NEW YORK, Aug. 13, 2020 /PRNewswire/ -- With the rising need of companies to reduce their IT expenditure for application development, the global low-code development platform market is predicted to grow to $187.0 billion by 2030, from $10.3 billion in 2019, at a 31.1% CAGR between 2020 and 2030, according to the market research study published by P&S Intelligence. In a company, operations, human resources (HR), accounting and finance, and almost every other department requires an array of computer applications for smooth performance, and a delay in application deployment causes huge setbacks.
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The impact of the COVID-19 pandemic has been quite positive on the low-code development platform market, as the demand for various web and mobile applications has risen. With the closing of shops and restrictions on the movement of people, companies are engaging with their customers and clients over the internet, for which an array of mobile and web applications are being developed. Even governments are creating web portals and mobile apps to send people COVID-related alerts and notifications about the various public services available. Low-code development platforms allow users to create apps and make changes rather quickly, which is why such software is witnessing a rapid rise in demand.
Browse detailed report overview with COVID-19 impact 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" @ https://www.psmarketresearch.com/market-analysis/low-code-development-platform-market
Small and medium enterprises (SMEs) are expected to witness faster growth in the low-code development platform market, at a CAGR of 33.3%, in the coming years, on the basis of enterprise. This is attributed to the increasing affordability of cloud-based solutions for such companies. Moreover, low-code development platforms allow for the cost-effective creation of applications by even unskilled professionals, which is why SMEs are rapidly adopting them to save on operational expenses.
In 2019, the IT division, under segmentation by vertical, dominated the low-code development platform market, as firms in this sector develop a large number of mobile and web applications for themselves as well as clients. With the rising request for packaged software and apps from clients, the sector is witnessing huge backlogs. With low-code development platform, apps can be created, shared, and updated in quick time, thereby leading to optimized resource utilization and improved productivity, which is driving the demand for it among IT companies.
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North America is the largest low-code development platform market presently, as new technologies are adopted early, the IT expenditure and disposable income are high, population is technologically inclined, numerous low-code development platform vendors are present, and smartphone sales are skyrocketing here. In the near future, Asia-Pacific (APAC) would observe the highest industry CAGR, due to the surging smartphone and internet penetration, healthy economic growth, rising disposable income, expanding IT service sector, and growing number of IT tasks being outsourced to the region.
Companies in the low-code development platform market are entering into partnerships to increase their industry share, by:
- Allowing customers to create apps using the software bots of their partners
- Combining their platforms to enhance customers' experience, app efficiency, and operational performance, by quickening the application development process
- Offering app developers enhanced data analytics capabilities and security
- Providing advanced low-code development platforms to major industrial firms
- Testing their low-code development platform to ensure the desired reliability, maintainability, security, and performance
The major players in the global low-code development platform market are Salesforce.com Inc., Appian Corporation, Alphabet Inc., AgilePoint Inc., Microsoft Corporation, Kony Inc., Oracle Corporation, Outsystems Inc., ServiceNow Inc., Caspio Inc., MatsSoft Limited, Mendix Technology B.V., QuickBase Inc., Lansa Inc., Magic Software Enterprises Ltd., and Pegasystems Inc.
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