Low-code development is a means for visualization application development process so that different levels of experience developers can get through a graphical user interface, drag the use components and logic to create a model-driven web and mobile applications. The low-code development platform eliminates the need for non-technical developers to write code but abstracts the traditional IT architecture to support professional developers.
The global low-code development market has the potential to grow with USD 48.2 billion with bolstering CAGR in the forecast period from 2020-2027. The emerging need to improve the level of management informatization to promote the reduction of management costs and the improvement of management efficiency is rising the market demand for the global low-code development market.
Through the low-code platform, various enterprise management applications such as OA, ERP, CRM, HR, invoicing and inventory, and seamlessly integrate other software systems can develop to realize the interconnection between the various networks.
The low-code development platform came into being in this context. The low-code development platform allows developers to build enterprise information systems based on the platform quickly.
The low code is to agilely adapt to the needs of the rapid development of user services for digital systems. At the same time, it can increase the speed of enterprise digital transformation and reduce dependence on high technology and personnel. So low code development has entered a period of rapid growth.
Moreover, a Low-code development platform refers to tools that can quickly generate applications without coding or through a small amount of code. It can minimize the labor cost of enterprise application development and double the original development time of months or even years. Shorten, to help companies realize the value of cost reduction and efficiency, flexible iteration.
Furthermore, low-code development is straightforward to understand. In the process of developing software, only a small amount of code needs to write. Compared with traditional development methods, the workload of writing code can reduce a lot. More and more non-professional developers are devoted to the development and use of low codes.
Using a low-code development platform to develop a traditional method that takes one to two years to shorten to a few months or even shorter time is a great advantage for enterprise development. The digital transformation of enterprises means developing information systems in a short time, which is most suitable for the rapid development characteristics of low-code platforms.
The low-code development platform is model-driven design, which has changed the development of traditional development tools to a certain extent. The critical point of low-code development is that ordinary developers can quickly develop application programs. This process does not require understanding how the plans behind the software are written and run.
Based on the component, the global low-code development platform market categorized into Platform and Services. The services segment accounted for the largest share in the global low-code development platform market. It is mainly owing to the integration of services with various IT companies to deploy platforms and robust low-code development platform. Thus, the service segment is propelling the market demand for the global low-code development platform market.
Based on the application type, the global low-code development platform market segmented into Web-based, Mobile-based, Desktop, and Server-based. The web-based segment generated the most significant revenue in recent years, and it expected that it would remain at the same level during the low-code development platform market forecast. The web-based application helps in defining low-code development better than user-based apps. Moreover, the web-based application will help in reducing the errors while writing codes and, thus, can easily roll out the writing programming language.
Based on the organization size, the global low-code development platform market bifurcated into SMEs and Large Enterprises. Large enterprise dominates the market of low-code development platform automation in the forecast period from 2020-2027. It is mainly due to the more considerable demand created for software that helps in reducing the cost of IT expenditure and also minimizes the time and resources while developing applications for larger enterprises. Thus, the demand for low-code development platform is fueling due to the large enterprises.
Based on the end-use, the global low-code development platform market classified into BFSI, Retail and eCommerce, Government and Defense, Healthcare, IT, Energy and Utilities, Manufacturing, Others. The BFSI segment holds largest share in the global low-code development platform market and will continue to grow in the forecast period from 2020-2027. It mainly owes to enhance the customer services, and industry continuously improving operations and financial assistance to enhance its functions. Therefore, it requires adopting a low-code development platform to enhance its customer service and automation in the BFSI sector. Moreover, low-code development will help in providing better solutions to improve customer service and user interface for better interaction.
Based on geography, the global low-code development platform market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America region is bolstering the market share for the global low-code development platform. It is due to the substantial prevalence of smartphones, and its usage for net banking, online gaming, shopping, social media interactions, and purchasing are bolstering the market share of North America. Moreover, rising disposable income and technology advancement and growth IT industry is also contributing to fueling the market share for the low-code development platform.
Companies such as Salesforce, Microsoft, Appian, Oracle, Pegasystems, Magic Software Enterprises, AgilePoint, OutSystems, Zoho, Quick Base, LANSA, Fujitsu RunMyProcess, Netcall, WaveMaker, K2, and others are key players in the global low-code development platform market.
By Organization Size