Increasing requirement for IT applications for daily needs and growing proliferation of smartphones to drive global low code development platform market
According to TechSci Research report, “Global Low-Code Development Platform Market By Application Type, By Component, By Deployment Mode, By Vertical, By Organization Size, By Region, Forecast & Opportunities, 2025”, the global market for low-code development platform is expected to witness robust CAGR during the forecast period. The development of smart cities, smart lighting and other inventions in the field of internet of things (IoT) is propelling the market across the globe. The low-code development assists the development of applications via an easier graphical user interface (GUI) instead of building it from the scratch using conventional methods, consequently saving a lot of cost of development time of the developers. The low-code development platform market provides the consumers with better database platforms and applications having a user-friendly interface that find their end-use applications in an ample number of daily-life applications like food delivery, accommodations, renting, traveling, social media, news and whatnots. Thus, there are significant number of requests from the users for application development which promotes digitalization. In developing countries like India, the indulgence of the internet has successfully led to the adoption of low code development platform companies in order to boost the digital transformation in the country.
On the other hand, even though this market has a lot of scope in the future, there exist certain factors that can be held responsible to restrain the market. The plethora of IT companies working on low-code development platform companies pay more heed to the rapid development of the application programming interface (APIs) as the conventional or professional methods start to lose importance. This can eventually drive down the quality of the market as well as the number of employees. Also, the low-code development platform market requires quite a lot of pre-requisite work and knowledge in order to develop easier and user-friendly applications. Due to the availability of easier solutions, IT companies tend to invest less in their IT team and maintain their finances by reducing their software programmers, which eventually leads to lack of employee satisfaction. Thus, company personnel tend to oppose this flourishing market. Moreover, there is less alignment of the IT industries with the residential applications and more with the business organizations due to which the market remains quite limited to commercial organizations.
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The market can be segmented based on application, component, deployment mode, vertical, organization size, region, and company. Based on vertical, the market is segmented into BFSI, government, healthcare & life sciences, education, media and entertainment, retail & e-commerce, manufacturing, IT & telecom, energy & utilities and others. IT & telecom sector is the leading vertical in the market on account of increasing demand for business and IT applications from companies and organizations in the IT sector on a global level. The rapid development of applications plays a major role in assuring customer satisfaction and facilitates prompt digitalization. Based on component, the solution category dominated the market in 2019, due to the use of low-code development platforms in all verticals, which consequently reduces the IT expenditure and improves the financial status of the companies. The deployment mode is bifurcated into cloud and on-premises out of which, the cloud-based deployment mode held a larger market share in 2019 due to the offering of low-code development platforms on the cloud by leading companies, which is also assisted by the extensive penetration of internet. Additionally, increased accessibility, high speed, less effort, less financial investment, are factors driving the market across the globe. The market is spread across Asia-Pacific, Europe, North America, South America, and Middle East & Africa. As of 2019, North America held the largest market share due to the building interests of SMEs and large enterprises in investing in mobile and web applications.
Major players of the global low-code development market include Salesforce.com Inc, Outsystems Inc, Mendix Inc, Google LLC, Caspio, Inc., Appian Corp, Microsoft Corp, Lansa Inc, Zoho Corp, Appsheet Inc. Companies have also started working on improving their security aspect by enhancing the encryption and decryption policies and methods to deliver best results.
“Global low-code development platform market is anticipated to witness significant growth in the coming years as since the technology has infiltrated all the verticals, besides the IT & telecom vertical, the BFSI and retail sector are likely to contribute to a larger market share on account of demand for the low-code development platforms in payments, net banking, and other financial procedures,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Low-Code Development Platform Market By Application Type, By Component, By Deployment Mode, By Vertical, By Organization Size, By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of global low-code development platform market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global low-code development platform market.