The market for low-code development platforms is expected to increase

The market for low-code development platforms is expected to increase

New York, USA, May 3, 2022 (GLOBE NEWSWIRE) — Market overview:
According to a comprehensive research report by Market Research Future (MRFR), “Low Code Development Platform Market” information By Type, By Components, By Deployment, By Organization Size, And Region – Forecast To 2027 “Market Size For reach USD 73,820.4 million, growing at a compound annual growth rate of 26.5% by 2027.

Market scope:
The low-code development platform market is buzzing with exponential traction. Increased demand from industry verticals like education, healthcare, corporate, manufacturing and others boosts the market on the global platform. Furthermore, the increasing digitization and growing adoption of cloud platforms corroborate the size of the low-code development platform market.

The growing demand for mobile communications and the Internet of Things (IoT), coupled with the growing penetration of cloud-based applications and cloud-based data storage, is driving market revenue.

Dominant Key Players in Low Code Development Platform Market Covered are:

  • Sales Force (US)
  • OutSystems (USA)
  • Mendix (USA)
  • Google Inc. (USA)
  • Caspian (United States)
  • Apia (USA)
  • Microsoft Corporation (USA)
  • MatsSoft (UK)
  • K2 (USA)
  • Bizagi (UK)
  • Agile Point (US)
  • Kony Inc (USA)
  • Service Now (USA)
  • TrackVia Inc. (USA)

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Exclusively Covered USP Market:
market indicators
The low-code development platform offers essential efficient solutions for classified business processes in web and mobile solutions. His main focus is on building and developing business processes and user interfaces, such as web applications and database platforms. Additionally, it offers low-to-no coding techniques, helping to reduce the time and cost required to develop advantageous business processes.

This platform provides IT professionals with a fast, cost-effective and future-proof way to industrialize custom application development, turning IT organizations into application factories. As a result, there is a high demand for LCDP tools from IT professionals to build and maintain the end-to-end solutions and applications they need.
The low-code development platform market is witnessing the growing development of SAP-centric, low-code enterprise application development platforms that digitize and optimize business processes and user interfaces at scale and with ease. Given the impact low-code and digital experience platforms have in enabling companies to deliver business solutions at greater speed and quality. LCD platforms can add value to customers and in a wide range of use cases.

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Segmentation of the market covered in the research:
MRFR analysis is segmented into types, implementations, components, organizations, applications, and regions. The types segment is sub-segmented into general purpose platforms, database application platforms, process application platforms, request management platforms, and others.

The deployment segment of the low-code development platform market is sub-segmented into on-premises and cloud (public, private, and hybrid). The components segment is sub-segmented into solution low-code development (mobile solutions and web solutions) and service low-code development (professional services and managed services, other).

The organization segment of the low-code development platform market is sub-segmented into small and medium enterprises and large enterprises. The Applications segment is sub-segmented into E-Commerce, BFSI, IT & Telecommunications, Healthcare, Media & Entertainment, Government, and Others. The region segment is sub-segmented into the Middle East and Africa, Asia Pacific, Americas, Europe, and Rest of the World.

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Regional Analysis
Globally, North America represents the largest market for low-code development platforms. Factors such as the increasing adoption of advanced technologies and the demand for security and comfort features drive market shares in the region. Furthermore, the well-established BFSI industry in the region creates opportunities. Among other North American countries, the United States represents the dominant market in the region. The European market for low-code development platforms is substantially large in terms of revenue and volume.

The Asia Pacific region is rapidly emerging as a promising market for low-code development platforms. Factors such as the continuous development of technologies and the presence of various manufacturers reinforce the growth of the market. Furthermore, the growing awareness among people about the benefits of low-code development platforms is a key driving force driving the market demand for low-code development platforms in APAC.

competitive landscape
The low-code development platform market appears highly competitive, with the presence of many prominent companies that have an international and regional presence. These companies are aggressively targeting greater participation through partnerships and collaborations to expand their operations and offerings to potential clientele.

For example, on April 20, 2022, Globant, a digital native technology services company, announced the acquisition of GeneXus, a leading developer of a leading low-code platform, to strengthen the offering of its product division, Globant X In addition to business reinvention and expansion of its product portfolio, the acquisition is expected to position Globant as a leading digital player to invest in a low-code platform to drive business transformation.

GeneXus has developed a leading low-code platform that fosters software development and evolution. Its LCDP technologies are widely used by leading companies in various industries in Latin American and Asian countries.

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industrial trends
Low-code applications and platforms are emerging in response to the shift towards digital transformation and the growing adoption of remote work mandates as a result of the pandemic. One of the biggest benefits of low-code development platforms is increased application development and promoting business agility by minimizing time to market and cost.

Despite continued growth, the market still experiences significant hurdles due to concerns about low-code development platforms. It’s important to recognize those issues, such as fewer customization options and a higher chance of vendor lock-in and security risk. In addition, customization-based applications for business organizations are a major factor obstructing the growth of the low-code development platform market.

However, the low technical barrier to entry and endless development possibilities offered by low-code development would support market growth. In addition, the huge promise of reduced time to market and lower overall costs of LCD platforms is expected to fuel market growth. Organizations are increasingly working to balance the convenience and concerns of low-code development and augmenting applications to reduce time to market with/without sacrificing security.

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