New York, Nov. 29, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners, Latest Report on “Low-Code Development Platform Market Size, Share, Growth and Trends Forecast to 2028 - COVID-19 Impact and Global Analysis by Component (Solutions and Services), Deployment (On-Premise and Cloud), Application Type (Web-Based and Mobile), Organization Size (SMEs and Large Enterprises), Industry Vertical (BFSI, Government, Healthcare, Education, Retail, Media & Entertainment, It & Telecom, and Others), and Geography”, The global low-code development platform market size is expected to reach USD 62.73 Bn by 2028 from USD 12.35 Bn in 2021; it is estimated to grow at a compound annual growth rate of 27.6% between 2022 and 2028.
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Global Low-Code Development Platform Market – Report Scope:
| Market Size Value in | USD 12.35 billion in 2021 |
| Market Size Value by | USD 62.73 billion by 2028 |
| Growth rate | CAGR of 27.6% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| Historical data available | Yes |
| Segments covered | Component, Deployment, Application Type, Organization Size, and Industry Vertical |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Low-Code Development Platform Market – Competitive Landscape
Salesforce, Inc.; Microsoft Corporation; Oracle Corporation; Appia Corporation; and Zoho Corporation Pvt. Ltd. are some key market players profiled in the study. Several other major market players were also studied and analyzed in this research study to get a holistic view of the low-code development platform market and its ecosystem.
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Low-code development platforms provide graphical user-interface-based development environments for application software. Such platforms can be used for developing operational applications and may require additional coding in certain situations. Low-code platforms can aid in reducing the time spent on developing business applications since it allows for the engagement of a large number of persons at the same time. This factor is primarily driving the development of these apps using low-code platforms, thus boosting low-code development platform market growth. It can also lower expenditure on setting up, training personnel, application deployment, and maintenance. The growing uptake of digital transformation has fuelled the demand for various web and mobile applications. Such applications primarily enable organizations to adopt various modern technologies and integrate them into their daily routine.
The growing demand for applications has required developers to develop custom applications in a short time tailored to the needs of varied organizations. Low-code development platforms allow for rapid creation and usage of functional applications to address each enterprise's exact process and data requirements. Such advantages have been boosting the low-code development platform market. Moreover, low-code development platforms offer advantages, such as cancelation flexibility, the requirement for less technical capability, capability to develop multi-device applications, among others. It also offers drag-and-drop features and visualizes the application being developed. Such factors and advantages collectively have been driving the low-code development platform market significantly.
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From the regional perspective, North America dominates the low-code development platform market with ~35% market share in 2021. The dominance of North America in the low-code development platform market is majorly due to the presence of a large number of players who have been increasingly focusing on developing innovative products. Some of the key low-code development platform market players in the region include Microsoft Corporation, Oracle Corporation, and Salesforce, Inc. These players have been witnessing constant demand from SMEs and large enterprises.
Low-code development platforms offer less flexibility and customization capabilities, and only a limited number of developers can offer customized applications tailored to the customers’ requirements. With further enhancements in the platform, the impact of such restraints on the low-code development platform market growth is expected to become low by the end of the forecast period.
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Impact of COVID-19 Pandemic on Low-Code Development Platform Market:
The US, India, Brazil, France, Russia, Turkey, the UK, Argentina, and Colombia were among the worst-affected countries by the pandemic of COVID-19. The pandemic disrupted the functioning of various industry verticals, leading to serious volatility and instability in the business environment. Implementing containment measures, such as trade bans, travel restrictions, and workplace workforce limitations, also impacted various businesses' normal functioning. Such disruptions promoted strong uptake of digital transformation across the world, which, in turn, positively impacted the low-code development platform market, as such solutions allowed for accelerating automation and streamlining workflow. Thus, the pandemic positively impacted the global low-code development platform market.
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