The low-code development platform market is projected to grow from USD 13.2 billion in 2020 to USD 45.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 28.1% during the forecast period. The increasing need of digitalization and maturity of agile DevOps practices are expected to enhance the use of low-code development platform market across the globe.
Based on organization size, the SMEs segment to lead the market in 2020
Small businesses are expected to witness a higher growth in the adoption of low-code development platform and services. The growing awareness of the benefits of process automation, the increasing focus of governments on digital transformation, and business expansions by global vendors are expected to be the driving factors for the growth of the low-code development platform market. The adoption rate for low-code development platform and services is high in SMEs and is expected to dominate the low-code development platform market, in terms of market size, during the forecast period.
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Based on industry, the BFSI to grow at the fastest rate during the forecast period.
The BFSI industry requires low-code development platform and services at a large-scale due to the voluminous information produced across these organizations. Low-code development platform and services helps the BFSI industry in enriching the customer experience using new financial products and services driving the overall market during the forecast period.
The vendors covered in the market report include Salesforce (US), Microsoft (US), Appian (US), Oracle (US), Pegasystems (US), Magic Software Enterprises (US), AgilePoint (US), OutSystems (US), Zoho (India), Quick Base (US), LANSA (US), Fujitsu RunMyProcess (France), Netcall (UK), WaveMaker (US), and K2 (US).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the low-code development platform market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2017 to 2020 to innovate their offerings and broaden their customer base.
Salesforce (US) is a prominent provider of low-code development platform and services. It provides Salesforce App Cloud Platform, a unified platform, which helps in the rapid building of connected applications. In February 2020, Salesforce acquired Evergage, a cloud-based personalization and customer data platform. The company also offers its platform and services to individuals, Small and Medium-sized Enterprises (SMEs), and large enterprises. Salesforce caters to a wide range of industries, including Information Technology (IT), telecommunication, government, retail, Banking, Financial Services and Insurance (BFSI), energy and utilities, healthcare, manufacturing, media, and transportation and hospitality. The company has a global presence across North America, Europe, Latin America, Asia Pacific (APAC), and Middle East and Africa (MEA).
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Appian (US) is another top player in the low-code development platform market. The company provides financial services, insurance services, energy services, aviation services, healthcare services, data center security services, IT services, and real estate services. The company offers the Appian Platform, which integrates the speed of low-code development and the power of process management to deliver advanced features and functionalities via the platform. The advanced approach of application development speeds up application building, unites legacy systems, and supports agile businesses/IT collaborations. The platform enables organizations to deploy their business applications immediately. In addition, the pre-built connectors and easy-to-configure APIs help in the faster integration of apps. Appian caters to a wide customer base, ranging from SMEs to large enterprises, across industries, including automotive and manufacturing, energy and utilities, BFSI, healthcare, life sciences and pharma, government, and retail. The customer base of the company is spread across the globe.
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