New York, US, May 03, 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 Region – Forecast to 2027” market size to reach USD 73,820.4 million, growing at a compound annual growth rate of 26.5% by 2027.
Market Scope:
The low code development platform market is vibrating with exponential traction. Augmented demand from industry verticals like education, healthcare, corporate, manufacturing, and others escalates the market on the global platform. Additionally, the growing digitalization and the rising uptake of cloud platforms substantiate the low code development platform market size.
The growing demand for mobile communications and Internet of Things (IoT), alongside the increasing penetration of cloud-based applications and cloud-based data storage, boosts market revenues.
Dominant Key Players on Low Code Development Platform Market Covered are:
- Salesforce (US)
- OutSystems (US)
- Mendix (US)
- Google Inc. (US)
- Caspio (US)
- Appian (US)
- Microsoft Corporation (US)
- MatsSoft (UK)
- K2 (US)
- Bizagi (UK)
- AgilePoint (US)
- Kony Inc (US)
- Service now (US)
- TrackVia Inc. (US)
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Market USP Exclusively Encompassed:
Market Drivers
The low code development platform offers efficient solutions essential for business processes classified into web and mobile solutions. It mainly concentrates on creating and developing business processes and user interfaces, such as web applications and database platforms. Besides, it offers low or no coding techniques, which helps reduce the time and cost required to develop advantageous business processes.
This platform provides IT professionals with a fast, cost-effective, and future-proof way to industrialize the development of custom applications, turning IT organizations into app factories. Resultantly, there is a huge demand from IT professionals for LCDP tools to build and maintain end-to-end solutions and apps they need.
The low code development platform market witnesses increasing developments of low-code, SAP-centric, enterprise app development platforms digitizing and optimizing business processes and user interfaces at scale and with ease. Given the impact that low-code and digital experience platforms have on enabling companies to deliver business solutions at higher velocity and quality. LCD platforms can add value to customers and in a wide range of use-cases.
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Segmentation of Market Covered in the 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 app platforms, process app platforms, request handling platforms, and others.
The deployment segment of low code development platform market is sub-segmented into on-premises and on-cloud (public, private, and hybrid). The component segment is sub-segmented into solution low code development (mobile solutions and web solutions) and service low code development (professional services and managed services, others).
The organization segment of low code development platform market is sub-segmented into small & medium enterprises and large enterprises. The application segment is sub-segmented into e-commerce, BFSI, IT & telecom, healthcare, media & entertainment, government, and others. The region segment is sub-segmented into the Middle East & Africa, Asia Pacific, Americas, Europe, and the Rest-of-the-World.
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Regional Analysis
Globally, North America accounts for the significant market for low code development platforms. Factors such as the growing adoption of advanced technologies and demand for safety & comfort features drive the region's market shares. Besides, the well-established BFSI industry in the region creates opportunities. Among other North American countries, the US accounts for the dominating market in the region. The European market for low code development platforms is substantially large in terms of revenues and volume.
The Asia Pacific region is rapidly emerging as a promising market for low code development platforms. Factors such as continuous developments of technologies and the presence of several manufacturers bolster the market growth. Furthermore, the increasing awareness among people about the benefits of low code development platforms low code development platform is a key driving force driving the low code development platform market demand in the APAC.
Competitive Landscape
The low code development platform market appears highly competitive, with the presence of many prominent companies having an international and regional presence. These companies aggressively target increased participation through partnerships and collaborations to expand their operations and offerings to potential clientele.
For instance, on April 20, 2022, Globant, a digitally 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 business reinvention and expansion of its product portfolio, the acquisition is expected to pose Globant as a leading digital player to invest in a low-code platform to propel business transformation.
GeneXus has developed a leading low-code platform that fosters software development and evolution. Its LCDP technologies are extensively used by leading companies across several industries in Latin American and Asian countries.
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Industry Trends
Low-code applications and platforms are emerging as a response to the shift toward 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 the higher development of applications and promoting business agility by minimizing time to market & cost.
Despite the continued growth, the market still witnesses major hindrances due to the concerns low-code development platforms bring along. It's important to recognize that issues, such as fewer customization options and increased possibility of vendor lock-in and security risk. Also, customization-based apps for business organizations are a major factor obstructing the low code development platform market growth.
Nevertheless, the low technical barrier to entry and endless development possibilities that low-code development holds would support the market growth. Also, the tremendous promise for shrinking time-to-market and lowering overall costs of LCD platforms are expected to foster market growth. Organizations are increasingly working on balancing convenience and concerns of low code development and increasing applications to reduce time-to-market with/without sacrificing security.
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