Published on : Dec 27, 2017
Albany, New York, December 27, 2017: Presently, the growing requirement for software automation and innovative applications for business procedures have forced software developers to build custom applications in volume. This has created the need low code development platform that helps a business build custom applications for a fraction of the time and money. With IT organizations exploring novel and better means of delivering apps faster, the market is expected to show impressive growth in the near future. As a result of this, the global low code development platform is booming and analysts predict it to reach a whopping US$126,638.0 Mn by the end of 2025. These findings can be found in a newly added report on Market Research Hub (MRH), which is titled as “Low Code Development Platform Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017-2025”. The study covers all the major trends and technologies playing a major role in the growth of the low code development platform market over the forecast period. It also highlights various drivers, restraints and opportunities expected to influence the market’s growth during the said period.
Key Dynamics in Low Code Development Market
Low code development platform has the capability to build and deploy applications faultlessly with a minimum of hand-coding, marginal upfront investment in setup, training, and deployment. Low-code development platforms have developed as a faster way to deploy and build innovative business applications. The growing demand for low code development platforms in industries such as healthcare, manufacturing, IT & telecom, government, BFSI and education is expected to reinforce the growth of the low code development platform market over the forecast period. As per the recent evaluations, the global low code development platform market was valued at US$ 1,647.0 Million in 2015 and is anticipated to increase at a CAGR of 54.5% from 2017 to 2025.
It has been analyzed that Low-code platforms are expected to make life easier for many small and medium businesses, especially considering the cost of bringing on new and more developers. Consequently, this is impelling the demand for the low code development platform among end-users. Regionally, North America shows the highest potential for the market’s expansion. It accounted for nearly 40% of the global low code development platform market in 2016. Also, in the future years, Asia Pacific is expected to offer robust growth opportunities to the global market.
Low code development platform is bifurcated by type and deployment type. By type, the global low code development platform market is categorized into general purpose platform, mobile-first app platform, database app platform, request handling platform, process app platform and others. Among these, mobile - first app platform and general purpose platform are the major segments which are expected to fuel the growth of low code development platform market.
At last, the research also highlights market competitiveness by analyzing key players, the important business strategies adopted by them, their market positioning, financials, SWOT analysis and recent developments. Some of the major players in global low code development platform market are Mendix, AgilePoint, MatsSoft Inc., Bizagi Appian Corporation, Caspio, Inc., OutSystems, Salesforce.com, Inc., Microsoft Corporation and Google Inc.
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