Pune, India, Nov. 16, 2022 (GLOBE NEWSWIRE) -- The global low code development platform market size was worth USD 10.82 billion in 2020. The market size is expected to rise from USD 13.89 billion in 2021 to USD 94.75 billion by 2028, growing at a CAGR of 31.6% during the forecast period. The market is expected to grow in the coming years, owing to increase in demand for technological advancements for business digitalization. Fortune Business Insights™ publishes this information in a report titled, "Low Code Development Platform Market Forecast, 2021-2028".
Low code development platform provides simplified and seamless techniques for professional business developments to build an effective business application. Several industries are expanding their business through technological advancements, which is expected to fuel the market growth. These platforms are majorly used for developing applications for small-scale and large-scale businesses.
Industry Developments:
- October 2021: ServiceNow, Inc. announced a strategic partnership with Celonis, Inc. to support the digital transformation of enterprises with enhanced customer satisfaction, revenue generation, and cash flow. The companies are combining the low-code workflow platform of ServiceNow with Celonis Execution Management System to offer real-time execution processes and optimize digitalization.
- September 2020: Mendix Technology B.V. expanded to an all-in-one low code platform to solve and ensure increasing business transformation complexities. The newly expanded platform can deploy automation tools such as artificial intelligence to improve workflow quality.
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| Report Coverage | Details |
| Forecast Period | 2022 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 31.6 % |
| 2028 Value Projection | USD 94.75 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 10.82 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 150 |
Drivers & Restraints:
Technological Advancements to Propel Market Growth
The market is expected to witness growth in the coming years owing to the rising demand for business digitalization and accelerated sales rate of small & large enterprises. Technological advancements in the developing and developed nations are likely to adopt the platforms to build a client-based application and promote significant market growth. These factors are expected to ensure the low code development platform market growth during the forecast period.
However, limited customization and software integration capabilities may hinder the market growth.
Business Digitalization Promotes Market Growth During Pandemic
The outbreak of COVID-19 virus has affected various businesses due to stringent restrictions imposed by governments. Once the restrictions were uplifted, and e-commerce was enabled in mildly affected regions, small-scale businesses started digitalizing the venture to acquire global customers. This supported the Low Code Development Platform Market growth by promoting the business to adopt digital platforms and increase their efficiency to work
Regional Insights:
North America Holds Lion's Share Globally Due to Rising Technological Advancements
- North America dominates the global low code development platform market share due to small enterprises' rising adoption of technological advancements. According to the State of Low Code Report 2021, in the U.S., 77% of the companies implement low code platforms and 3 out of 5 employees utilize these platforms to develop business applications.
- Asia Pacific holds the second-largest global market position and is expected to witness a significant growth rate during the forecast period. According to 2020 Software Survey of Asia Pacific, more than 50% of the companies implement low code platforms.
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Segments:
Developing Client Based Apps to Fuel Market Growth
By component, the Low Code Development Platform Market is bifurcated into platform and services.
Based on deployment, the market is divided into on-premises and cloud.
On the basis of enterprise size, the market is segmented into SMEs and large enterprises.
According to industry, the market is segregated into BFSI, IT & telecommunication, education, government, manufacturing, healthcare, retail, media & entertainment, and others.
By region, the Low Code Development Platform Industry is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report provides factual data and the latest information regarding recent advancements and developments in the market. Furthermore, the report offers trending business strategies along with the impact of COVID-19 pandemic on industrial growth. Also, drivers and restraints affecting the global market expansion are elaborated further. Development strategies and technological advancements are evaluated with current market trends and innovation practices.
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Competitive Landscape:
Strategic Partnerships Allow Key Players to Expand Business Globally
Key players in the industry focus on implementing business development strategies with the supporting companies to expand their business globally. These strategies are partnerships, mergers, acquisitions, and strategic alliances. Also, implementing innovation strategies allows the key players to enhance their product portfolio to satisfy customer needs and acquire high market share.
Companies Profiled in the Low Code Development Platform Market Report:
- Appian Corporation (Virginia, U.S.)
- Microsoft Corporation (Washington, U.S.)
- Salesforce.com, Inc. (California, U.S.)
- OutSystems Inc. (Massachusetts, U.S.)
- Mendix Technology BV (Rotterdam, Netherlands)
- Oracle Corporation (California, U.S.)
- Pegasystems Inc. (Massachusetts, U.S.)
- Betty Blocks (North Holland, Netherlands)
- ServiceNow Inc. (California, U.S.)
- Zoho Corporation Pvt. Ltd. (Tamil Nadu, India)
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Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Low Code Development Platform Key Players Market Share Insights and Analysis, 2020
- Key Low Code Development Platform Market Insights and Strategic Recommendations
- Companies Profiled
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Low Code Development Platform Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Platform
- Services
- By Deployment (Value)
- On-premises
- Cloud
- By Enterprise Size (Value)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- By Industry (Value)
- BFSI
- Healthcare
- Education
- IT and Telecommunication
- Media and Entertainment
- Manufacturing
- Government
- Retail
- Others (Energy and Utilities, etc.)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- By Component (Value)
- Global Low Code Development Platform Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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