At +26.1% CAGR, Low-code Development Platform Market size is Expected to reach 65.15 Billion by 2027, says Brandessence Market Research

PUNE, India, March 9, 2021 /PRNewswire/ -- The increasing demand for software development to perform the IT operations in fast-changing environments and growing need for rapid customization and scalability are the key drivers of Global Low-Code Development Platform (LCDP) Market.

Global Low-Code Development Platform Market is valued at USD 12.85 Billion in 2020 and expected to reach USD 65.15 Billion by 2027 with a CAGR of 26.1% over the forecast period.

Key Players for Global Low-Code Development Platform Industry Report: Some major key players for global Low-Code development platform market are Salesforce, Microsoft, Appian, Oracle, Pegasystems, Magic Software Enterprises, Agile Point, OutSystems, Zoho, Quick Base, LANSA, Fujitsu RunMyProcess, Netcall, WaveMaker, and others.

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Scope of Global Low-Code Development Platform Market Report:

Low-Code development platform (LCDP) refers to the event of applications software by the means of graphical interface (GUI) rather than the standard process of programming. The platforms mainly focused on creation and development of business processes, a user interfaces like web applications and database platforms. The Low-Code development offers low or no coding techniques, which eventually reduces the time and value for the event of the platform, which, in turn, are advantageous to the business processes. LCDPs are being deployed as a way of facilitating the fast production and usage of functional software which will meet the information needs and also the unique process of the enterprise. The microcomputer revolution has allowed mass integration of business operations using customized software, as businesses have distributed required devices extensively around their employees' bases. This has enabled the software developers to form tailored systems to the particular needs of organizations, in quantity.

The ongoing outbreak of COVID-19 has positively impacted the market, because the restrictions on the movement of individuals have encouraged the businesses to have interaction with their customers and clients over the web, that an array of applications (either mobile or online) are being developed. Also, governments across the planet are creating applications to coach people with COVID-related alerts and notifications. In such regard, LCDPs allow developers to form, develop, and deploy changes rather quickly.

Global Low-Code development platform (LCDP) market report is segmented on the basis of component, deployment, size of enterprise, application and region & country level. Based on type, the Low-Code development platform is classified into database app platform, process app platform, general purpose platform, and request handling platform. On the basis of the component, the market is divided into solution and services. On the basis of deployment, Low-Code development market is categorized into mobile solutions and web solutions. Based on deployment, the market is classified into on-premises and on the cloud. On the organization size , the market is classified into small & medium enterprises, and large enterprises.

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News- Siemens Bringing Low-Code Company to China

January 21^st, 2021; Low-Code platform Mendix announced that it'd be making its first invade China due to its parent company Siemens, which has long had a position within the Chinese market. Siemens business and global leader in low-code application development for the enterprise, has announced the introduction of its world-class platform to the Chinese market. The Mendix low-code platform brings tremendous advantages to Chinese enterprises seeking to accelerate its digital transformation in response to competitive pressures and new ways of doing business, both of which are accelerated by the worldwide pandemic. Siemens' longstanding, extensive presence in China will give Mendix significant advantages in access to customers, resources, and expertise because it brings its platform into one amongst the world's top technology markets.

Increasing Demand for Software Development to Perform the IT Operations in Fast-Changing Environments and Growing Need for Rapid Customization and Scalability are the Major Factors Driving the Market Growth

One of the major factors driving the growth of global Low-Code development platform (LCDP) market is increasing demand for software development to perform the IT operations in fast-changing environments. According to a report by "Deloitte" 65% of all application development will be done with low-code platforms, and that 66% of large firms will use at least four different low-code application building platforms. Organizations are adopting mobile-based apps to form their operations efficient, convenient, and profitable. In addition, growing need for rapid customization and scalability is another major factor fostering the growth of this market. The mobile-based apps augment business capabilities and help business owners to explore novel possibilities and transform operational process to achieve more profit. The platforms employ visual, declarative techniques and help to develop software model-based over the normal writing of software code. The increasing number of application programming interface (API) offerings by the answer vendors, is also accelerating the demand. The growing trend of digitization across the various industrial sectors will create lucrative opportunities for the low-code development platform market.

However, the limited integration capability and better cost related to the platform furthermore due to the growing concerns of organizations associated with data confidentiality, may limit the market growth. In spite of that, the rising demand for innovative applications and software automation can provide various opportunities for the further growth of the market.

North America is Expected to Dominate the Global Low-Code Development Platform Market

North America is expected to dominate the global Low-Code development platform market due to the high IT expenditure, increasing  mobile application usage and therefore the presence of the massive and small& medium scale enterprises in this region. In addition, rising adoption of the smartphone applications for the various purposes like online purchasing, banking, online gaming and messaging is also expected to drive the market growth in this region.  Asia Pacific region is expected to witness a significant growth this market due to the increasing internet penetration and rapid development of the IT infrastructure in this region. The region is most preferred destination for IT outsourcing. The rapid expansion of the IT infrastructure is one amongst the key drivers for the regional growth. Additionally, the increasing number of smartphone users is also supplementing the market growth.

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Key Benefits for Global Low-Code Development Platform Industry Report–

• Global Low-Code Development Platform Market report covers in-depth historical and forecast analysis.
• Global Low-Code Development Platform Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
• Global Low-Code Development Platform Market report helps to identify opportunities in marketplace.
• Global Low-Code Development Platform Market report covers extensive analysis of emerging trends and competitive landscape.

Global Low-Code Development Platform Industry Segmentation:

By Component:

• Platform
• Services

By Application:

• Web-based
• Desktop & Server-based
• Mobile-based

By Deployment Type:

• On-premise
• Cloud

By Size of Enterprise:

• Small
• Medium
• Large

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