Low-Code Development Platform Market to Grow at a Robust CAGR through 2025
Increasing requirement for IT applications for daily needs
and growing proliferation of smartphones to drive global low code development
platform market
According
to TechSci Research report, “Global Low-Code Development Platform
Market
By Application Type, By Component, By Deployment Mode, By Vertical, By
Organization Size, By Region, Forecast & Opportunities, 2025”, the
global market for low-code development platform is expected to witness robust
CAGR during the forecast period. The development of smart cities, smart
lighting and other inventions in the field of internet of things (IoT) is
propelling the market across the globe. The low-code development assists the
development of applications via an easier graphical user interface (GUI)
instead of building it from the scratch using conventional methods,
consequently saving a lot of cost of development time of the developers. The
low-code development platform market provides the consumers with better
database platforms and applications having a user-friendly interface that find
their end-use applications in an ample number of daily-life applications like
food delivery, accommodations, renting, traveling, social media, news and
whatnots. Thus, there are significant number of requests from the users for
application development which promotes digitalization. In developing countries
like India, the indulgence of the internet has successfully led to the adoption
of low code development platform companies in order to boost the digital
transformation in the country.
On the other hand, even though this market has a lot
of scope in the future, there exist certain factors that can be held
responsible to restrain the market. The plethora of IT companies working on
low-code development platform companies pay more heed to the rapid development
of the application programming interface (APIs) as the conventional or
professional methods start to lose importance. This can eventually drive down
the quality of the market as well as the number of employees. Also, the
low-code development platform market requires quite a lot of pre-requisite work
and knowledge in order to develop easier and user-friendly applications. Due to
the availability of easier solutions, IT companies tend to invest less in their
IT team and maintain their finances by reducing their software programmers,
which eventually leads to lack of employee satisfaction. Thus, company
personnel tend to oppose this flourishing market. Moreover, there is less alignment of the IT
industries with the residential applications and more with the business
organizations due to which the market remains quite limited to commercial
organizations.
The market can be segmented based on application,
component, deployment mode, vertical, organization size, region, and company.
Based on vertical, the market is segmented into BFSI, government, healthcare
& life sciences, education, media and entertainment, retail &
e-commerce, manufacturing, IT & telecom, energy & utilities and others.
IT & telecom sector is the leading vertical in the market on account of
increasing demand for business and IT applications from companies and
organizations in the IT sector on a global level. The rapid development of
applications plays a major role in assuring customer satisfaction and
facilitates prompt digitalization. Based on component, the solution category
dominated the market in 2019, due to the use of low-code development platforms
in all verticals, which consequently reduces the IT expenditure and improves
the financial status of the companies. The deployment mode is bifurcated into
cloud and on-premises out of which, the cloud-based deployment mode held a
larger market share in 2019 due to the offering of low-code development
platforms on the cloud by leading companies, which is also assisted by the
extensive penetration of internet. Additionally, increased accessibility, high
speed, less effort, less financial investment, are factors driving the market
across the globe. The market is spread across Asia-Pacific, Europe, North
America, South America, and Middle East & Africa. As of 2019, North America
held the largest market share due to the building interests of SMEs and large
enterprises in investing in mobile and web applications.
Major players of
the global low-code development market include Salesforce.com Inc, Outsystems
Inc, Mendix Inc, Google LLC, Caspio, Inc., Appian Corp, Microsoft Corp, Lansa
Inc, Zoho Corp, Appsheet Inc. Companies have also started working on improving
their security aspect by enhancing the encryption and decryption policies and
methods to deliver best results.
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“Global low-code
development platform market is anticipated to witness significant growth in the
coming years as since the technology has infiltrated all the verticals, besides
the IT & telecom vertical, the BFSI and retail sector are likely to
contribute to a larger market share on
account of demand for the low-code development platforms in payments, net
banking, and other financial procedures,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Global Low-Code Development Platform Market By
Application Type, By Component, By Deployment Mode, By Vertical, By
Organization Size, By Region, Forecast & Opportunities, 2025” has evaluated
the future growth potential of global low-code development platform market and
provided statistics & information on market size, shares, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global low-code development
platform market.
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