Low Code Development Platform Market 2021: Dynamics, Growth Segments by Opportunities, Future Demand Status and Business Advancement plans till 2030

In a recent published report, Kenneth Research has updated the market report for Low Code Development Platform Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

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U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Low Code Development Platform Market products.

The Low Code Development Platform Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users

Low code development platform (LCDP) refers to the development of applications software by the means of graphical user interface (GUI) instead of the conventional process of computer programming. The platforms mainly concentrated on creation and development of business processes, a user interfaces such as web applications and database platforms. The low code development offers low or no coding techniques, which eventually reduces the time and cost for the development of the platform, which, in turn, are advantageous to the business processes.      

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The Salesforce.com, Outsystem, and Mendix are the leading companies, which offer different platforms such as Salesforce App cloud platform, outsystems, and mendix platform respectively, which allows to create and develop their business app and perform faster than their expectation.  The low code development platform offers critical and complex solutions to ease the business processes, which are generally classified into web and mobile solutions.

However, the surging demand for mobile-based apps for the business processes and increasing number of application programming interface (API) offerings by the solution vendors are presumed to be propelling factors for the low code development platform market over the forecast period.On the other hand, the customization based apps for the business organizations are presumed to be challenging factors for the LCDP market over the review period 2017-2023.The global low code development platform market is expected to grow at a CAGR of 32% over the forecast period 2017-2023.

Key Players:

Some of the major players in the low code development platform market are Salesforce (U.S.), OutSystems(U.S.) and Mendix(U.S.), Google Inc., (U.S.), Caspio (U.S.), Appian (U.S.), Microsoft Corporation (U.S.), MatsSoft (U.K), K2(U.S.), Bizagi (U.K), AgilePoint (U.S.) Service now (U.S.), Kony Inc, (U.S), and TrackVia Inc. (U.S.).

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The low code development platform market is segmented based on type, component, deployment, organization size, and applications.Based on the type, the low code development platform is sub-segmented into database app platform, process app platform, general purpose platform, and request handling platform. On the basis of the component, it is segmented into solution and services. The solution based low code development is categorized into mobile solutions and web solutions. Furthermore, the service based low code development consists of professional services and managed services.

The deployment is sub-segmented into on-premises and on the cloud. The on the cloud is further categorized into public, private, and hybrid.On the basis of the size of the organization, the market is sub-segmented into small & medium enterprises, and large enterprises.Based on the application, it is further segmented into banking, financial services, and Insurance (BFSI), retail, healthcare, transportation & logistics, IT & telecommunication, media & entertainment, construction, and others.

 Regional Analysis:

Geographically, the low code development platform is segmented into five different regions: North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America.

The North American region is dominating the global low code development platform market. The U.S is the leading country in this region. Constantly increasing the number of internet users and development of mobile and web applications for the business organization are majorly driving the growth of the low code development platform market in this region and are likely to continue the same over the review period.

The Asia Pacific is anticipated to have a significant growth in low code development platform over the forecast period. This is attributed to rapidly increasing startups as IT firms and surging economic growth in the emerging economies such as China and India.Europe is expected to have a substantial growth in the low code development market over the forecast period.

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Target Audience:

Research Firms.

Government Agencies

Cloud Service Providers (CSPs)

Internet Service Providers (ISPs)

System integrators

Value-Added Resellers (VARs)

Low code development providers

Platform integrators

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