Geographically, the North American region holds the largest share of the low-code development platform market, by 2020, and is also expected to maintain its position during the forecast period.
Businesses with the lowest tolerance for data loss and downtime and a substantial requirement for independent security certification and regular audits will boost the need for low-code development platform solutions because the such audit and certification apps run on low code-based apps. Additionally, these platforms also simplify the operations of businesses by enabling app developers to create app -specific goals for business organizations. Moreover, these platforms also help programmers in speeding up the development cycle by automating manual tasks.
Thus, the increasing popularity of workflow automation with the help of low-code automation systems, due to the aforementioned benefits offered by them, will help low-code development platform market witness a remarkable CAGR of 31.3% during 2020–2030. According to P&S Intelligence, market revenue will reach $ 12,500.6 million in 2020 and will reach $ 190,792.6 million by 2030. Moreover, the increasing focus of businesses on reducing dependency on information technology (IT) professionals and Growing demand for business digitalization is also expected to contribute to the growth of the market worldwide.
Low-code development platform solutions, such as database app, mobile-first app, process app, general-purpose platform, and request-handling software have been adopted in telecom, retail, pharmaceuticals, media and entertainment, manufacturing, logistics, IT , healthcare, hospitality, government, automotive, and banking, financial services, and insurance (BFSI) sectors. Large businesses and small and medium sized businesses operating in these sectors can opt for cloud-based low-code development platform solutions or on-premises solutions according to their requirements. Businesses of various sizes are putting in development tools with low code to reduce the problem of ‘shadow“ IT ”.
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Currently, the low-code development platform market is highly consolidated, with the presence of several players, such as Alphabet Inc., AgilePoint Inc., Appian Corporation, Caspio Inc., Lansa Inc., MatsSoft Limited, Mendix Technology BV, Magic Software Enterprises Ltd., Microsoft Corporation, Oracle Corporation, Outsystems Inc., Pegasystems Inc., QuickBase Inc., Salesforce.com Inc., ServiceNow Inc., and Temenos Headquarters SA. In recent years, market competition has intensified due to the rapid development of digital technologies, such as machine learning (ML), predictive analytics, and artificial intelligence (AI), and digital transformation of industries.
North America has been the dominant user of low-code development platforms in recent years due to the availability of advanced IT infrastructure, high penetration of 5G technology, and large investments in the IT sector. Moreover, the rapid adoption of fintech solutions will also create huge demand for this platform in the region. In addition, the growing use of mobile applications for online shopping, banking, social media interactions, online gaming, and messaging, due to the growing smartphone penetration, will facilitate the use of this platform in the US. and Canada in the coming years.
Meanwhile, the Asia-Pacific (APAC) low-code development platform market is expected to show the fastest growth in the forecast years (2021–2030), due to growing internet penetration, emerging economies in developing countries, and emerging IT service sector in the region. Additionally, the emerging demand for mobile devices, such as smartphones, due to people’s rising incomes, and the increasing requests for application development from the region’s IT companies, due to APAC countries’ reputation as a preferred destination for IT outsourcing, will also drive the growth of the regional market.
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Therefore, the rising demand for workflow automation and rising demand for business digitalization will result in the large-scale deployment of low-code development platforms in the coming years.
Low-Code Development Platform Market Size Breakdown by Segments
By Offer
- Solution
- Overall purpose
- Process the app
- Database app
- Mobile-first app
- Request handling software
- Service
According to the Type of Deployment
By Enterprise
- Big Business
- Small and Medium Enterprises (SMEs)
By Vertical
- Information Technology (IT)
- Banking, Financial Services, and Insurance (BFSI)
- Tingi
- Taking care of your health
- Government
- Working
- Media and Entertainment
- Education
- Energy and Utilities
By Region
- North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Asia-Pacific
- China
- Japanese
- South Korea
- India
- Latin America
- Middle East and Africa
- Turkey
- Saudi Arabia
- UAE
- South Africa
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