Low-code Development Platform Market is valued approximately USD 5.5 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 22.9% over the forecast period 2022-2028. A low-code development platform offers a development environment for creating application software using a graphical user interface. A low-coded platform may generate fully functional apps or may need further coding for certain scenarios. The increase can be attributed to enterprises’ rising interest in digital transformation and automation of their business operations.
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The rising necessity for solutions to automate company activities to be deployed quickly has opened the path for the adoption of low-code development platforms. These platforms provide building pieces that business users and IT developers may utilise to assemble into workflows and applications without the need for hand-coding. The growing customer preference for low-code development has necessitated the development of better methods for scaling apps and educating users, whether professional developers or company employees, about these solutions. Pegasystems Inc., for example, announced new Pega Platform templates, services, and training courses in May 2022 to assist citizen developers in quickly and effectively creating low-code apps. Low-code platforms are becoming an important aspect of current cloud platforms in many enterprises, allowing them to improve their strategy while reducing cost and complexity. Mendix on IBM Cloud, App Maker on Google Cloud Platforms, and PowerApps on Microsoft are some well-known low-code platforms from major public cloud providers. However, Dependency on vendor supplied customization impedes the growth of the market over the forecast period of 2022-2028.
The key regions considered for the Global Low-code Development Platform Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America emerged as the market leader due to the region’s strong presence of many prominent businesses that are primarily focused on the creation of new goods. With the rising inclusion of low-code platforms in the area, particularly in China, Asia Pacific is predicted to achieve the greatest CAGR from 2022 to 2030. Several local suppliers across all main sectors are leveraging these platforms to expedite application delivery, grow developer taskforces, reduce operational costs, and boost innovation. Mendix, for example, is utilised by a number of Chinese enterprises, including CIMC Vehicles, SAIC Motor, and Maxnerva Technology Services.
Major market players included in this report are:
Appian
Creatio
LANSA
Mendix Technology BV
Microsoft
Oracle
OutSystems
Pegasystems Inc.
Quickbase
Salesforce, Inc.
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Application Type:
Web-based
Mobile-based
By Deployment Type:
Cloud
On-Premise
By Organization Size:
SME
Large Enterprise
By End-use:
BFSI
Automotive & Manufacturing
Retail
Education
IT & Telecom
Transportation & Logistics
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Market research objective you provided focuses on conducting a comprehensive analysis of a specific market. Here is a breakdown of the research objectives you mentioned:
To analyze and forecast the market size of the market:
- This objective involves assessing the current market size and using historical data and market trends to forecast its future size.
- This analysis helps in understanding the market’s growth potential and opportunities.
To classify and forecast the global market based on product, material, application, and region:
- This objective aims to categorize the market based on different factors such as product types, materials used, applications, and geographical regions.
- It also involves forecasting the market size and growth for each category, providing a detailed understanding of market segmentation.
To identify drivers and challenges for the global market:
- This objective focuses on identifying the factors that drive market growth and those that pose challenges or constraints.
- Understanding the drivers helps in recognizing opportunities, while understanding the challenges allows for mitigation strategies and informed decision-making.
To examine competitive developments such as mergers & acquisitions, agreements, collaborations, and partnerships in the market:
- This objective involves analyzing the competitive landscape of the market. It includes studying activities such as mergers and acquisitions, agreements, collaborations, and partnerships among market players.
- This analysis provides insights into the market’s competitive dynamics and strategic moves by key players.
To conduct pricing analysis for the market:
- This objective aims to analyze pricing strategies within the market. It involves assessing pricing trends, price variations based on different factors, and understanding price sensitivity among customers.
- This analysis helps in formulating effective pricing strategies for market players.
To identify and analyze the profile of leading players operating in the market:
- This objective involves profiling and analyzing the key players in the market. It includes studying their business strategies, financial performance, product portfolios, market share, and competitive advantages.
- This analysis helps in understanding the competitive landscape and benchmarking against industry leaders.
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