Market Overview:
The platforms mainly concentrate on creation and development of business processes, a user interface such as web applications and database platforms. Besides, the low code development offers low or no coding techniques, which helps in reducing the time and cost required for the development of the platform, which is advantageous to the business processes.
The low code development platform provides critical and complex solutions that can ease the business processes, which are classified into web and mobile solutions. The global low code development platform market perceives its heydays enjoying the augmented demand from various industry verticals like education, healthcare, corporate, and manufacturing among others. All these factors escalate market on the global platform.
Acknowledging the exponential traction, the market is vibrating with; Market Research Future (MRFR) in its recently published study asserts that the global Low Code Development Platform Market is projected to garner exponential accruals with a whopping double digit CAGR of 32% during the forecast period 2017-2023.
Additional factors substantiating the market growth include the growing demand for digitalization and the rising uptake of the cloud platform. The increasing cloud-based applications and cloud-based data storage alongside the growing demand for mobile communication and Internet of Things (IoT) drive the global low code development platform market.
Conversely, the customization based apps for the business organizations are expected to obstruct the market growth over the review period 2017-2023. Nevertheless, availability of a well-established infrastructure that allows implementation of advanced technologies and higher penetration of devices is expected to foster the market growth.
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Major Key Players:
Some of the eminent players leading the market include OutSystems (US), Salesforce (US), Mendix (US), Caspio (US), Google Inc., (US), Appian (US), MatsSoft (UK), Microsoft Corporation (US), K2 (US), AgilePoint (US), Bizagi (UK), Kony Inc, (US), TrackVia Inc. (US), and Service now (US).
Low Code Development Platform Market Segments:
The MRFR analysis is segmented into six key dynamics for the convenience of understanding;
- By Types: Database App Platform, Process App Platform, General Purpose Platform, and Request Handling Platform among others.
- By Deployments: On-premises and On-cloud (public, private, and hybrid).
- By Components: Solution low code development (mobile solutions and web solutions) and Services low code development (professional services and managed services, others.) among others.
- By Organizations: Small & Medium Enterprises, and Large Enterprises.
- By Applications: Banking, Financial Services, Insurance (BFSI), Retail, Healthcare, Transportation & Logistics, IT & Telecommunication, Media & Entertainment, and Construction among others.
- By Regions: North America, Europe, APAC, and the Rest-of-the-World.
Low Code Development Platform Market Regional Analysis:
Globally, North America region accounts for the significant market for low code development platform. Factors such as the extensive adoption of advanced technologies and the growing demand for safety and comfort features drive the growth of the market in the region. Well-established BFSI industry in this region creates opportunities for the market to grow colossally during the review period.
The US among other North American countries accounts for the dominating market in the region. The Europe market for low code development platform is a substantially large market in terms of both, size and volume.
The Asia Pacific region is emerging as one of the promising markets due to continuous growth in technologies and the presence of several manufacturers. China is one of the significant markets in the region. Increasing awareness about technological developments is a key driving force driving the demand in the APAC market.
Low Code Development Platform Market Competitive Analysis:
Competitive by nature, the low code development platform market is envisaged to witness intensified competition with more entrants getting attracted to the market. Due to the presence of numerous big and small key players, the market appears fragmented. Matured players incorporate collaboration, acquisition, partnership, product & technology launch, and expansion to gain the competitive edge in the market.
Well-established players emphasis on new product development initiatives, and geographical expansion. The market is projected to witness constant development and innovations of new products, which resultantly tern in intense competition among the low code development platform providers.
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Industry/Innovation/Related News:
September 13, 2018 – Salesforce.com, Inc. (US), a cloud computing company and CRM leader launched Lightning Object Creator, a low-code tool, intelligent recommendations to app-exchange to empower its partners by providing a easier solution for them to deliver custom and ISV solutions that meet the specific needs of customers.
The tool can convert spreadsheets into apps without coding; and Lightning Flow Builder, creating automated business processes. These tools can unleash the potential for advanced, creative low-code development on the platform.
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