Low-Code Development Platform Market Size, Growth Opportunities, Future Demand and Analysis Through 2030

Geographically, North American region held the largest share of the low-code development platform market, in 2020, and is expected to maintain its position in the forecast period as well.

Businesses with the lowest tolerance for data loss and downtime and a huge requirement for independent security certification and regular audits will fuel the demand for low-code development platform solutions as such audit and certification apps run on low code-based apps. Additionally, these platforms also simplify the operations of enterprises by enabling app developers to create objective specific apps for business organizations. Moreover, these platforms also aid programmers in expediating the development cycle by automating manual tasks.

Thus, the increasing popularity of workflow automation with the assistance of low-code automation systems, owing to the aforementioned benefits offered by them, will help the low-code development platform market witness a notable CAGR of 31.3% during 2020–2030. According to P&S Intelligence, the market revenue stood at $12,500.6 million in 2020 and it will reach $190,792.6 million by 2030. Besides, the mounting focus of enterprises on reducing dependency on information technology (IT) professionals and burgeoning demand for business digitization are also expected to contribute to the market growth globally.

Low-code development platform solutions, such as database app, mobile-first app, process app, general-purpose platform, and request-handling software are adopted in the telecom, retail, pharmaceuticals, media and entertainment, manufacturing, logistics, IT, healthcare, hospitality, government, automotive, and banking, financial services, and insurance (BFSI) sectors. Large enterprises and small and medium-sized enterprises operating in these sectors can opt for cloud-based low-code development platform solutions or on-premises solutions according to their requirements. Enterprises of varying sizes deploy low-code development tools to minimize the problem of β€˜shadow β€œIT”.

Get the sample pages of this report:Β https://www.psmarketresearch.com/market-analysis/low-code-development-platform-market/report-sample

Currently, the low-code development platform market is highly consolidated, with the presence of a few players, such as Alphabet Inc., AgilePoint Inc., Appian Corporation, Caspio Inc., Lansa Inc., MatsSoft Limited, Mendix Technology B.V., Magic Software Enterprises Ltd., Microsoft Corporation, Oracle Corporation, Outsystems Inc., Pegasystems Inc., QuickBase Inc., Salesforce.com Inc., ServiceNow Inc., and Temenos Headquarters SA. In recent years, the competition in the market has intensified due to the rapid advancements in digital technologies, such as machine learning (ML), predictive analytics, and artificial intelligence (AI), and digital transformation of industries.

North America was the dominant user of low-code development platforms in the years gone by due to the existence of advanced IT infrastructure, high penetration of 5G technology, and hefty investments in the IT sector. Moreover, the rapid adoption of fintech solutions will also create a huge requirement for this platform in the region. In addition, the surging use of mobile applications for online shopping, banking, social media interactions, online gaming, and messaging, on account of the growing smartphone penetration, will facilitate the adoption of this platform in the U.S. and Canada in the coming years.

Whereas, the Asia-Pacific (APAC) low-code development platform market is expected to demonstrate the fastest growth in the forecast years (2021–2030), owing to the surging internet penetration, booming economy in developing countries, and prospering IT service sector in the region. Besides, the mushrooming demand for mobile devices, such as smartphones, on account of the mounting disposable income of people, and the increasing requests for application development from IT companies of the region, because of the reputation of APAC countries as a preferred destination for IT outsourcing, will also drive the regional market growth.

Browse detailed report onΒ Low-Code Development Platform Market Trends, Business Strategies, Regional Outlook, Challenges and Analysis by Forecast 2030

Therefore, the rising need for workflow automation and escalating demand for business digitization will result in the largescale deployment of low-code development platforms in the forthcoming years.

Low-Code Development Platform MarketΒ Size Breakdown by Segments

By Offering

Solution
General purpose
Process app
Database app
Mobile-first app
Request handling software
Service
Professional
Managed

By Deployment Type

Cloud
On-Premises

By Enterprise

Large Enterprises
Small & Medium Enterprises (SME)

By Vertical

Information Technology (IT)
Banking, Financial Services, and Insurance (BFSI)
Retail
Healthcare
Government
Manufacturing
Media and Entertainment
Education
Energy and Utilities

By Region

North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Asia-Pacific
China
Japan
South Korea
India
Latin America
Brazil
Mexico
Middle East and Africa
Turkey
Saudi Arabia
U.A.E.
South Africa

Browse More Reports

Digital Twin Market – The global digital twin market revenue is expected to rise to $73,245.4 million by 2030, from $3,645.1 million in 2019, at a 31.9% CAGR during 2020–2030. IoT was the largest category in the digital twin market in 2019, as businesses across all industries are focusing on sensor-based product development.

Human Enhancement Market – The global human enhancement market is predicted to grow to $271.6 billion by 2030, from $64.8 billion in 2019, witnessing a 14.7% CAGR during 2020–2030. The defense category is expected to witness the highest CAGR in the human enhancement market during the forecast period.

Media Contact
Company Name: P&S Intelligence
Contact Person: Abhishek
Email: Send Email
Phone: +918887787886
Address:Noida Sector 2
City: Noida
State: UP
Country: India
Website: https://www.psmarketresearch.com/market-analysis/low-code-development-platform-market