October 19, 2021 06:38 ET | Source: Research and Markets Research and Markets
Dublin, Oct. 19, 2021 (GLOBE NEWSWIRE) — The “Global Low Code Development Platform Market Research 2021-2026” report has been added to ResearchAndMarkets.com’s offering.
Global Low Code Development Platform Market is likely to grow at a CAGR of around 28% in the forecast period, i.e., 2021-26, primarily due to the rapid digital advancements across several industries and the surging need for digitalization of agile DevOps practices.
Many businesses are rapidly adopting mobile-based apps to make their operations more convenient, efficient, and profitable. The rising need for customization & scalability is another critical aspect further fuelling the market growth. Besides, mobile-based apps expand business abilities and enable owners to explore different possibilities while transforming operational processes to achieve substantial profits. Hence, based on these factors, the overall market is very likely to propel exponentially in the forecast years.
Impact of COVID-19
The outbreak of the Covid-19 pandemic made a positive impact on the Global Market. There has been a gradual increase in the demand for low-code development platforms, and it shall grow in the forecast years. However, with the outbreak, there were increasing challenges where businesses across the world shut. It also brought up challenges in raising the budget post-Covid-19 among the organizations.
Cloud Deployment to Witness the Largest Market Share
Based on the Deployment Type, the market bifurcates into On-Premise and Cloud Deployment. Of two, the Cloud Deployment segment is likely to witness the largest share at a significant CAGR in the forecast years.
The cloud-based deployment is cheaper than on-premise storage, offers 24*7 services, and helps obtain data from multiple devices & locations with minimum support and maintenance. It is also beneficial for increasing scalability & management capabilities for developing business applications. Hence, the factors cited above drive the segment growth, thereby fueling the overall market growth in the coming years.
Large Enterprises (LE) to Attain the Fastest Market Growth
Based on the Organization Size, the market classifies into Small & Medium-Sized Enterprises and Large Enterprises. However, the Large Enterprises (LE) segment is more likely to attain the fastest market growth in the forecast years. It owes to the higher budget of Large Enterprises than low or medium-sized enterprises to develop more business apps in less time.
Hence, large enterprises like IT & telecom, BFSI, retail, government, manufacturing, healthcare, and others are gaining full adoption of low code application development platforms in their professions. These factors are likely to lead Large Enterprises to attain the fastest market growth in the forecast years.
North America Dominates with the Largest Market Share
North America dominated the global market in recent years and shall continue its dominance in the forecast years by attaining the largest market share. It owes to the availability of various market players dedicatedly delivering low-code development platforms & services to several end-user industries in the North American Market. The US & Canada have strong economic conditions and are likely to be the prominent patrons to the low-code development platform market growth.
Furthermore, partnerships, significant R&D activities, and acquisitions, & mergers are other factors for growth in the deployment of low-code development platforms and services. These enhanced platforms & services are propelling the growth of the market in North America.
The prominent market driver is the rapidly expanding digitalization at the workplace and the trend to Bring-Your-Own-Device, thereby increasing the demand for the low-code development platform market. Besides, the rapid inclination toward a digital workspace with new technologies is another critical aspect that shall create lucrative growth opportunities for the low-code development platform market.
Leading players in the Global Low Code Development Platform Market are
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