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A low-code development platform is a software that helps in building unique business applications quickly. It enables developers to create both web and mobile-based applications using a drag-and-drop approach and model-driven logic. It makes programming easy and flexible, reducing overhead expenses of recruiting technical expertise. Low-code development platforms automate everyday tasks and help in streamlining data management. Also, it helps in gathering feedback from stakeholders and update applications accordingly in real-time. These platforms offer security features, such as user-access control, audit logs, and automated threat assessments.
The growing organizational need for web and mobile-based applications for enhancing their business processes is fuelling the demand for the low-code development platforms. Organizations are adopting mobile-based apps to make their operations efficient, convenient, and profitable. The mobile-based apps augment business capabilities and help business owners to explore novel possibilities and transform operational process to gain more profit. Additionally, the increasing number of application programming interface (API) offerings by the solution vendors, is accelerating the demand for the low-code development platform solutions. Furthermore, the growing trend of digitization across the various industrial sectors will create lucrative opportunities for the low-code development platform market growth. Additionally, the rising demand for innovative applications and software automation is driving the growth of the low-code development platform market.
Key Market Driver -
Growing organizational need for web and mobile-based applications for enhancing their business processes
Key Market Restraint -
Limited integration capability and higher cost associated with the platform
However, the limited integration capability and higher cost associated with the platform as well as the growing concerns of organizations related to data confidentiality, are some of the factors limiting the market growth of low-code development platforms.
Based on the component, the market is bifurcated into solution and services. Based on the solution, the market is further divided into a database app platform, process app platform, general purpose platform, and request handling platform. By deployment, the market is segmented into on-premises and cloud. By enterprise size, the market is fragmented into large enterprises and small and medium enterprises (SMEs). By industry, the market is fragmented into BFSI, healthcare, education, IT and telecommunication, media and entertainment, manufacturing, government, retail, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The major companies in the global low-code development platform market report include Salesforce.Com Inc., Microsoft Corporation, Google LLC, ServiceNow, Inc., OutSystems, Mendix Tech BV, Caspio, Inc., Appian, SourceCode Technology Holdings, Inc., and Bizagi.
The global low-code development platform market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America followed by Europe, dominated the global low-code development platform market in 2018, owing to the growing deployment of web and mobile applications for business operations and rising internet penetration. Furthermore, the rapidly increasing number of IT startups in emerging economies such as India and China is anticipated to fuel the demand for low-code development platform solutions in Asia Pacific. Additionally, the increasing number of smartphone users is driving the growth of low-code development platform market in Asia Pacific. Latin America and the Middle East & Africa are projected to register a comparatively higher CAGR by the end of the forecast period.
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