Pune In, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Low-Code Development Platform Market Size By Offering (Solution, and Service), By Deployment Type (Cloud, and On-Premises), By Enterprise (Large Enterprises, and SMEs), Regions, Segmentation, and forecast till 2030.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the low-code development platform market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the low-code development platform market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as offering, deployment type, enterprise, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global low-code development platform market are Appian Corporation, Oracle Corporation, Salesforce.com Inc., Alphabet Inc., Microsoft Corporation, ServiceNow Inc., Magic Software Enterprises Ltd, Outsystems, Caspio Inc. among others. To achieve a substantial market share in the worldwide low-code development platform market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
In contrast to conventional hand-coded computer programming, low-code development platforms offer a programming environment that enables developers of all levels of expertise to build applications using dynamic graphical user interfaces and configuration in combination with model-driven logic. By using low-code solutions, organizations can quickly and easily create working solutions and integrate them into existing applications. Integration used to be a costly, labour-intensive IT process that required custom development on both sides. Several technical developments and government funding have contributed to the global healthcare industry's success. To speed up data integration processes, improve workflow efficiency, and improve patient experience, a low-code development platform is implemented in the healthcare industry. Since low-code development is becoming increasingly popular among consumers, more ways need to be developed to scale the apps and educate the users, whether they are development professionals or business employees. The wide range of advantages of low code technology contribute to its market expansion, but the platform lacks other elements that impede its expansion. There is a barrier for the market that not all low code tools and platforms work with every program. Therefore, the developer and designer must take into account the limited integration feature when creating the software to prevent this problem from occurring in the future.
Scope of Low-Code Development Platform Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Offering, Deployment Type, Enterprise, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Appian Corporation, Oracle Corporation, Salesforce.com Inc., Alphabet Inc., Microsoft Corporation, ServiceNow Inc., Magic Software Enterprises Ltd, Outsystems, Caspio Inc. among others |
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Segmentation Analysis
The solution is expected to be the fastest-growing segment in 2022.
The offering segment is solution and service. The solution segment is expected to witness the highest growth rate during the forecast period. The adoption of these platforms has increased in a number of industries in order to reduce long-term operational costs. By reducing or eliminating the need for professional developers, organizations are able to carry out digital transformation more easily and at a lower cost.
Cloud is expected to be the fastest-growing segment in 2022.
The deployment type segment is cloud and on-premises. The cloud segment is expected to witness the highest growth rate during the forecasted period. On-premise storage is more expensive than cloud deployment. The ability to access cloud-based data from various locations with little help and minimal upkeep is why cloud deployment is so popular. The expanding digital transformation also enables developers with low code to fully utilize cloud deployment mode's benefits.
SMEs are expected to be the fastest-growing segment in 2022.
The enterprise segment is large enterprises and SMEs. The SME segment is expected to witness the highest growth rate during the forecasted period. A digital presence through mobile and computer applications will be a high priority for small and medium-sized businesses in the future, accelerating their growth. In addition to allowing non-technical people to create applications on their own, at a low cost and in a short time, cloud-based solutions usually are subscription-based, so customers only pay for what they use.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the low-code development platform market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. Low code development platforms and services are offered to all regional end users by several important market participants. In addition to their robust economies, the US and Canada are expected to contribute to the growth of this market. Low code development platforms and services are most influenced by geographical location, substantial R&D efforts, acquisitions, and mergers. As a result of the increased availability of low-code development platforms and services provided by key suppliers, such as Salesforce, Microsoft, and Pegasystems, the North American global market is expanding.
Country Analysis
- Germany
Germany's low-code development platform market size was valued at USD 1.08 billion in 2022 and is expected to reach USD 9.8 billion by 2030, at a CAGR of 31.8% from 2023 to 2030.
Several significant businesses are present in the country, which is driving the need for mobile and computer apps, as well as other types of software, as a result of the rapid adoption of digital technology.
- China
China’s low-code development platform market size was valued at USD 1.45 billion in 2022 and is expected to reach USD 13.36 billion by 2030, at a CAGR of 32% from 2023 to 2030.
The growing internet usage and enterprises' desire for cheaper operating costs are boosting the sale of mobile devices in the region, which fuels the growth of the industry.
- India
India's low-code development platform market size was valued at USD 1.12 billion in 2022 and is expected to reach USD 10.26 billion by 2030, at a CAGR of 31.9% from 2023 to 2030.
Several digital developments are underway in India, including low-code platforms, such as ArcGIS Platform-as-a-Service (PaaS) for developers, which contains apps and location tools for developing innovative solutions. By offering an open location-focused PaaS for software developers, businesses, and organizations needing to integrate maps and location services into their products, solutions, and systems, the platform will minimize time to market and foster creative design.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rapid growth of the IT sector.
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