The most recent study conducted by Report Ocean, titled “Global Low-code Development Platform Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Low-code Development Platform. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global 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. 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.
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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
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Pegasystems Inc.
Quickbase
Salesforce, Inc.
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
By Region:
North America
U.S.
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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
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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