LONDON, Aug. 23, 2022 (GLOBE NEWSWIRE) — According to a research report by The Business Research Company on the low-code development platform market, increasing demand for applications for business organizations is expected to drive the growth of low-code development platform market in the coming years. Low code is a coding-based software that enables users with business unit-optimized business processes to create and manage applications quickly with less manual coding. According to the bureau of labor statistics, a labor department based in the USA indicated that there will be a shortage of engineers in 2026 of 1.2 million. Furthermore, only 39.6% of candidates for IT job opportunities meet all employer criteria. This will create a need for low code platforms where tasks can be completed automatically with precision.
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The global low code development platform market share is expected to grow from $19.37 billion in 2021 to $25.16 billion in 2022 at a compound annual growth rate (CAGR) of 29.9%. The size of the global low-code development platform market is expected to grow $68.84 billion in 2026 in a CAGR of 28.6%.
Advances in technology are shaping the low-code development platform market. The integration of AI provides the opportunity to use a low-code development platform in various applications such as solving complex functions, detecting content using keywords or colors, and entering information into templates. Artificial intelligence is used to engineer a low-code development platform to integrate legacy systems by eliminating technical complexity. For example, in May 2021, Zoho Corporation, a web-based business tools company in India, launched Qntrl, which provides workflow solutions targeted at closing the growing gap in managing process for contemporary, complex processes that require close collaboration with various stakeholders. It uses low-code or no-code technology to accomplish these tasks along with artificial intelligence and machine learning.
Key players in the low code development platform market are AgilePoint, Appian Corporation, Caspio Inc, Fujitsu RunMyProcess, LANSA, Magic Software Enterprises Ltd., MatsSoft Limited, Mendix Technology, Microsoft Corporation, Netcall, Oracle Corporation, Outsystems Inc, Pegasystems Inc , QuickBase Inc, ServiceNow Inc, WaveMaker, Zoho, Alphabet Inc, Google Inc, and TrackVia.
The global low code development platform market analysis is segmented by platform component, services; through web-based, mobile-based, desktop and server-based applications; according to the size of the organization in Small and Medium-Sized Enterprises (SMEs), Large Enterprises; by industry in Banking, Financial Services, and Insurance (BFSI), retail and ecommerce, government and defense, healthcare, IT, energy and utilities, manufacturing.
According to the low code development platform market overview, North America is largest region in the market by 2021. The regions covered in the global low code development platform industry report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The Low-Code Development Platform Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide platform market overviews of low-code development, low-code development platform market analyze and forecast market size and growth for the entire market, market segments and geographies of low-code development platform, low-code development platform market trends, low- code development platform market drivers, low-code development platform market restraints, leading competitors revenue , profiles and market share in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also provides an in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and specialized team of analysts and modelers provides market analysis and forecasts. The reports identify leading countries and segments for opportunities and strategies based on market trends and strategies of leading competitors.
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