Low Code Development Platform Market, By Deployment Mode (Cloud, On-premise), By Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), By Application Type (Web-based Application, Mobile-based Application, Desktop, and Server-based Application), By Region Analysis - Global Analysis and Industry Forecast Report Till 2030.

Low Code Development Platform Market is poised to grow from USD 8.7 billion to USD 37.5 billion, at a CAGR of 17.63% during the forecast period.

A graphical user interface is utilised in the development environment offered by a low-code development platform to produce application software. Low-code platforms can create fully functional applications or require additional coding for the specific needs of your business. Additionally, business applications can be delivered faster by reducing traditional man-hours. A broad spectrum of people can contribute to the development of applications, which is a general advantage.

Over the anticipated time, these benefits present profitable chances for low code development platform market trends. Additionally, emerging advanced low code development platform applications can address a range of human error and quality issues. Therefore, various sectors such as healthcare, IT, and retail are adopting low code development platforms due to their benefits. Widespread adoption of this platform across different sectors is a major factor expected to create lucrative growth opportunities in the low code development platform market.

Market Dynamics:

Drivers:

Low-code artificial intelligence is a paradigm shifting idea in AI technology for software and application development. Due to the wide range of applications and prospective advantages, the low code development platform market attracts a lot of corporate investment.

For example, Akkio received XX USD million from Bain Capital Ventures to support the company's automated decision-making technology. Instead of relying solely on data science, the company provides a low-code platform with state-of-the-art technology. Large-scale benefits for business include improved data analysis, better user experience, cost savings, rapid development, and more. Accordingly, the expansion of the low code development platform market is expected to accelerate along with the spread of standard code AI.

Restraints:

The various advantages of low-code technology contribute to market expansion. The platform, however, lacks key elements that prevent market expansion, not every low-code tool and platform that interfaces with every program is a market hurdle. Therefore, developers and designers should consider the limited integration capabilities when creating software to avoid related problems in the future[D1] . Another important platform drawback is the lack of customization options and freedom. Few players offer the opportunity for custom applications that support their business model. Therefore, limited application personalization options and integration with sophisticated software restrain the low code development platform market growth.

Opportunities:

Due to government funding and rapid advances in technology, the healthcare sector is thriving globally. The healthcare industry uses low code development platforms to streamline data integration processes, increase workflow efficiencies, and improve the patient experience. Leveraging low code cloud technology can greatly help in integrating patient information from multiple systems, enabling healthcare providers to take patients' medical histories and provide better care, thereby stimulating the growth of the sector.

As the low code platform is cost-effective. Without the need for outside consultants, non-technical staff may operate servers, dramatically lowering total cost of ownership. A low code application platform is also essential for creating mobile-friendly apps that can support virtual consultations while reducing hospitalization costs and providing a secure network for encrypted communications. These apps can be created to keep up with technological change. Accordingly, the advantages of low code development technology in the healthcare industry are accelerating low code development platform market growth.

Key Players:

• Appian

• Creatio

• LANSA

• Mendix Technology BV

• Microsoft

• Oracle

• OutSystems

• Pegasystems Inc.

• Quickbase

• Salesforce, Inc.

• Servicenow

• Zoho Corporation Pvt. Ltd. 

• Com, Inc.

Market Segmentation:

Low Code Development Platform Market, By Deployment Mode

• Cloud

• On-premise

Low Code Development Platform Market, By Enterprise Size

• Large Enterprises

• Small and Medium-sized Enterprises

Low Code Development Platform Market, By Application Type

• Web-based Application

• Mobile-based Application

• Desktop and Server-based Application

Low Code Development Platform Market, By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa (MEA)

Regional Analysis:

North America is predicted to account for the majority of the revenue share during the projected period, due to its early adoption of digital and intelligent technologies. The US will gain the largest low code development platform market share in this region. An increase in domestic SMEs and digital investment will stimulate platform demand.

Asia Pacific is expected to witness a tremendous growth rate during the forecast period. According to the Asia Pacific Software Survey, more than XX% of regional C-suite executives are confident in implementing a low code platform across their organization.

Europe is expected to witness significant growth due to growing interest in BFSI, retail, healthcare and education for efficient application development. The UK and Germany are expected to show potential opportunities for suppliers to expand in these regions. Brexit in the UK and the impact of the pandemic are key factors for low code development platform market growth.

Scope of the report:

User

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