Low-code development platform unshackles the organization from the burden of custom application development and unleashes the power of business innovation. In today’s world of the digital economy, to compete & win means connecting people, data, and processes at digital speed and for this, a low-code development platform has become a game-changer.
In modern business, digital transformation has become a critical success factor and a low-code development platform enables the organization to fast track the journey of digital transformation. With an increase in digital transformation across various sectors, there is a spur in the growth of the global low-code development platform market. Additionally, it also offers several benefits such as improved agility, decreased costs, higher productivity, better customer experience, and effective risk management & governance. It also reduces the overall time required to build, install, and change enterprise apps. Further, features of low-code development such as drag-and-drop interfaces, instant mobility, declarative tools, security, and scalability are making them popular among small and mid-sized enterprises. This in turn is augmenting the growth of the global market. Moreover, growing acceptance of the platform from BFSI and growing demand for web-based & mobile-based applications are also driving the growth of the global market. Furthermore, hyperautomation and SaaS may create numerous opportunities for the growth of the global market during the forecast period.
The global low-code development platform market is fragmented based on application type, component, organization size, industry, and region. Based on the application type, the global market is split into desktop & server-based, mobile-based, and web-based. The component segment consists of services and platform. The organization size segment is bifurcated into large enterprises and small & medium-sized enterprises (SMEs). The industry sector is divided into BFSI, energy & utilities, IT, healthcare, government & defense, and retail & e-Commerce.
Among the regions, North America is predicted to lead the global low-code development platform market over the forecast period. The presence of key players and growing R&D activities are the major factors that are augmenting the growth of the market in this region. Canada and the United States both are anticipated to contribute to the growth of the overall market. On the other hand, the increase in penetration of the internet and rapidly growing economies of India & China are the factors that are boosting the growth of the market in Asia Pacific region and are expected to register rapid growth during the forecast period.
Pegasystems, Oracle, Appian, Microsoft, Salesforce, Quick Base, Zoho, OutSystems, AgilePoint, and Magic Software Enterprises are some of the prominent players that are functioning in the global low-code development platform market.
Recent Development: In May 2021, Appian announced the launch of a low-code automation platform for businesses seeking to develop quick applications.