Low Code Development Platform Market
Low-Code Development Platform Market was valued at USD 16,843 Million in 2020 and estimated to grow at 27% CAGR during the forecast period.
The factor driving the growth of low code Development Platform market is, the growing need for digitalization. Moreover, the increasing use of low code development platforms in enabling users to make applications, which saves them time and money, followed by its ability to automate processes in the application with inadequate knowledge of coding is increasing the growth of Global Low Code Development Platform Market.
The on-going Covid-19 Pandemic has boosted the demand for low code development platforms owing to the traveling restrictions put in by the Government, which encouraged organizations to conduct meetings virtually. The on-going Pandemic has also increased companies’ reliance on low code development platform because it helped them to solve the remote operations related issues with ERP System, which has further increased the Low Code Development Market Size.
The growth of low code development market is hindered because tool kit available are inefficient to resolve customization issues.
The prominent players operating in the market are Mendix Tech BV, Quickbase, Pegasystems Inc., AgilePoint, Microsoft, Oracle, Salesforce.com Inc., Appian, OutSystems, Quickbase, among others.
Application – Segment Analysis
Based on the application, the web-based segment is anticipated to grow at a faster CAGR over the forecast period attributed to its use in creating complex applications, it helps in managing daily activities of employees with relevant work experience.
Industry – Segment Analysis
Based on the industry, the BFSI segment is expected to grow at a higher CAGR over the forecast period owing to growing demand for automation in the customer service business operations, which helps in acquiring and retaining potential customers. The BFSI Segment is expected to improve its business operations due to continuous innovation and enhancement in financial services and products.
Region – Segment Analysis
Based on the region, the North American region is anticipated to grow at a faster CAGR during the forecast period due to increasing adoption of advanced technologies, The growing number of internet users along with advancement in mobile and web-based applications in enterprises, is further increasing the demand for low code development platforms in this region.
Global Low Code Development Platform Market by Component
Global Low Code Development Platform Market by Application
- Desktop Server-Based
Global Low Code Development Platform Market by Deployment Type
Global Low Code Development Platform Market by End-Use Vertical
- Retail eCommerce
- Government Defense
- Information Technology
- Energy Utilities
Global Low Code Development Platform Market by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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