PUBLISHER: Allied Market Research | PRODUCT CODE: 1298223
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298223
Low-code development platform is a visual approach to software development that enables faster delivery of applications through minimal hand-coding. The graphical user interface and the drag-and-drop features of a low-code platform automates aspects of the development process, eliminating dependencies on traditional computer programming approaches. Low-code platforms democratize app development, particularly for the 'citizen' developers, i.e. business users with little formal coding experience, such as business analysts or project managers. These low-code tools enable less technical employees to make a larger business impact in numerous ways, such as relieving IT department backlogs, reducing shadow IT, and taking more ownership over business process management (BPM) workstreams. These benefits are expected to drive the growth of the market in the upcoming years. Since low-code applications require little to no coding experience, it allows for more flexibility in a developer's coding background. By eliminating this bottleneck, low-code platforms shorten the application development lifecycle, enabling them to accomplish more assignments in less time. Such factors are expected to drive the growth of the market during the forecast period.
Factors such as growing digitalization and social media penetration around the world are positively impacting the growth of the market. In addition, increase in the adoption of low-code development platform across businesses to enhance operation & productivity is expected to boost the growth of the market in the future. Furthermore, increase in investments in various sectors such as BFSI, healthcare, and others is expected to provide lucrative growth opportunities for the market during the forecast period. Moreover, low-code development platform helps to reduce costs over the entire development lifecycle, further creating numerous opportunities for the market growth in the upcoming years. However, concerns over low-code development platform's security and compliance are growing, especially for apps that use consumer data, this factor is predicted to hamper the growth of the market.
The low-code development platform market is segmented into component, deployment mode, application type, organization size, industry vertical, and region. By component, it is bifurcated into platform and services. By deployment mode, it is divided into on-premise and cloud. Based on application type, it is divided into web-based, mobile-based, and desktop & server-based. By organizational size, the market is segregated into small & medium-sized enterprises and large enterprises. By industry vertical, the market is classified into BFSI, IT and telecom, manufacturing, healthcare, retail and e-commerce, government, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the low-code development platform market are: AgilePoint Inc., Appian Corporation, Mendix Technology BV, Microsoft Corporation, Oracle Corporation, OutSystems, Inc., Pegasystems Inc., Salesforce.com Inc., ServiceNow, Inc., and Zoho Corporation Pvt. Ltd. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the low-code development platform market globally.