Low Code Development Platform Market was Valued at US$ 4,822.1 Mn in 2018 and is Expected to Reach US$ 170,918.6 Mn by 2027 Growing at a CAGR of 42% Over the Forecast Period

PUNE, India, Feb. 3, 2020 /PRNewswire/ --  The IT industry is accelerating at a vigorous rate. Whether is maintenance of longstanding software or the deployment of real-time application, developers have developed a faster and efficient way of designing. Low code development platform has broken traditional barriers between businesses and IT. The LCDP plays an integral role in overcoming challenges of finding enough developers to keep projects on schedule by allowing employees to edit app faster, preventing development from blogging down the IT team. Additionally, this platform creates a secure foundation and allows developers to quickly add new functions without creating any issues. In Sep 2018, Salesforce launched Lightning Object Creator and Lightning Flow Builder on the lightning platform empowering teams to collaborate and build apps fast. This low code platform empowers IT and business users to create an intelligent, connected solution without building it from scratch. Such factors are propelling the growth of low code development platform market across the globe.

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Mobile and web-based application are turning out to be the biggest assets for small and medium scale enterprises as they offer efficient and low-cost offerings with minimal risk involved. Industries are leveraging the power of mobile apps to make their operations convenient, efficient and profitable. Through mobile apps, businesses are expanding their capabilities, exploring novel opportunities and transforming everything about the way a business drives it modules.  For instance, in 2017 Lenskart has launched its mobile app for marketing and retailing purpose. The app is empowered with AR technology which allows customers to virtually check spectacle frames without visiting the store. This application allows the customers to have a hassle-free expedition towards their desired product, while it opens a large pool of audience for the organization. These factors are up surging the rate of adoption of low code development platform market across the globe.

The detailed research study provides a qualitative and quantitative analysis of global low code development platform market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major states. The supply-side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major states across the globe.

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Key Findings of the Report:

In terms of revenue, global low code development platform market is expected to reach US$ 170,918.6 Mn by 2027 owing to proliferation of smartphones across various end-use industries.

On the basis of industry verticals, Bank Financial Services and Insurance segment is expected to witness highest CAGR over the forecast period owing to the growing demand for software automation in the industry.

Based on deployment model, the cloud based segment is expected to witness the highest CAGR over the forecast period owing to the flexible and customizable solution offered by this model.

The primary market participants in the low code development platform market are AgilePoint Inc., Appian, Bizagi, Caspio, Inc., Kony, Inc., LucidArt AB, Mendix Tech BV, Oracle Corporation, Microsoft, Netcall, Google, LLC, OutSystems, Salesforce.com, Inc., SourceCode Technology Holdings, Inc.  (K2), Zoho Corporation.

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Low Code Development Platform Market

By Component

• Solutions
• Services
• Professional Services
• Managed Services

By Deployment Model

• Cloud-based
• Public
• Private
• Hybrid
• On-Premise

By Organization Size

• Small and Medium Enterprises (SMEs)
• Large Enterprises

By Industry/Vertical

• Banking, Financial Services and Insurance (BFSI)
• Energy and Utilities
• Government
• Healthcare
• Legal Services
• Manufacturing
• Retail
• Others

By Region

• North America
• U.S
• Canada
• Mexico
• Rest of North America
• Europe
• France
• The UK
• Spain
• Germany
• Italy
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia Pacific
• Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America 

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Absolute Markets Insights assists in providing accurate and latest trends related to consumer demand, consumer behavior, sales, and growth opportunities, for the better understanding of the market, thus helping in product designing, featuring, and demanding forecasts. Our experts provide you the end-products that can provide transparency, actionable data, cross-channel deployment program, performance, accurate testing capabilities and the ability to promote ongoing optimization.

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SOURCE Absolute Markets Insights