-code development platform solution. Because of these reasons the production of low code is increasingly common. Besides, the increasing demand for advanced applications & program automation and easy-to-use features also fuel the growth of a low-cost market for production. However, the growth of the low- code production platform market is expected to be constrained by challenges such as adaptation and application-related shortcomings in the forecast period. Additionally, there are not enough toolkits available on the market to evaluate and address user configuration problems on apps. This problem is likely to hinder market growth for platforms for low code production.
Because of the generation of a huge amount of data, the retail industry requires business tools and solutions on a wide scale. As customer service is an important factor responsible for customer acquisition in the retail industry, multiple organizations have adopted low-code development platforms and services to enhance automation in customer service business functions. Moreover, the penetration of low-cost development platforms is increasing as the operating cost of cloud-based systems is much lower than the on-site installation. It is primarily because cloud computing applications don't need on-site data storage, which would be massive operating expenses (OPEX) for companies. Besides, there are no limitations to the scalability of the low-code cloud platform. Cloud delivery makes it possible for an enterprise to scale up or down, if necessary, without any additional hardware acquisitions. These considerations contribute to an increasingly growing usage of low-code cloud services.
The report includes a detailed description of the current COVID-19 impact on the global low code development platform market. The research also shines a light on different facets of low code development applications in the communications sector by using value chain analysis to analyze the market. The study discusses many qualitative facets of the low-code platform industry in market dynamics, market constraints, and key developments in the sector. The study includes an in-depth market rivalry evaluation with company profiles of both multinational and local vendors.
The geographically global low code development platform market is segmented into North America, Europe, APAC, South America, and the Middle East & Africa. North America has a range of leading industry players supplying all end consumers in the country with low code production and services. The United States and Canada now have good economic conditions which are projected to add significantly to the development of the low-code market. The regional reach, major R&D operations, alliances, acquisitions, and mergers are the key factors that lead to the introduction of low-code technology services. Besides, APAC countries are the preferred IT outsourcing destination. As a result, IT firms earn significant orders for the production of software, which further boosts the industry advance.
The major players of the global low code development platform market include Salesforce.com Inc., Caspio Inc., Microsoft Corporation, Alphabet Inc., AgilePoint Inc., Appian Corporation, ServiceNow Inc., Oracle Corporation, Outsystems Inc., MatsSoft Limited, Kony Inc., Mendix Technology B.V., and others.
Segment Overview of Global Low Code Development Platform Market
Type Overview, 2019-2028 (USD Billion)
Application Overview, 2019-2028 (USD Billion)
- Aerospace & Defense
- Automotive & Transportation
- Consumer Products & Retail
- Electronics & Semiconductors
- Energy & Utilities
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America