Low Code Development Platform Market
In 2021, the market for low-code development platforms market was expected to be worth USD 16.3 billion. It is anticipated to increase at a CAGR of 27.8% during the projected period, reaching an anticipated value of USD 125.3 billion by 2030. (2022–2030). During the predicted period, North America held the greatest market share.
The use of AI is expanding across all industries. Its implementation is hampered by a lack of competent people and higher implementation expenses. According to Cisco's Transforming Business with AI research, companies have strategically prioritised AI, but its full implementation is hampered by a skills shortage. The idea of low-code artificial intelligence is revolutionary in terms of AI technology for software and application development. The platform attracts investment from many businesses due to its wide use and potential advantages.
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Regional analysis:
During the predicted period, North America held the greatest market share. All regional end users can choose from a wide range of platforms and services that are provided by several significant industry players. Because of their strong economies, the US and Canada are expected to help the low code development platform industry grow. Geographical presence, substantial Research and Development (R&D) activities, partnerships, acquisitions, and mergers are the most important factors in the deployment of minimal code development platforms and services. The expansion of the worldwide market in North America is being driven by the leading vendors, including Salesforce, Microsoft, Appian, and Pegasystems, which provide expanding low code development platforms and services to fulfil client needs.
Asia-Pacific would see the fastest growth throughout the projection period. More than 50% of the region's top executives are confident using the low code platform across their individual companies, according to the 2020 Software Survey of Asia-Pacific. Low code platforms should be used by Chinese IT developers for efficient workflow, it is advised. According to the Mendix Survey, 9% of IT professionals approve of the platform. The current Atma Nirbhar Bharat programme is projected to contribute significantly to India's predicted rapid growth.
Market segmentation:
Platforms and Services make up the two segments of the worldwide low code development platform market, according to component. During the anticipated period, the Platform segment had the biggest market share.
The worldwide low code development platform market is segmented into On-premises and Cloud based on deployment. Over the course of the projected period, the On-premise category held the biggest market share.
The web-based and mobile-based segments of the worldwide minimal code development platform market are separated based on application. During the predicted period, the segment that generated the most revenue was web-based.
The worldwide low code development platform market is divided into SMEs and Large Enterprises based on enterprise size. During the projected period, the Large Enterprise segment held the greatest market share.
The BFSI, IT & Telecommunication, Education, Government, Manufacturing, Healthcare, Retail, Media & Entertainment, and other segments make up the worldwide low code development platform market. The segment that will dominate throughout the predicted period is IT & Telecommunication.
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By Component:
- Solution
- Service
By Type:
- Construction
- General-Purpose platform
- Database app platform
- Process app platform
- Request handling platform
By Deployment:
- On-premises
- Cloud
By Organization Size:
- Small and Medium
- Large
By Vertical:
- Retail and E-Commerce
- Healthcare
- Media & Entertainment
- BFSI
- IT & Telecommunication
- Government
- Others
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Key Players:
Appian (United States), Pegasystems Inc. (United States), and ServiceNow (United States) are some of the companies that compete with Microsoft (United States) com Inc.
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