SAN FRANCISCO, Sept. 2, 2020 /PRNewswire/ -- The global low code application development platform market size is expected to reach USD 86.92 billion by 2027, according to a new report by Grand View Research, Inc. The market is projected to register a CAGR of22.7% during the forecast period. The increasing need for rapid customization and scalability, elimination of IT backlogs, enhancing digital transformation, and demand for robust solutions are the key driving factors for the market growth. North America held the largest share due to the presence of key vendors such as Appian, Microsoft, Pegasystems, Oracle Corporation, and Salesforce. The low code application development platform is the visual and non-technical approach of the design and development of web-based and mobile-based application development platforms.
Low-code Application Development Platform (LCADP) helps organizations overcome the shortage of technical developers and employ non-technical developers by improving the development teams' association. In addition, it supports the end-user industries such as BFSI, IT and telecom, and others to increase profit margins rapidly. However, low code application development platforms are a vital opportunity for small and medium enterprises to reduce the IT backlogs and undergo a rapid digital transformation with the modern interface. It also creates an opportunity for small, medium, and large organizations to develop the new UI and other developments in the traditional ecosystems.
Key suggestions from the report:
The low code application development platform market accounted for USD 11.45 billion in 2019 and is expected to grow at a CAGR of 22.7% from 2020 to 2027.
On-premise emerged as the largest segment in 2019 and is estimated to generate revenue of over USD 44.27 billion by 2027.
Mobile-based application segment is expected to reach over USD 35 billion by 2027 growing at the fastest CAGR over the forecast period
The North American market held the largest share in the market in 2019. Increasing demand for robust solutions and the presence of key platform vendors in the region is anticipated to drive the market.
Low code application development platforms are widely used by the industry verticals such as IT and telecom, BFSI, energy and utilities, and manufacturing as they generate huge information daily. Therefore, LCDAP helps these industry verticals in developing a modern interface and visualization of the data through its platform.
Grand View Research has segmented the low-code application development platform market on the basis of component, application, deployment, organization, and region:
Low-Code Application Development Platform Component Outlook (Revenue, USD Billion, 2016 - 2027)
Low-Code Application Development Platform Application Outlook (Revenue, USD Billion, 2016 - 2027)
Low-Code Application Development Platform Deployment Outlook (Revenue, USD Billion, 2016 - 2027)
Low-Code Application Development Platform Organization Outlook (Revenue, USD Billion, 2016 - 2027)
Low-Code Application Development Platform Regional Outlook (Revenue, USD Billion, 2016 - 2027)
Rest of the World
List of Key Players of Low-Code Application Development Platform Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.