The low-code development platform market is expected to reach US$ 62.73 Bn by 2028; it is estimated to grow at a compound annual growth rate of 27.6% between 2022 and 2028.
A low-code development platform provides an environment for programmers to create application software using GUI and configuration instead of traditional programming. The ongoing trend for digitization across the IT industry is creating lucrative business opportunities for companies operating in the low-code development platform market to gain a strong customer base and generate more revenues. The low code development platform market is highly competitive, with an increasing number of new entrants penetrating the market rapidly and creating challenges for the existing players.
MARKET DYNAMICS
The increasing demand for web and mobile applications by organizations for business processes, the increasing number of APIs being offered by the vendors, and the penetration of smartphones across various industries are the major factors expected to drive the growth of the low-code development platform market during the forecast period. Additionally, the increasing popularity of software automation and innovative applications is creating an opportunity for the low-code development platform market players to gain a strong market position and generate more revenue.
MARKET SCOPE
The "Global Low-Code Development Platform Market Analysis to 2028" is a specialized and in-depth study of the low-code development platform market with a special focus on global market trend analysis. The report aims to provide an overview of the low-code development platform market with detailed market segmentation by component, deployment, application type, organization size, and industry vertical. The global low-code development platform market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading low-code development platform market player. It also offers key trends and opportunities in the low-code development platform market.
Strategic Insights
MARKET SEGMENTATION
The global low-code development platform market is segmented by component, deployment, application type, organization size, and industry vertical. Based on component, the low-code development platform market is bifurcated into solutions and services. Based on deployment, the market is bifurcated into on-premise and cloud. Based on application type, the market is bifurcated into web-based and mobile. Based on organization size, the market is segmented into SMEs and large enterprises. Based on industry vertical, the low-code development platform market is segmented into BFSI, government, healthcare, education, retail, media & entertainment, IT & telecom, and others.
REGIONAL FRAMEWORK
The report provides a detailed industry overview, including qualitative and quantitative information. It provides an overview and forecast of the global low-code development platform market based on various segments. It also provides market size and forecast estimates from 2020 to 2028 with respect to 5 major regions: North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America. The low-code development platform market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the region.
From the regional perspective, North America dominates the low-code development platform market with ~35% market share in 2021. The dominance of North America in the low-code development platform market is majorly due to the presence of a large number of players who have been increasingly focusing on developing innovative products. Some of the key low-code development platform market players in the region include Microsoft Corporation, Oracle Corporation, and Salesforce, Inc. These players have been witnessing constant demand from SMEs and large enterprises.
The below figure showcases the revenue growth trends in the global low-code development platform market:
Source: The Insight Partners Analysis
The report analyzes factors influencing the low-code development platform market from both the demand and supply sides. Further, it evaluates market dynamics during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive PEST analysis highlighting the factors impacting the low-code development platform market in these regions.
IMPACT OF COVID-19 PANDEMIC
The US, India, Brazil, France, Russia, Turkey, the UK, Argentina, and Colombia were among the worst-affected countries by the pandemic of COVID-19. The pandemic disrupted the functioning of various industry verticals, leading to serious volatility and instability in the business environment. Implementing containment measures, such as trade bans, travel restrictions, and workplace workforce limitations, also impacted various businesses' normal functioning. Such disruptions promoted strong uptake of digital transformation across the world, which, in turn, positively impacted the low-code development platform market, as such solutions allowed for accelerating automation and streamlining workflow. Thus, the pandemic positively impacted the global low-code development platform market.
MARKET PLAYERS
The reports cover key developments in the low-code development platform market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies, such as product launches, product approvals, and others, including patents and events. Inorganic growth strategy activities witnessed in the market are mergers, acquisitions, partnerships, and collaborations. These activities have paved the way for business expansion and market players' customer base. Market players are anticipated to have lucrative growth opportunities in the near future with the rising demand for the low-code development platform market.
The report also includes the profiles of key low-code development platform market companies, their SWOT analysis, and market strategies. In addition, the report focuses on leading industry players with information, such as company profiles, components, and services offered, financial information for the last 3 years, and key development in the past 5 years.
Below mentioned is the list of a few companies engaged in the low-code development platform market:
- Appian Corporation
- Mendix Technology BV
- Microsoft Corporation
- Oracle Corporation
- OutSystems- Software em Rede, S.A.
- Pegasystems Inc.
- Salesforce, Inc.
- ServiceNow, Inc.
- Quickbase, Inc.
- Zoho Corporation Pvt. Ltd.
The Insight Partner's dedicated research and analysis team comprises experienced professionals with advanced statistical expertise and offers various customization options in the current study.