Low-Code Development Platform Market size was valued at USD 22.04 Bn. in 2022 and the total Low-Code Development Platform revenue is expected to grow at 27.8% from 2023 to 2029, reaching nearly USD 122.75 Bn.
Low-Code Development Platform Market Overview:
Low-Code Development Platform Market research report analyses and evaluates market’s position over the projected period.It is a thorough investigation that focuses on fundamental and secondary drivers, market share, leading segments, and geographical analysis. The study also looks at key players, large collaborations, mergers, and acquisitions, as well as trending innovation and corporate strategies.
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Market Scope:
We investigated the Low-Code Development Platform Market from every angle, using both primary and secondary research methods. This aided us in developing a grasp of current market dynamics, such as supply-demand imbalances, price trends, product preferences, consumer behaviors, and so on. The data is then assembled and evaluated using a variety of market estimation and data validation approaches. In addition, we have an in-house data forecasting model that predicts market growth until 2027.
The top authors, researchers, and analysts collated and summarised the evaluation of the impact of recommendations on market activity. The research contains data based on the market’s historical and present situations, as well as other components impacting the market’s development path. It includes the most recent and up-to-date information on the worldwide Low-Code Development Platform market landscape. The analysis goes into information about demand, revenue forecasts, volume, share, growth, kinds, applications, and sales, among other things. The research examines a variety of crucial restrictions, including item pricing, manufacturing capacity, profit and loss figures, and distribution methods.
Market Dynamic:
The rising emphasis on improving company operations increases digitalization across organizations globally. All businesses, regardless of industry, are providing digital tools to their workers, employees, and staff. Businesses use technology innovation to provide better services and boost revenue through simpler labor procedures. According to Dell's Digital Transformation Index, in 2020, 8 out of 10 enterprises have advanced their digital transformation.
Nevertheless, to shift to online platforms, businesses and their employees must have extensive technological knowledge. According to the survey, up to 61% of stakeholders claimed that they only adopt 50% of the IT solutions presented. However, qualified individuals with proper knowledge and expertise are difficult to locate and keep. Bitkom, for example, had 55,000 open posts in 2022 due to a lack of IT specialty among candidates. Low-code development platforms have emerged as critical tools for digital transformation. It lowers resource expenses by delegating greater power to the development team. As a result, platform growth is projected to be fueled by the increased need to address the urgent business model requirements of digital transformation.
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Segmentation:
By Industry, the BFSI segment held the largest revenue share of over 30% in 2022 owing to the increasing need to digitize financial services such as origination, onboarding of the client, self-servicing, back office operations, etc. They are becoming more interested in low-code development platforms to improve user experiences, minimize operational costs, promote company agility, and shorten time to market.
The various generations of technological breakthroughs have profoundly altered the way financial service (FS) organizations create value for their customers, workers, and other stakeholders. The constant need to innovate, keep up with regulatory obligations, and solve issues faster than ever before is driving up demand for apps and software solutions. Minimal-code platforms are increasingly being used by financial services businesses for speedy application development at a low cost.
Rising client demand for innovative digital products and services in the banking, financial services, and insurance (BFSI) business necessitates a more rapid application development process to enable frequent upgrades and a short time-to-market for new offers. Banks require a modern, simple, and secure application development technique that makes use of widely accessible frameworks, reusable code, and components.
Low-code and no-code platforms fulfill this demand by enabling support for safer, reusable, and tested components while lowering service and application development costs. They can also assist banks and insurers in rapidly introducing new business functions. Due to this low-code platforms are gaining traction with developers, business, and leadership teams, and they are used to achieve effective digital transformation in BFSI organizations.
By Component
Solution
Services
By Deployment Mode
On-Premises
Cloud
By Application Type
Web-Based
Mobile-Based
By Organization Size
Small And Medium-Sized Enterprises (SMEs)
Large Enterprises
By Industry
Banking, Financial Services, And Insurance (BFSI)
Telecom And IT
Government
Energy And Utilities
Manufacturing
Healthcare And Life Sciences
Retail And Ecommerce
Media And Entertainment
Education
Others (Travel And Tourism, And Transportation And Logistics)
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Key Players:
The analysis also focuses on the worldwide key industry players of the Low-Code Development Platform Market, including information such as company biographies, product pictures and specifications, capacity, production, price, cost, revenue, and contact information. This research looks at the Low-Code Development Platform Market Trend, volume, and value on a global, regional, and corporate level. This study shows the entire Low-Code Development Platform Market Size from a worldwide perspective by analyzing historical data and prospects. The research covers leading Low-Code Development Platform market companies and evaluates their market rankings. The players highlighted in this report are as follows:
1. Caspio (US)
2. OutSystems (US)
3. Appian (US)
4. Salesforce (US)
5. Quickbase, Inc. (US)
6. LANSA INC (US)
7. ServiceNow (US)
8. AgilePoint, Inc. (US)
9. Bizagi (US)
10.Microsoft Corporation (US)
11.Oracle Corporation (US)
12.Pegasystems Inc (US)
13.KissFlow (US)
14.Blazedpath (US)
15.Mendix Technology BV (Netherlands)
16.Appsemble BV. (Netherlands)
17.Novulo (Netherlands)
18.Smart Shaped SRL (Italy)
19.Aurachain (Romania)
20.ClickPaas (China)
21.eNextCloud (India)
22.Zoho Corporation (India)
23.Magic Software Enterprises Ltd (Israel)
Regional Analysis:
The study offers a comprehensive overview of the sector, including both qualitative and quantitative data. It gives an overview and prognosis of the worldwide Low-Code Development Platform market by segment. It also offers market size and forecast projections for five key regions, including North America, Europe, Asia-Pacific, the Middle East & Africa, and South America, from 2021 to 2027. Each region’s Low-Code Development Platform market is further subdivided by respective regions and segments. The research analyses and forecasts different countries, as well as existing trends and prospects in the region.
COVID-19 Impact Analysis on Low-Code Development Platform Market:
We have studied and analyzed in detail, Low-Code Development Platform Market Development Strategy post-COVID-19, by corporate strategy analysis, landscape, type, application, and leading countries, which encompasses and analyses the Low-Code Development Platform industry’s potential, providing statistical information about market dynamics, growth factors, major challenges, PORTAL analysis, and market entry strategy analysis, opportunities, and forecasts. The report’s main focus is to give firms in the sector a strategic analysis of the impact of COVID-19. Simultaneously, this research examined the markets of key nations and introduced the market potential of these countries.
Key Questions Answered in the Low-Code Development Platform Market Report are:
- What are some of the most promising high-growth opportunities in the Low-Code Development Platform market by product type and End User and Region?
- Which Low-Code Development Platform market segments will expand the fastest, and why?
- Which regions will develop quicker, and why?
- What are the primary elements influencing Low-Code Development Platform market dynamics? What are the market drivers and challenges for the Low-Code Development Platform market?
- What are the Low-Code Development Platform market’s business risks and threats?
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