An important step for companies in achieving digital transformation is to have an array of business applications that can be deployed on the web and mobile phones. Thus, the low-code development platform market is growing because such platforms enable companies to quickly and cost-effectively create applications using a drag-and-drop approach. This further eliminates the requirement for hiring software engineers at high salaries, which ultimately helps businesses reduce their operational expenses.
Key Findings of Global Low-Code Development Platform Market
- COVID-19 pandemic propelling market growth rate
- Low-code development platform demand burgeoning among SMEs
- Rising demand for mobile and web apps strongest market driver
- IT sector largest user of low-code development platforms
- APAC to offer lucrative market investment opportunities
- Market fragmented and highly competitive
In the years to come, the cloud bifurcation will hold the larger share in the low-code development platform market, on the basis of deployment type. Cloud deployment of any software eliminates the requirement for expensive on-site hardware, allows users to increase or decrease the cloud storage space without any configuration change, and offers easy access to data from any internet-connected device.
Browse detailed report with COVID-19 impact analysis on Low-Code Development Platform Market Research Report: By Offering (Solution, Service), Deployment Type (Cloud, On-Premises), Enterprise (Large Enterprises, SME), Vertical (IT, BFSI, Retail, Healthcare, Government, Manufacturing, Media and Entertainment, Education, Energy and Utilities) - Global Industry Analysis and Growth Forecast to 2030 @
In the near future, the highest CAGR under the vertical segment of the low-code development platform market, of 33.9%, is projected to be seen in the banking, financial services, and insurance (BFSI) category. BFSI companies are developing mobile and web apps using such platforms for loan management, campaign management, and customer engagement. Low-code development platforms additionally offer such companies security, by providing two-step and biometric authentication. Additionally, by using such platforms, the BFSI sector can integrate third-party applications and simplify the account opening process.
Asia-Pacific (APAC) will be the fastest-growing region in the low-code development platform market during this decade. The increasing penetration of smartphones and the internet, rapid economic growth, and advancing IT sector are aiding the market growth. In addition, several companies based in Europe and North America outsource their processes to APAC, which is why the IT companies here are generating a high demand for low-code development platforms to create mobile and web applications for their overseas clients.
Salesforce.com Inc., Alphabet Inc., Appian Corporation, AgilePoint Inc., Kony Inc., Microsoft Corporation, Oracle Corporation, ServiceNow Inc., Outsystems Inc., Caspio Inc., Magic Software Enterprises Ltd., Mendix Technology B.V., MatsSoft Limited, QuickBase Inc., Lansa Inc., and Pegasystems Inc. are the most-significant global low-code development platform market players.
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