New York, Feb. 16, 2023 (GLOBE NEWSWIRE) -- The report published by Maximize Market Research on “Low-Code Development Platform Market” is expected to grow from USD 17.25 Bn in 2021 to USD 122.75 Bn in 2029 at a CAGR of 27.8 percent over the forecast period. Maximize Market Research is a global information technology and telecommunication market research and consultancy firm. The published report contains a thorough analysis of the industry with an in-depth regional and segment-wise analysis and a competitive landscape of the Low-Code Development Platform Market.
| Market Size in 2021 | USD 17.25 Bn. |
| Market Size in 2029 | USD 122.75 Bn. |
| CAGR | 27.8% (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 272 |
| No. of Tables | 118 |
| No. of Charts and Figures | 110 |
| Segment Covered | Component, Deployment Mode, Application Type, Organisation size, Industry |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
Rapid adoption of digitization to act as a catalyst for the growth of the Low-Code Development Platform Market
The Low-Code Development Platform Market is driven by the increasing penetration of digitization in the market. As opposed to conventional coding, this platform presents a wide range of opportunities for growth in the market. It enables programmers with any level of expertise to develop applications with ease. Digitization included several facets such as improvement in the user experience, further development of the systems and the incorporation of automated processes in the system. Such developments in the Low-Code Development Platform Market are expected to result in growth over the forecast period.
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A key factor for the growth of the Low-Code Development Platform Market is also its rapid adoption in various domains, thereby increasing its end-users. Not only enterprises but government organisations are also embracing digitization and automation in their business operations. Since the system is able to code at a faster speed which is less labour intensive and the lack of space for human error were factors responsible for its increasing popularity.
North America held the largest market share of 35 percent in 2021
The North American region held the largest market share and is expected to grow at a rate of 35 percent and maintain its growing streak over the forecast period. The market growth is driven by the presence of key players in the region. Such concentration results in increased competition and increased competition in the Low-Code Development Platform Market. In the region, U.S and Canada are expected to contribute to the growth of the market on account of strong economic conditions in the region and the rapid adoption of automation technologies and digitization. Increasing investments in research and development and successful mergers and acquisitions in the industry are expected to fuel the regional Low-Code Development Platform Market growth.
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The BFSI segment held the largest market share by revenue in 2021
The BFSI segment held the largest market share, accounting for more than 30 percent of the market share in 2021. The advent of digitization has resulted in its adoption in several business operations in the banking sector. This includes processes that include onboarding clients, back office operations, self-servicing booths, etc. This has helps reduce operational costs and improve efficiency, thereby revolutionizing the financial services sector.
Low-Code Development Platform Market Segmentation:
By Component:
- Solution
- Services
By Deployment Mode:
- On-Premises
- Cloud
By Application Type:
- Web-Based
- Mobile-Based
By Organisation Size:
- Small And Medium-Sized Enterprises (SMEs)
- Large Enterprises
By Industry:
- Banking, Financial Services, And Insurance (BFSI)
- Telecom And IT
- Government
- Energy And Utilities
- Manufacturing
- Healthcare And Life Sciences
- Retail And Ecommerce
- Media And Entertainment
- Education
- Others (Travel And Tourism, And Transportation And Logistics)
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Low-Code Development Platform Market Key Competitors include:
- Caspio (US)
- OutSystems (US)
- Appian (US)
- Salesforce (US)
- Quickbase, Inc. (US)
- LANSA INC (US)
- ServiceNow (US)
- AgilePoint, Inc. (US)
- Bizagi (US)
- Microsoft Corporation (US)
- Oracle Corporation (US)
- Pegasystems Inc (US)
- KissFlow (US)
- Blazedpath (US)
- Mendix Technology BV (Netherlands)
- Appsemble BV. (Netherlands)
- Novulo (Netherlands)
- Smart Shaped SRL (Italy)
- Aurachain (Romania)
- ClickPaas (China)
- eNextCloud (India)
- Zoho Corporation (India)
- Magic Software Enterprises Ltd (Israel)
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Key questions answered in the Low-Code Development Platform Market report are:
- What is Low-Code Development Platform?
- What rate is the Low-Code Development Platform Market business expected to grow in size in the forecast period from 2022-2029?
- What are the recent developments in the Low-Code Development Platform Market?
- Which is the fastest growing segment in the Low-Code Development Platform Market?
- What are the consumer demand patterns in the Low-Code Development Platform Market?
- What are the ongoing trends in the Low-Code Development Platform Market?
- Who are the leading companies and what are their portfolios in Low-Code Development Platform Market?
- What are the major challenges that the Low-Code Development Platform Market could face in the future?
- Who held the largest market share in Low-Code Development Platform Market?
- Which region is expected to witness rapid growth in the Low-Code Development Platform Market?
- What are the lucrative opportunities prevailing in the Low-Code Development Platform Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Component, Deployment Mode, Application Type, Organisation Size, Industry and Region
- Competitive Landscape – Profiles of selected key players by region in a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
