Global Low-Code Development Platform Market Getting into Magnanimous Mode: Projected to Grow at a CAGR of 28.2% by 2027
Published | 22 October 2021
The term low-code/no-code refers to coding that involves little or no code. Globally, growth in the low-code development platform market is expected to be driven by their increasing use in digitalization and acceptance of effective DevOps practices….
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that global low-code development platform market was worth USD 13.3 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 28.2%, earning revenue of around USD 75.4 billion by the end of 2027. The low-code platform has gained huge popularity among organizations and small businesses due to its easy-to-use interface, allowing individuals to create low-cost and easy-to-navigate interface applications. Low-code platforms are also cost-effective for organizations as they eliminate the need to hire expensive and expert web developers in order to design applications. Individuals or employees of an organization can create applications using this platform with little or no technical knowledge. Nonetheless, its limited approach to application design and lack of structure for software upgrading may act as major restraints for the global low-code development platform market.
Demand for Rapid Business Expansion Is Expected to Drive the Global Low-Code Development Platform
Websites and applications provide businesses with huge exposure. Because of this, companies and organizations invest significantly in applications software development. With more and more smartphone penetration and growing internet traffic, businesses will be able to sell their products and services to a broader audience and expand their customer base. Businesses can operate and provide services remotely using these applications, making it convenient for owners and customers.
Development IT Infrastructure Is Projected to Boost the Global Low-Code Development Platform
The growing number of data centers is a major factor driving the global low-code development platform market, especially in emerging economies. For an application to run properly, it is crucial to have a proper IT infrastructure that includes hardware, software, networking components, and IT-enabled processes. Therefore, the governments of many countries and private entities are investing significantly in the construction of IT infrastructure, which will boost the global market in the forecast period.
Global Low-Code Development Platform Market - By Application
Based on applications, the global low-code development platform market is segmented into web-based and mobile-based. The web-based segment accounts for the largest market share because of the convenience it offers to the organizations. Employees with limited technical skills can create attractive and structured web-based applications through low-code development platforms to showcase their products and services. Due to the increasing penetration of smartphones and the growing 'Bring Your Own Device (BYOD)' trend. This is an IT policy that allows (and, in some cases, encourages) employees to access company data and systems using mobile devices such as smartphones, tablets, and laptops.
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Global Low-Code Development Platform Market - Regional Insights
Geographically, the global low-code development platform market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America dominates the market because of the presence of major industry participants and a high consumer base. Moreover, the prevalence of small and medium-sized enterprises aiming to develop their own applications rather than relying on third-party service applications is also driving the demand for the low-code development platform in North America. Due to the rapid digitization of the market, Asia-Pacific also accounts for a large share of the market. Digital India, for example, promotes the use of applications and the internet for various purposes, thus contributing to the growth of the market.
Impact of COVID-19 on Global Low-Code Development Platform Market
The global low-code development platform market flourished significantly and witnessed lucrative growth opportunities after the unprecedented COVID-19 outbreak. The surge in smartphone penetration and tremendous growth in the internet traffic for various purposes propelled the demand for app development, which boosted the market growth during the pandemic period. Various applications for office meetings, classroom chats, remote presentations, document scanners, fitness trackers, etc., have been created using low-code development platforms. Additionally, the global low-code development platform is likely to grow substantially even in the post-COVID-19 period.
The leading players in the global low-code development platform market are Salesforce, MatsSoft, Appian, Mendix, Bizagi, Microsoft, Pega Systems, Mendix, Zoho, OutSystems, Oracle Corporation, Magic Software Enterprises Ltd., AgilePoint Inc., QuickBase Inc., Clear Software LLC, Kony Inc. 8.14 ServiceNow Inc., Skuid Inc., LANSA, Fujitsu RunMyProcess, and other prominent players.
The market is highly fragmented, with the presence of several industry participants offering a wide range of platforms and services for application development. The companies significantly focus and invest in the R&D activities to innovate their offerings and engage in product launches. For instance, Mendix Technology BV, a low code software platform company, recently launched new artificial intelligence features and other enhancements for its low-code development platform. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, collaborations, etc., is also very prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global low-code development platform market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global low-code development platform market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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