Low Code Development Platform Market Size to Reach USD 39790 Million by 2027 at CAGR 30.9% - Valuates Reports
BANGALORE, India, Jan. 5, 2022 /PRNewswire/ -- The Low Code Development Platform Market is Segmented by Type (Mobile, Database App Platform, Process App Platform, General Purpose Platform, Request Handling Platform, Other), Application (BFSI, Healthcare, Retail, Transportation and Logistics, Media and Entertainment, Telecom and IT, Construction, Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2027.
The global Low Code Development Platform market size is projected to reach USD 39790 Million by 2027, from USD 5861.3 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 30.9% during 2021-2027.
Major Factors Driving The Growth Of Low Code Development Platform Market Size Are:
The rapid increase in the need for digitization and a strong ecosystem developed for Agile and DevOps practices, the elimination of gaps in the required IT skills, and the increasing need for rapid customization and scalability are all driving the use of the low-code development platform around the world.
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Trends Influecing The Growth Of Low Code Development Platform Market :
Increasing digital businesses is expected to drive the growth of the low code development platform market. IT leaders are under pressure to dramatically accelerate application delivery speed and time to value as a result of digital business acceleration. The rise in low-code has been impacted by the rising need for custom software solutions in support of digital transformation, which has prompted the emergence of citizen developers outside of IT.
IT operations occur in dynamic environments, necessitating rapid customization choices in the software development process, which low-code development platforms seek to address. As a result, these platforms shorten time to market and minimize backlogs, allowing organizations to generate value faster and for less money. This feature is in turn expected to drive the growth of low code development platform market size.
Furthermore, SaaS and Hyper Automation will drive the low-code industry. Low-code development technologies are now available from all of the main software-as-a-service (SaaS) suppliers. LCAPs and process automation tooling will grow in tandem with the popularity of SaaS and the adoption of these vendors' platforms in the low-code market. Furthermore, business technologists want to come up with and implement their own ideas in order to automate their business applications and workflows.
Furthermore, the low code development platform market growth is likely to be driven by SMEs in the industry, owing to the increased affordability of cloud-based solutions. In addition, SMEs in the field are aiming to save costs, as low-code development platforms may allow even untrained professionals to produce apps at a low cost.
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Low Code Development Platform Market Share Analysis:
Based on Application, the BFSI segment is expected to be the most lucrative. Because of the vast amount of data created by these businesses, the BFSI industry demands large-scale market services and platforms. Because customer service is the most important aspect in client acquisition and retention in the BFSI market, organisations have introduced low-code development platforms and services to boost automation in customer service business processes.
Based on region, North America is expected to be the most lucrative region. Several important market companies are present in North America, providing low-code development platforms and services to all end customers in the region. Both the United States and Canada have robust economies and are projected to be key contributors to the low-code development platform market's growth.
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Leading Players in the Low Code Development Platform Market
- Google Inc.
- AgilePoint
- Bizagi Appian Corporation
- Caspio, Inc.
- Mendix
- Salesforce.com, Inc.
- Microsoft Corporation
- MatsSoft Inc.
- OutSystems
- Others
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