NEW YORK, Nov. 10, 2021 /PRNewswire/ -- The globallow-code development platform market revenue, which was $12,500.6 million in 2020, is predicted to witness a 31.3% CAGR during 2020-2030, to reach $190,792.6 million by 2030. A key reason behind this would be the remote working policies, movement restrictions, and general lockdowns that were implemented around the world during the COVID-19 pandemic. These measures led to a drastic rise in the demand for computer and mobile applications offering news and gaming, COVID-related alerts, and other features.
Low-code development platforms allow even those with almost zero knowledge of computer programming and coding to create applications and software, with its drag-and-drop approach. Even before the pandemic, the swift digital transformation had driven the demand for all kinds of mobile and computer software and applications. As a result, IT companies are using the low-code development technology to cut their software development time and cost, by engaging citizen developers.
Get the sample pages of this report at: https://www.psmarketresearch.com/market-analysis/low-code-development-platform-market/report-sample
Key Findings of Global Low-Code Development Platform Market Report
- Most users have deployed low-code development platforms over the cloud as this mode offers increased scalability, 24/7 data access, and reduced IT expenditure.
- In the coming years, small and medium enterprises (SMEs) will become quite important in the low-code development platform market as the proposition of reduced expenses and quicker app delivery provided by this technology makes it ideal for smaller companies with limited finances.
- The IT sector has been the largest user of this technology till now as it creates most of the software and applications for computers and mobile phones. Hence, such companies have widely adopted these solutions to optimize their productivity and reduce their reliance on expensive resources.
- In the future, the demand for services, such as low-code development platform integration and deployment, training, consultation, and upgradations, will increase faster than for the solutions themselves.
- The rapid digitization is the biggest driver for the demand for such solutions as digitization is characterized by the large-scale usage of applications and software on mobile devices and computers.
- The adoption of this technology is currently the highest in the U.S., which is home to numerous IT firms and people with a high disposable income, who, additionally, enjoy easy access to the internet.
In the years to come, Asia-Pacific (APAC) will be the fastest-growing low-code development platform market on account of the increasing focus of governments on digital transformation, burgeoning smartphone and internet penetration, and expanding IT sector. Moreover, a lot of North American and European companies outsource application and software development to those based in APAC, which is driving the usage of this technology.
Browse detailed report on Low-Code Development Platform Market Growth Drivers and Future Estimations By 2030
The major companies in the low-code development platform market are Appian Corporation, Alphabet Inc., Salesforce.com Inc., Oracle Corporation, MatsSoft Limited, ServiceNow Inc., AgilePoint Inc., Caspio Inc., Outsystems Inc., Microsoft Corporation, Lansa Inc., Mendix Technology B.V., QuickBase Inc., Magic Software Enterprises Ltd., Pegasystems Inc., and Temenos Headquarters SA. They are engaging in product launches and partnerships to consolidate their position and gain higher revenue.
Low-Code Development Platform Market Segmentation Analysis
Low-Code Development Platform Market Based on Offering
- Solution
- General purpose
- Process app
- Database app
- Mobile-first app
- Request handling software
- Service
- Professional
- Managed
Low-Code Development Platform Market Based on Deployment Type
- Cloud
- On-Premises
Low-Code Development Platform Market Based on Enterprise
- Large Enterprises
- Small & Medium Enterprises (SME)
Low-Code Development Platform Market Based on Vertical
- Information Technology (IT)
- Banking, Financial Services, and Insurance (BFSI)
- Retail
- Healthcare
- Government
- Manufacturing
- Media and Entertainment
- Education
- Energy and Utilities
Geographical Analysis
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Turkey
- Saudi Arabia
- U.A.E.
- South Africa
Browse More Reports
Digital Twin Market - The global digital twin market revenue is expected to rise to $73,245.4 million by 2030, from $3,645.1 million in 2019, at a 31.9% CAGR during 2020-2030. IoT was the largest category in the digital twin market in 2019, as businesses across all industries are focusing on sensor-based product development.
Human Enhancement Market - The global human enhancement market is predicted to grow to $271.6 billion by 2030, from $64.8 billion in 2019, witnessing a 14.7% CAGR during 2020-2030. The defense category is expected to witness the highest CAGR in the human enhancement market during the forecast period.
Robotic Process Automation Market - The robotic process automation market is growing rapidly, owing to which, its value is predicted to rise from $1.6 billion in 2019 to $46.0 billion by 2030. Furthermore, the market will demonstrate a CAGR of 36.3% from 2020 to 2030, as per the forecast of P&S Intelligence, a market research company based in India.
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
Contact:
Prajneesh Kumar
P&S Intelligence
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
Follow Us: LinkedIn Twitter
Logo: https://mma.prnewswire.com/media/1224988/P_and_S_Intelligence_Logo.jpg
