LONDON, Aug. 23, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the low-code development platform market, the increasing demand for applications for business organizations is expected to propel the growth of the low-code development platform market over the coming years. Low code is a coding-based software that allows business unit optimized business processes users to create and manage applications quickly with less manual coding. According to the bureau of labor statistics, a USA-based department of labor indicated there will be a shortage of engineers by 2026 by 1.2 million. Moreover, only 39.6% of candidates for IT job opportunities fulfill all of the employer's standards. This will create a demand for low code platforms where tasks can be completed automatically with precision.
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The global low code development platform market share is expected to grow from $19.37 billion in 2021 to $25.16 billion in 2022 at a compound annual growth rate (CAGR) of 29.9%. The global low-code development platform market size is expected to grow to $68.84 billion in 2026 at a CAGR of 28.6%.
Technological advancements are shaping the low-code development platform market. Integration of AI provides an opportunity to use a low-code development platform in various applications such as solving complex functions, detecting content using keywords or colors, and inserting information in templates. Artificial intelligence is used to engineer a low-code development platform to integrate legacy systems by eliminating technical complexity. For instance, in May 2021, Zoho Corporation, an Indian web-based business tools company, launched Qntrl, which provides workflow solutions targeted at closing the growing gap in process management for contemporary, complicated processes that necessitate close collaboration among various stakeholders. It uses the technology of low code or no code to fulfill these tasks along with artificial intelligence and machine learning.
Major players in the low code development platform market are AgilePoint, Appian Corporation, Caspio Inc, Fujitsu RunMyProcess, LANSA, Magic Software Enterprises Ltd., MatsSoft Limited, Mendix Technology, Microsoft Corporation, Netcall, Oracle Corporation, Outsystems Inc, Pegasystems Inc, QuickBase Inc, ServiceNow Inc, WaveMaker, Zoho, Alphabet Inc, Google Inc, and TrackVia.
The global low code development platform market analysis is segmented by component into platform, services; by application into web-based, mobile-based, desktop and server-based; by organization size into Small and Medium-Sized Enterprises (SMEs), Large Enterprises; by industry into Banking, Financial Services, and Insurance (BFSI), retail and ecommerce, government and defense, healthcare, IT, energy and utilities, manufacturing.
As per the low code development platform market overview, North America was the largest region in the market in 2021. The regions covered in the global low code development platform industry report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Low-Code Development Platform Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide low-code development platform market overviews, low-code development platform market analyze and forecast market size and growth for the whole market, low-code development platform market segments and geographies, low-code development platform market trends, low-code development platform market drivers, low-code development platform market restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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