NEW YORK, Nov. 10, 2021 /PRNewswire/ — 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.
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Key Findings of Global Low-Code Development Platform Market Report
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.
The rapid digitization is the biggest driver for the demand for such solutions as digitization is characterized by the large-scale usage of applications and software on mobile devices and computers.
The adoption of this technology is currently the highest in the U.S., which is home to numerous IT firms and people with a high disposable income, who, additionally, enjoy easy access to the internet.
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.
Browse detailed report on Low-Code Development Platform Market Growth Drivers and Future Estimations By 2030
The major companies in the low-code development platform market are Appian Corporation, Alphabet Inc., Salesforce.com Inc., Oracle Corporation, MatsSoft Limited, ServiceNow Inc., AgilePoint Inc., Caspio Inc., Outsystems Inc., Microsoft Corporation, Lansa Inc., Mendix Technology B.V., QuickBase Inc., Magic Software Enterprises Ltd., Pegasystems Inc., and Temenos Headquarters SA. They are engaging in product launches and partnerships to consolidate their position and gain higher revenue.
Low-Code Development Platform Market Segmentation Analysis
Low-Code Development Platform Market Based on Offering
Solution
Service
Low-Code Development Platform Market Based on Deployment Type
Cloud
On-Premises
Low-Code Development Platform Market Based on Enterprise
Large Enterprises
Small & Medium Enterprises (SME)
Low-Code Development Platform Market Based on Vertical
Information Technology (IT)
Banking, Financial Services, and Insurance (BFSI)
Retail
Healthcare
Government
Manufacturing
Media and Entertainment
Education
Energy and Utilities
Geographical Analysis
North America
Europe
Asia-Pacific
Latin America
Middle East and Africa
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About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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SOURCE P&S Intelligence
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