In the rising digital era, the need for software automation and development of low-code software solutions by global organizations has become a perplexing task for any evolving business. Hence, the demand for the smooth flow of business operations, which involves data integration of multiple software and services such as business intelligence and data analysis are enhancing the growth of low-code development platform market. The growing adoption of technologically advanced solutions for swiftly developing applications is anticipated to fuel the demand for software solutions that yield a good and early return of investment. Instant deployment of the software and simple integration of tools and technologies are the key factors driving the low-code development platform market. The global Low-Code Development Platform Market size is rested at $4.06 billion as of 2018 and is anticipated to grow with a CAGR of 36% throughout the forecast period 2019-2025.
As the platform is accelerating application delivery and reducing development workloads along with economical cost, low-code tools are emerging as a key strategy for supporting business transformation, which in turn, is noted as stimulating elements in this industry. Moreover, rising demand for mobile-based applications for business processes and an increasing number of application programming interface offerings are also expected to influence major market size. According to World Bank Data, almost 50% of the global population were using the internet in 2017. A rise in the number of internet users and the development of mobile and web-based applications for business processes are the factors driving the need for the low-code development platform. Enterprises are moving to low-code development platforms to deliver software applications for advanced technological innovations, customer engagement, and operational efficiency. Rapid digitization and growing smartphone usage in emerging economies are the other driving elements of this industry worldwide.
North America Holding Major Share of the Low-Code Development Platform Market
North America generated approximately 32% of the global revenues in the low-code development platform market in 2018. Increasing demand for customer-centric applications, wide adoption of advanced technologies, and development of web and mobile applications are the factors driving the market for low-code development platform in this region. Additionally, a well-established banking, financial services, and insurance (BFSI) industry in the North America region are creating major prospects for this industry for the approaching years.
The web-based low-code development platform has significant demand as it offers a user-friendly process to develop business logic. This application segment is projected to grow at a CAGR of 38% through to 2025. The increasing opportunities for web-based low-code development platform in different verticals such as healthcare & life sciences, retail & e-commerce, and telecommunications & information technology are rising the low-code development platform market demand.
Factors Driving Low-Code Development Platform Market
· Low-code development platform has the ability to develop customer-centric web and mobile applications in less time, which leads to a decrease in costs for enterprises. This platform can control both the front end and back end of the applications, making it possible to face customer requirements from different stages in the development process.
· Low-code development platform reduces the need for program developers in the software sector, which, in turn, reduces the employing costs for enterprises. These reduced costs for companies have augmented the growth of low-code development platform market around the globe.
· Enterprises of all sizes such as small, medium, and large are adopting low-code development platforms as they allow to integrate the business management with the information technology, enabling them to be more responsive in adapting to changing technologies in the global scenario.
· Code-based approaches take more time in the application developments, which makes it difficult for the informational technology industry to deliver the product on time. In order to speed up delivery and customize the applications with minimal investments and efforts, companies are switching to these low-code development platforms.
Low-Code Development Platform Market Trends
· To develop complex applications for back-office operations, supply chain and production tools, transaction-centric applications, and logistics systems, low-code development platforms are being used. This led low-code development platforms to gain eminence in the application development space. Enterprises are also investing more in low-code development software to develop complex applications rapidly.
Companies are introducing low-code development platform tools into their existing cloud-based platforms. For instance, in 2016, technology giants such as Microsoft and Salesforce added low-code platform-tools into their existing technology-based platforms. Google has also added low-code development platform tools for creating applications into its G Suite.
· Nowadays, the software sector is perceiving major changes in consumer demands. Customers are spending more time on their hand-held devices such as smartphones, iPods, and tablets. Hence, companies in the low-code development platform market have shifted their focus on mobile application development. So, companies are required to create a number of applications to secure customer personal data and provide more access to employees through handy devices. The rise in demand for the development of hand-held device applications has anticipated the growth of the low-code development platform industry worldwide.
· Automation in the information technology sector is augmented to result in lower development and deployment costs for major companies due to the complex nature of several coding mechanisms in their software suits. Additionally, software products in the low-code development platform market provide non-technical interfaces which are easily adapted by consumers. These non-technical interfaces result in more transparency in software application development and maximum savings for client companies.
The Major Players in the Low-Code Development Platform Market:
The prominent players in the low-code development platform market include AgilePoint, Appian, Bizagi, Caspio, MatsSoft, Mendix, Salesforce, and ServiceNow.
Mergers and acquisitions are the other key strategies adopted by the players to stay ahead of their competitors. Salesforce, an American cloud-based software company, acquired MuleSoft LLC., a San Francisco based Software Company, which provides cloud platforms for building application networks in May 2018. Such joint ventures aid the market players to expand their geographical boundaries and accentuate their footprint into the global low-code development platform market.
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