Low Code Development Platform Market Overview:
The rise in the level of applications development software has given a considerable boost to the growth of the low code development platform market. Market focused reports related to the industry among others recently have been made available by Market Research Future which publishes reports on this industry. The market is projected to grow with a CAGR of 32 percent approximately over the forecast period.
Availability of unique communication mechanism backing business and IT stakeholders has provided a renewed boost to the development of the market. The market has gained traction in the past few years owing to their capacity to support enterprises to quickly deploy and build custom mobile and web apps without the need for low level coding. As repetitive development tasks are made redundant, has led to a significant gain in terms of the market share. The cost and time for the development of the platform are expected to bolster the development of the market through the forecast period.
Major Key Players:
Low Code Development Platform Market Key PlayersMendix(U.S.), Salesforce (U.S.), OutSystems(U.S.), Caspio (U.S.), MatsSoft (U.K), K2(U.S.), Google Inc., (U.S.), Bizagi (U.K), Service now (U.S.), Appian (U.S.), Microsoft Corporation (U.S.), AgilePoint (U.S.), Kony Inc, (U.S), and TrackVia Inc. (U.S.) are a few of the noteworthy contenders in the low code development platform market.
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Component, type, organization size, deployment, and applications are basis of segmentation for the low code development platform market. The low code development platform on the basis of type is sub-segmented into database app platform, process app platform, general purpose platform, and request handling platform. Solution and services are the two segments the market is segmented into on the basis of the component. The solution based low code development is segmented into mobile solutions and web solutions. Besides, the service based low code development consists of professional services and managed services.
The deployment segment is sub-divided into on-premises and on the cloud. The on the cloud is additionally categorized into private, public, and hybrid. The size of the organization sub segments the market into small & medium enterprises, and large enterprises. The market is segmented further based on the application, into financial services, banking, and Insurance (BFSI), retail, healthcare, transportation & logistics, media & entertainment, IT & telecommunication, construction, and others.
Detailed Regional Analysis:
Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America are the regions that are being studied for the regional analysis of the low code development platform market. The North American region is controlling the low code development platform market globally. The U.S is the leading nation in this region. Constant growth in the number of internet users and expansion of mobile and web applications for business organizations are chiefly driving the growth of the low code development platform market in this region and are expected to carry on the same pace over the forecast period. The Asia Pacific region is projected to witness important growth in low code development platform over the forecast period. This is credited to quickly growing number of startups as IT firms along with the surging level of economic development in the emerging economies such as China and India. The European region is estimated to observe considerable growth in the low code development market over the forecast period.
Global Competitive Analysis:
Strengthening collaborations between industry partners and the constant delivery of customer value has improved the market value of the industry. The rising levels of diversification in the industry, have allowed the firms to use many chances available in the industry. The market competitors are framing their plans for corporate strategy in a way can bring about the best value for growth in the current scenario, while also simultaneously improving their product’s value.
The forecast for growth in the market appears to be promising through the forecast period though small businesses can be particularly susceptible to competition. The ability to fuel competitive capabilities by way of customization is among the focal reasons fuelling their efforts in this period. In addition, the competitors are controlling the competitive situation by driving the market development elements to their advantage. The businesses in this market are adjusting to the state of events by engaging in portfolio upgrades and safeguarding financial flexibility.
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April 2018 Appian which has established itself a low code and business process management platform provider, will devote $28.4 million to grow its headquarters operation in the US. The firm will move into a 785,000 square foot multi-tenant campus in McLean owned by Tamares Group.
The project will maintain 600 existing jobs and create 600 new jobs over the period of the next five years. Appian’s low code software development platform enables organizations to develop powerful and unique applications quickly. The applications created on Appian’s platform help companies drive digital transformation and competitive differentiation.
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