Dublin, Aug. 10, 2022 (GLOBE NEWSWIRE) -- The "Low-Code Development Platform Market Research Report - Global Industry Analysis, Trends and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global low-code development platform market revenue, which was $12,500.6 million in 2020, is predicted to witness a 31.3% CAGR during 2020-2030, to reach $190,792.6 million by 2030. A key reason behind this would be the remote working policies, movement restrictions, and general lockdowns that were implemented around the world during the COVID-19 pandemic. These measures led to a drastic rise in the demand for computer and mobile applications offering news and gaming, COVID-related alerts, and other features.
Low-code development platforms allow even those with almost zero knowledge of computer programming and coding to create applications and software, with its drag-and-drop approach. Even before the pandemic, the swift digital transformation had driven the demand for all kinds of mobile and computer software and applications. As a result, IT companies are using the low-code development technology to cut their software development time and cost, by engaging citizen developers.
Most users have deployed low-code development platforms over the cloud as this mode offers increased scalability, 24/7 data access, and reduced IT expenditure.
In the coming years, small and medium enterprises (SMEs) will become quite important in the low-code development platform market as the proposition of reduced expenses and quicker app delivery provided by this technology makes it ideal for smaller companies with limited finances.
The IT sector has been the largest user of this technology till now as it creates most of the software and applications for computers and mobile phones. Hence, such companies have widely adopted these solutions to optimize their productivity and reduce their reliance on expensive resources.
In the future, the demand for services, such as low-code development platform integration and deployment, training, consultation, and upgradations, will increase faster than for the solutions themselves.
In the years to come, Asia-Pacific (APAC) will be the fastest-growing low-code development platform market on account of the increasing focus of governments on digital transformation, burgeoning smartphone and internet penetration, and expanding IT sector. Moreover, a lot of North American and European companies outsource application and software development to those based in APAC, which is driving the usage of this technology.
Market Dynamics
Trends
- Need For Optimum TTM Strategy
- Increasing Preference Toward Cloud-Based Low-Code Development Platform
- Low-Code Development Has Progressed Beyond App Development
- Edge Computing Is Becoming More Popular
Drivers
- Increasing Demand For Business Digitization
- Less Dependency On IT Professionals
- Stringent Government Norms
- Use of Low-Code Development Tools Minimizes the Problem of "Shadow IT"
- Automation of Workflows
Restraints
- Threat To Scalability and Security of Data
- Impact Analysis of Restraints On Market Forecast
Opportunities
- AI-Enabled Low-Code Development Platforms To Accelerate Digital Transformation
- Businesses Are In Desperate Need of Programmers With Necessary Skill Sets
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Market Indicators
Chapter 5. Introduction
Chapter 6. Global Market Size and Forecast
Chapter 7. North America Market Size and Forecast
Chapter 8. Europe Market Size and Forecast
Chapter 9. Apac Market Size and Forecast
Chapter 10. Latam Market Size and Forecast
Chapter 11. Mea Market Size and Forecast
Chapter 12. Major Markets
Chapter 13. Competitive Landscape
Chapter 14. Company Profiles
Chapter 15. Appendix
Companies Mentioned
- Appian Corporation
- Salesforce.com Inc.
- Alphabet Inc.
- Oracle Corporation
- ServiceNow Inc.
- MatsSoft Limited
- AgilePoint Inc.
- Outsystems Inc.
- Caspio Inc.
- Microsoft Corporation
- Mendix Technology B.V.
- Lansa Inc.
- QuickBase Inc.
- Pegasystems Inc.
- Magic Software Enterprises Ltd.
- Temenos Headquarters SA
For more information about this report visit https://www.researchandmarkets.com/r/cm44qc
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