Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Low- Code No-Code Development Platform Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
Industry experts have identified key trends and drivers propelling this market forward. The sector, already valued at USD 12.62 billion in 2022, is anticipated to maintain its powerful growth trajectory, achieving an impressive CAGR of 26.12% through to 2028.
Digital Transformation Spurs Adoption Across Industries
Industries such as IT, telecommunications, banking, finance, healthcare, and government are increasingly turning to Low-Code No-Code Development Platforms to optimize operations and enhance productivity. This widespread adoption is a response to stricter regulatory demands, the need for cost reductions, and the search for a competitive edge in digital transformation efforts.
Technological Integration and Customization Drive Innovation
The Low-Code No-Code Development Platform market sees a notable surge as emerging technologies like artificial intelligence, Internet of Things, and predictive analytics are integrated within these platforms. Companies are now able to monitor performances in real-time, automate workflows, and generate profound insights, proving indispensable in data-driven decision-making.
Focus on Scalability Promotes Expansion
The market is thriving as large enterprises seek tailored, scalable solutions from Low-Code No-Code Development Platforms to enhance their operational agility. This has led to a wealth of innovative products offering extensive scalability, reliability, and intelligent control features that are shaping a transformative landscape for organizations worldwide.
Market Catalysts: Speed, Empowerment, and Efficiency
- Organizations are driven by the need for rapid application development to respond swiftly to consumer demands and market dynamics.
- Citizen development is arising as a powerful trend, providing non-technical users with the means to develop applications and reduce dependency on IT departments.
- Optimization of costs and resources is becoming paramount, with Low-Code No-Code platforms offering a more economical solution for application development.
Amidst Progress, Challenges in Security and Customization Must be Addressed
While the market presents substantial growth, it also encounters challenges in ensuring security, facilitating compliance, and managing the complexities of customization and scalability. Critical to market adoption are improved platform flexibility, greater security measures, and robust compliance standards.
North America Leads With Dominant Market Share
The North American region, particularly the United States and Canada, commands the Low-Code No-Code Development Platform market. This leadership is credited to a strong tech infrastructure, quick technology adoption rates, and a solid base of both established enterprises and nimble startups seeking rapid application deployment.
Scope of the Low-Code No-Code Development Platform Market Analysis
The Low-Code No-Code Development Platform market report covers nuanced insights for various segments:
Type Insights:
- Low-Code Platforms
- No-Code Platforms
Deployment Type Insights:
- On-Premises
- Cloud-based
Vertical Insights:
- BFSI
- Healthcare
- IT & Telecom
- Manufacturing
- Education
- Construction & Real Estate
- Other Industries
Regional Insights:
- North America (United States, Canada, Mexico)
- Europe (France, United Kingdom, Italy, Germany, Spain)
- Asia-Pacific (China, India, Japan, Australia, South Korea)
- South America (Brazil, Argentina, Colombia)
- Middle East & Africa (South Africa, Saudi Arabia, UAE, Kuwait, Turkey, Egypt)
Key Attributes
| Report Attribute | Details |
| No. of Pages | 180 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $12.62 billion |
| Forecasted Market Value (USD) by 2028 | $51.25 Billion |
| Compound Annual Growth Rate | 26.1% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes:
- Microsoft Corporation
- Salesforce.com Inc.
- Creatio
- K2 Software Inc.
- Zoho Corporation Pvt. Ltd.
- PEGASYSTEMS INC.
- OutSystems
- Mendix Tech B.V.
- Appian
- Quick Base
For more information about this report visit https://www.researchandmarkets.com/r/il9qhd
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