Low Code Development Platform Research Report by Forecast to 2023
Low Code Development Platform Market
The global low code development platform market, according to the latest report of Market Research Future (MRFR), is projected to record exponential market valuation with a substantial CAGR of 32% during the forecast period of 2017-2023.
Influential factors validating market growth include the increasing demand for digitization and the growing adoption of the cloud platform. The growing cloud-based applications and cloud-based data storage along with the rising demand for mobile communication and the Internet of Things (IoT) drive the global low code development platforms.
On the other hand, the customization based apps for the business organizations are anticipated to limit the market growth over the review period 2017-2023. Nevertheless, the availability of a well-established infrastructure that allows the implementation of innovative technologies and higher penetration of smart devices is expected to foster the market growth over the review period.
Key Market Players:
Some of the major players in the low code development platform market are Salesforce (U.S.), OutSystems(U.S.) and Mendix(U.S.), Google Inc., (U.S.), Caspio (U.S.), Appian (U.S.), AgilePoint (U.S.), Service now (U.S.), MatsSoft (U.K), Microsoft Corporation (U.S.), K2(U.S.), Bizagi (U.K), Kony Inc, (U.S), and TrackVia Inc. (U.S.).
The low code development platform market is segmented on the basis of the type, component, deployment, organization size, and applications.
- Based on the type, the low code development platform is sub-segmented into process app platform, general purpose platform, database app platform, and request handling platform.
- On the basis of the component, it is segmented into solution and services. The solution based low code development is categorized into mobile solutions and web solutions. Furthermore, the service based low code development consists of professional services and managed services. The low code development platform market, based on deployment is bifurcated into on-premises and on the cloud. The on the cloud is further segmented into public, private, and hybrid.
- On the basis of the size of the organization, the low code development platform market is bifurcated into small & medium enterprises (SMEs), and large enterprises.
- Based on the application, the global low code development platform market is divided into retail, banking, financial services, and Insurance (BFSI), healthcare, IT & telecommunication, transportation & logistics, media & entertainment, construction, and others.
On the basis of the region, the global low code development platform market is segmented into North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America.
The North American region is one of the major regional markets for low code development platform and is expected to lead the market with a substnaital valuation over the review period. The U.S is the leading country in this region, owing to the presence of major market players. Continual rise in the number of internet users and development of mobile and web applications for the business organization are majorly driving the growth of the low code development platform market in this region and are likely to continue the same over the review period.
The Asia Pacific is anticipated to have a significant growth in low code development platform over the forecast period. This is attributed to rapidly increasing startups as IT firms and surging economic growth in the emerging economies such as China and India.