Low Code Development Platform Market to Reach US$7.61 Billion by 2021
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| Low Code Development Platform Market |
Market Overview:
The global Low Code Development Platform Market is estimated to be valued at USD 7.61 billion in 2021, growing at a CAGR of 26.8% during the forecast period (incorporate given forecast period), according to a report published by Coherent Market Insights.
Low code development platforms offer several advantages, including faster development cycles, reduced costs, and improved collaboration among teams. These platforms are in high demand across various industries, including healthcare, banking, retail, and manufacturing, as they enable businesses to develop and deploy applications at a faster pace. The need for innovative applications to stay ahead in the highly competitive business environment is further driving the growth of the low code development platform market.
Market Key Trends:
An emerging and significant trend in the low code development platform market is the rising adoption of cloud-based platforms. Cloud-based low code development platforms offer scalability, flexibility, and cost-effectiveness, making them highly attractive to businesses. These platforms allow developers to build applications without the need for extensive coding knowledge and provide easy integration with other cloud-based services. Moreover, cloud-based platforms facilitate collaboration among geographically dispersed teams and support continuous deployment and updates. With the increasing adoption of cloud computing and the growing need for agile application development, the demand for cloud-based low code development platforms is expected to witness substantial growth in the coming years. This trend presents lucrative opportunities for key players in the market, such as Salesforce.com Inc., Appian Corporation, Microsoft Corporation, and Oracle Corporation, among others.
Segment Analysis:
The Low Code Development Platform Market can be segmented based on type, application, and end-user. In terms of type, the market can be divided into on-premises and cloud-based platforms. The cloud-based segment is dominating the market due to its benefits such as scalability, flexibility, and cost-effectiveness. Many organizations prefer cloud-based platforms as they allow easy access to applications and data from anywhere and at any time. Additionally, cloud-based platforms eliminate the need for infrastructure maintenance, reducing the overall IT expenses for the organizations.
Based on application, the market can be categorized into web-based apps, mobile apps, desktop apps, and others. Among these, mobile apps are dominating the market due to the increasing usage of smartphones and tablets. The growing demand for mobile applications in various industries such as e-commerce, healthcare, and banking is driving the growth of this segment. Low code development platforms provide the necessary tools and functionality to simplify the development of mobile apps, making them highly popular among developers.
In terms of end-user, the market can be segmented into large enterprises and small and medium-sized enterprises (SMEs). Large enterprises are dominating the market as they have the resources and budget to invest in low code development platforms. These platforms enable large enterprises to build and deploy applications quickly, improving their operational efficiency. However, the market for low code development platforms in SMEs is expected to grow at a significant rate. SMEs are increasingly adopting low code development platforms to streamline their business processes and reduce development costs.
Key Takeaways:
The global Low Code Development Platform Market Size is expected to witness high growth, exhibiting a CAGR of 26.8% over the forecast period. This growth can be attributed to several driving factors. Firstly, the increasing demand for rapid application development is fueling the adoption of low code development platforms. These platforms enable organizations to develop applications quickly and efficiently, reducing the time to market. Secondly, the growing need for digital transformation is driving the demand for low code development platforms. Organizations are leveraging these platforms to build modern, user-friendly applications that enhance their customer experience.
In terms of regional analysis, North America is the fastest-growing and dominating region in the Low Code Development Platform Market. The region has a strong presence of key market players and a well-established IT infrastructure, which is driving the adoption of low code development platforms. Additionally, the increasing demand for digital solutions and the presence of large enterprises are contributing to the growth of the market in this region.
Key players operating in the Low Code Development Platform Market include Salesforce.com Inc., Appian Corporation, Microsoft Corporation, Magic Software Enterprises Ltd, Pegasystems Inc., Oracle Corporation, ZOHO Corporation, Mendix Inc. (Siemens AG), AgilePoint Inc., QuickBase Inc., Clear Software LLC (Microsoft Corporation), ServiceNow Inc., Skuid Inc., Outsystems Inc., and Temenos AG. These key players are focusing on new product launches, partnerships, and acquisitions to strengthen their market position.
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