NEW YORK, March 22, 2021 /PRNewswire/ -- For 2020, the World Economic Forum had predicted a spending of $1.7 trillion on digital transformation by companies in several industries. With such investments predicted to increase to $2.4 trillion by 2022, the global
low-code development platform market revenue, which was $10.3 billion in 2019, is predicted to witness a 31.1% CAGR during 2020–2030, to reach $187.0 billion by 2030, according to the market research study published by P&S Intelligence.
An important step for companies in achieving digital transformation is to have an array of business applications that can be deployed on the web and mobile phones. Thus, the low-code development platform market is growing because such platforms enable companies to quickly and cost-effectively create applications using a drag-and-drop approach. This further eliminates the requirement for hiring software engineers at high salaries, which ultimately helps businesses reduce their operational expenses.Key Findings of Global Low-Code Development Platform Market
- COVID-19 pandemic propelling market growth rate
- Low-code development platform demand burgeoning among SMEs
- Rising demand for mobile and web apps strongest market driver
- IT sector largest user of low-code development platforms
- APAC to offer lucrative market investment opportunities
- Market fragmented and highly competitive
Due to the lockdown measures and movement restrictions implemented to control the spread of the novel coronavirus infection, the low-code development platform market has received a strong boost. This is because such measures have forced companies to implement the work-from-home model and take much of their work online. As a result, the demand for business applications has boomed around the world, which has, in turn, propelled the usage of such easy-to-use application creation software. Apart from merely businesses, governments and international organizations are also using an array of mobile apps to send COVID-related alerts and provide public services.
In the years to come, the cloud bifurcation will hold the larger share in the low-code development platform market, on the basis of deployment type. Cloud deployment of any software eliminates the requirement for expensive on-site hardware, allows users to increase or decrease the cloud storage space without any configuration change, and offers easy access to data from any internet-connected device.
Browse detailed report with COVID-19 impact analysis on Low-Code Development Platform Market Research Report: By Offering (Solution, Service), Deployment Type (Cloud, On-Premises), Enterprise (Large Enterprises, SME), Vertical (IT, BFSI, Retail, Healthcare, Government, Manufacturing, Media and Entertainment, Education, Energy and Utilities) - Global Industry Analysis and Growth Forecast to 2030 @
In the near future, the highest CAGR under the vertical segment of the low-code development platform market, of 33.9%, is projected to be seen in the banking, financial services, and insurance (BFSI) category. BFSI companies are developing mobile and web apps using such platforms for loan management, campaign management, and customer engagement. Low-code development platforms additionally offer such companies security, by providing two-step and biometric authentication. Additionally, by using such platforms, the BFSI sector can integrate third-party applications and simplify the account opening process.
Asia-Pacific (APAC) will be the fastest-growing region in the low-code development platform market during this decade. The increasing penetration of smartphones and the internet, rapid economic growth, and advancing IT sector are aiding the market growth. In addition, several companies based in Europe and North America outsource their processes to APAC, which is why the IT companies here are generating a high demand for low-code development platforms to create mobile and web applications for their overseas clients.
Salesforce.com Inc., Alphabet Inc., Appian Corporation, AgilePoint Inc., Kony Inc., Microsoft Corporation, Oracle Corporation, ServiceNow Inc., Outsystems Inc., Caspio Inc., Magic Software Enterprises Ltd., Mendix Technology B.V., MatsSoft Limited, QuickBase Inc., Lansa Inc., and Pegasystems Inc. are the most-significant global low-code development platform market players.
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.