Low Code Development Platform Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Low Code Development Platform Market was valued at USD 7. 61 billion in 2021. It is expected to reach USD 36. 43 billion by 2027, registering a CAGR of approximately 29. 81% during 2022-2027 (henceforth referred to as the forecast period).


New York, March 18, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Low Code Development Platform Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06246247/?utm_source=GNW

Key Highlights
The rapid growth of low-code adoption comes after businesses moved to digital modernization, which includes improving user experiences, automating processes, and upgrading key systems. Due to its low cost, low code development platforms have been proven ideal for it.
The advantages of low-code are caused by its drag-and-drop interface, which saves time. In low-code, every single process is shown visually with the help of a graphical interface that makes everything easier to understand. It makes life easier for the developers to create their applications.
Although low-code solutions are not a new concept, the demand for the technology soared in the last two years as companies were challenged to meet stakeholder demand for more digital transformation. With low-code tools, companies can expand digital transformation efforts through faster business application delivery. In addition, the time it takes to innovate is dramatically reduced with low-code tools.
Low-code solutions allow organizations to produce working solutions and integrations with more speed and agility than traditional on-premises development. Integration used to be a labor-intensive IT process requiring custom development on both sides of the integration.
The low code solution might not be compatible with any other competitor or similar provider. Even if the user can export the source code, it will necessarily depend on the vendor’s platform to work, and the user can only make use of it as a backup.
The disruption caused by COVID-19 has increased the tendency for enterprises to adopt low-code platforms. Companies that did not previously have low-code platform systems could not easily and quickly adapt their ERP system to the new challenges of remote operation. On the other hand, companies that already had a low-code platform adapted significantly faster.

Key Market Trends

Information Technology Segment to Witness Significant Growth

IT enterprises have played a key role in dominating the low-code development platform market, as firms operating in this vertical need to develop a large number of applications, either for mobile or online (or both), for themselves and clients.
The benefits of low-code development platforms have enabled the apps to be created, shared, and updated in quick time, thereby leading to improved productivity and optimized resource utilization, thus driving the demand for LCDPs among IT companies.
Over the past few years, enterprises operating in the IT sector have been showing greater interest in the LCDPs, owing to the significant payoffs it offers for their own developers and for the customers relying on their software applications.
Recent research conducted by Caspio, 63% of Low Code platform users have the skill and resources to fulfill the demand for custom apps, whereas 61% of them suggest that they successfully deliver custom apps on time, on the scope, and on budget. Further, 58% of the respondents using the Low Code platform suggested that they can keep up with the demand for custom app requests across the business.
Further, amid the pandemic crisis, with the rising request for packaged software and apps from enterprises to engage with their customers and clients over the Internet, the sector is witnessing huge backlogs. In such a regard, IT enterprises are obligated to deploy these platforms to ensure competitive advantage and optimized resource utilization.

North America is Expected to hold the Largest Market Share

The Asia Pacific region is anticipated to grow significantly over the forecast period, owing to the increasing adoption of mobile applications. Additionally, the region comprises many SMEs with limited resources, thus forcing them to adopt managed services. The governments in the region have also been adopting the mobile-first strategy to provide better services to the citizen, thereby driving the market.
In February 2021, at the MWC Shanghai 2021, Huawei Global Technical Service launched the General Digital Engine (GDE) platform. The GDE adopts the "1+4+N"architecture: "1"refers to an open cloud-native platform; "4"means four capabilities that enable data sharing, intelligent production flow, capability sharing, and Integrated low-code self-development. The platform introduces digital and smart technologies into carriers’ planning, construction, maintenance, optimization, and operation processes to help them transform to digital operations enabling carriers and partners to innovate "N"application scenarios.
In June 2021, HCL Technologies (HCL), a global technology company, announced the general availability of the latest version of Domino, the secure enterprise application development platform. The newest version is cloud-native, web- and mobile-ready and includes low code capability. Domino powers 10 million apps that run the business of more than 15,000 companies globally, including global giants in the automotive, financial and retail industries.
In January 2022, San Francisco-based low-code platform Retool could expand its presence in India with exclusive offerings as it could see massive traction from IT service providers and startups alike.
Many digital initiatives and development, including low-code platforms, are ensuing in India. For instance, in November 2021, Esri India launched ArcGIS Platform-as-a-service (PaaS) that includes maps and location tools for building apps and innovative solutions. With a full range of SDKs, APIs, and low-code options, the platform is expected to reduce time to market and promote creative design, enabling an open location-focused PaaS for software developers, businesses, and organizations that need to bring maps and location services into their products, solutions, and systems.

Competitive Landscape

The Low Code Development Platform Market is moderately fragmented with the presence of many players and big governance challenges globally, along with smaller vendors cumulatively holding major market share. The vendors with deep pockets in the market are actively involved in making strategic M&A activities, while small companies are involved in product innovation strategies to gain more market share.

September 2021 - Appian Corporation announced the latest version of the Appian Low-Code Automation Platform. Through major enhancements in low-code data, complete automation functionality, user interface (UI) creation, and application deployment, the new release makes it faster and more efficient to build enterprise applications. The latest update also enables the user to source data from anywhere without needing to migrate it.
January 2021 - Oracle announced its APEX low-code development platform as a managed cloud service called Oracle APEX Application Development. For users of the data-driven apps built with APEX, the Oracle APEX architecture’s tight integration with the database reduces the number of round trips between the application and the database, which results in faster response times.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06246247/?utm_source=GNW

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