Low-Code Development Platform Market

Growing digitalization and social media penetration around the world are positively impacting the growth of the market.

PORTLAND, PORTLAND, OR, UNITED STATE, April 15, 2024 /EINPresswire.com/ -- According to the report published by Allied Market Research, the global low-code development platform market was valued at $11.5 billion in 2021, and is projected to reach $125.6 billion by 2031, growing at a CAGR of 27.4% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.

Low-code development platforms enable users to create applications using visual interfaces and configuration, rather than traditional hand-coding methods. They typically offer drag-and-drop components, pre-built templates, and other tools to simplify and accelerate the app development process. These platforms are designed to be accessible to users with varying levels of technical expertise, from professional developers to business analysts and citizen developers.

Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/A09592

The market for low-code development platforms has seen significant growth due to several key drivers:

1. Rapid Application Development (RAD): Businesses are under pressure to develop and deploy applications quickly to meet changing market demands. Low-code platforms enable rapid prototyping and development, reducing time-to-market significantly.

2. Scalability: As businesses scale and require more applications, low-code platforms provide a way to build and deploy them faster without exponentially increasing development costs.

3. Digital Transformation: Many organizations are undergoing digital transformation initiatives, and low-code platforms offer a way to modernize legacy systems, automate processes, and improve customer experiences.

4. Shortage of Skilled Developers: There's a global shortage of skilled software developers. Low-code platforms allow businesses to leverage existing talent and empower citizen developers to contribute to app development.

5. Cost-Efficiency: By reducing the need for extensive custom coding, businesses can save on development costs and allocate resources more effectively.

The low-code development platform market has seen a positive impact from the COVID-19 outbreak. This is due to increased investment in cutting-edge technologies like AI, big data, ML, DevOps, and low-code solutions, as companies worldwide embrace digitalization. The industry for low-code development platforms is evolving rapidly, with software firms and tech service providers expected to continue adopting these solutions. With a growing demand for low-code development platforms, investments in machine learning are also predicted to rise, offering numerous opportunities for the market's future.

For Report Customization: https://www.alliedmarketresearch.com/request-for-customization/A09592

Moreover, in the era of the fourth industrial revolution, digitalization has become a crucial aspect of competitiveness. The need for professionals skilled in digitalization is surpassing the available talent pool. This scenario sets the stage for low-code to move beyond its emerging technology phase and establish itself as a new paradigm in software development projects.

Conversely, low-code technologies significantly reduce or even eliminate manual coding (No-Code) in software application development. Key features such as drag-and-drop visual interfaces, a variety of pre-designed components, and module reusability across different formats like web and mobile are driving factors for low-code applications. Consequently, low-code tools expedite development timelines, enhance software production efficiency, and reduce maintenance efforts. Some manufacturers even report cost reductions exceeding 70% and implementation time cuts ranging from 50% to 90%.

By component, the platform segment held the highest share in 2021, garnering around two-third of the global low-code development platform market revenue. The services segment, on the other hand, would showcase the fastest CAGR of 31.6% throughout the forecast period.

By deployment mode, the cloud segment contributed to more than half of the global low-code development platform market share in 2021 and is projected to rule the roost by 2031. The on-premise segment, however, would portray the fastest CAGR of 23.2% during the forecast period.

Buy Now & Get Exclusive Discount on this Report: https://www.alliedmarketresearch.com/low-code-development-platform-market/purchase-options

By enterprise size, large enterprises segment held the major share in 2021, garnering more than three-fifths of the global low-code development platform market revenue. The small and medium-sized enterprises segment, on the other hand, would showcase the fastest CAGR of 30.1% throughout the forecast period.

By application type, the mobile-based application segment accounted for the highest share in 2021, generating more than two-fifths of the global low-code development platform market revenue. The web-based application segment, however, would portray the fastest CAGR of 31.2% during the forecast period. The desktop and server-based application segments are also analyzed throughout the study.

By industry vertical, the IT and telecom segment contributed to nearly about one-third of the global low-code development platform market share in 2021. The BFSI segment, on the other hand, would portray the fastest CAGR of 34.6% during the forecast period. The manufacturing, government, healthcare, retail and e-commerce and other segments are also analyzed throughout the report.

The key market players analyzed in the global low-code development platform market report include AgilePoint Inc., Appian Corporation, Mendix Technology BV, Microsoft Corporation, Oracle Corporation, OutSystems, Inc., Pegasystems Inc., Salesforce.com Inc., ServiceNow, Inc., and Zoho Corporation Pvt. Ltd. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report helps formulate the business performance and developments of the top players.

Inquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A09592

Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia.

If you have special requirements, please tell us, and we will offer you the report as per your requirements.

Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

Related Report:

1. Cloud Microservices Platform Market

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
5933 NE Wi
Toll-Free: 1-800-792-5285
UK: +44-845-528-1300n Sivers Drive
#205, Portland, OR 97220
United States
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter

David Correa
Allied Market Research
+1 5038946022
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.