The new report by Expert Market Research titled, ‘Global Low-Code Development Platform Market Size, Share, Price, Trends Report and Forecast 2023-2028’, gives an in-depth analysis of the global low-code development platform market, assessing the market based on its segments like application type, deployment type, organisation size, end use, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020):USD 16.98 Billion
- Forecast CAGR (2023-2028):25.26%
- Forecast Market Size (2026):USD 64.56 Billion
The increasing need for digitalisation in various business processes, along with the growing demand for software developers to perform IT operations in the rapidly changing environments, is playing a crucial role in driving the growth of the global low-code development platform market over the forecast period. With innovations in technology every day and the scarcity of an established IT network in small businesses, low-code technologies are being deployed to accelerate operations as a means of developing websites or applications for a wide reach.
This is expected to invigorate the market growth over the forecast period. One of the key factors driving the growth of the market is the rising demand for high productivity application development platforms to accelerate the delivery of business applications and for better customer applications. Small and medium enterprises (SMEs) operating in the sector are expected to drive the growth in the market, primarily attributing to the increasing affordability of cloud-based solutions.
Low-Code Development Platform Industry Definition and Major Segments
Low-code/no-code software development is a technique for developing applications and processes with little to no coding. A user interface with minimal logic and drag-and-drop features is known as a low-code development platform. The low-code development framework is a programming environment that enables users to construct software programmes with graphical user interfaces and configurations without learning complex programming languages.
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On the basis of application, the market can be segmented into:
- Desktop and Server-Based
The market, based on deployment type, can be divided into:
Based on organisation size, the market can be categorised into:
- Small and Medium Enterprises
- Large Enterprises
On the basis of end use, the market segmentations include:
- Retail and E-commerce
- Government and Defence
- Information Technology
- Energy and Utilities
On the basis of region, the industry is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Low-Code Development Platform Market Trends
Rising internet penetration, cloud computing, mobile, government initiatives, and other technological advancements have propelled the digital world to unprecedented levels. With the increased need for sophisticated technologies due to COVID-19, low-code development platforms are likely to expand in popularity in the upcoming years.
Also, governments all across the world have begun to develop apps to educate citizens about COVID-19 warnings and notifications. LCDs make it possible for developers to swiftly design, test and distribute changes. Low-code platforms are cost-effective in the sense that these platforms enable non-technical staff to operate the servers by eliminating the need to hire professional help, along with significant reductions in ownership costs.
Low-code application platforms play a critical role in developing apps to meet the dynamics of technology by building mobile-friendly applications that can assist in virtual consultations while saving hospitalisation costs and provide a secure network for encrypted communication. Hence, the benefits of low-code development technology in the healthcare sector are increasingly augmenting the growth of the market.
Key Market Players
The major players in the market are Salesforce.com Inc., Microsoft Corporation, Oracle Corporation, Appian Corporation, and Zoho Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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