iCrowd Newswire – Jul 23, 2020
As per a research conducted by P&S Intelligence, the global low-code development platform market is predicted to reach a value of $187.0 billion by 2030, and is expected to exhibit 31.1% CAGR during the time period 2020–2030. The market is being driven by the rising demand for business digitization, strict government norms, and less dependency on information technology professionals. In terms of enterprise, the market is bifurcated into small & medium enterprises (SME) and large enterprises.
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Between these two, the SMEs division is predicted to advance at a faster pace in the years to come, which is owing to the rising affordability and availability of cloud-based low-code development platforms. Low-code development platform reduces the number of obstacles for unskilled developers and further decreases the amount of resources that go into developing an application. Because of this SMEs across the globe are making use of such solutions to get ahead in their respective fields.
The objective of this research includes;
- Historical and the present size of the low-code development platform market
- Future potential of the market through its forecast for the period 2020– 2030
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the gene therapy market and their service offerings
- Recent strategic developments by the major players in the market
Geographically, the Asia-Pacific region is expected to emerge as the fastest-growing low-code development platform market in the near future. The market in the region is registering growth due to the surging internet penetration, increasing demand for mobile-based applications, and rising investments in IT solutions. Furthermore, expanding IT service industry and swift economic growth in several countries are also resulting in the growth of the regional market. Moreover, APAC is the most preferred country when it comes to IT outsourcing, which is why companies receive high requests for application development.
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The companies operating in the low-code development platform market are launching new products to get ahead in the market. For example, Kony Inc. launched a low-code development solution in April 2019, named Kony Quantum for Microsoft Azure. The solution can be easily integrated with Azure and can be optimized fully by utilizing a cloud-native architecture. The integration allows swift development of company applications and improves the scalability of applications.
The research includes detailed analysis of;
Based on Offering
- General purpose
- Process app
- Database app
- Mobile-first app
- Request handling
Based on Deployment Type
Based on Enterprise
- Large Enterprises
- Small & Medium Enterprises (SME)
Based on Vertical
- Information Technology (IT)
- Banking, Financial Services, and Insurance (BFSI)
- Media and Entertainment
- Energy and Utilities
About P&S Intelligence
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.
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Keywords: Low-Code Development Platform Market, Low-Code Development Platform Market Size, Low-Code Development Platform Market Share, Low-Code Development Platform Market Demand, Low-Code Development Platform Market Drivers, Low-Code Development Platform Market Dynamics, Low-Code Development Platform Market Development, Low-Code Development Platform Market Growth, Low-Code Development Platform Market Forecast