Market Insights Reports delivers key insights on the Low Code Development Platform market in its latest report titled, “Low Code Development Platform Market – Growth, Trends, COVID-19 Impact, And Forecasts (2021 – 2025)” provides an in-depth analysis of key players strategies, market growth, product demand, growth factors, technological innovations, regional outlook and global dynamics which includes drivers, challenges, and opportunities dominant in the industry. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The Low Code Development Platform market is expected to witness a growth at a CAGR of 27.9% over the forecast period (2020-2025).
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Top Key Players in the Global Low Code Development Platform Market: Salesforce.com Inc., Microsoft Corporation, Appian Corporation, Oracle Corporation, Pegasystems Inc, Magic Software Enterprises Ltd, AgilePoint Inc, Outsystems Inc, Mendix Inc, ZOHO Corporation, QuickBase Inc. and Others.
– May 2020 – Microsoft announced the acquisition of Soft motive, a provider of robotic process automation (RPA). With this acquisition, the company has planned to deliver a comprehensive low-code desktop automation solution with a Win Automation form Soft motive.
Key Market Trends:
Information Technology Segment to Witness Significant Growth
– In recent past years, IT professionals have been showing greater interest in the low-code development platforms because of significant payoffs it offers for their own developers, and for their customers relying on their software applications. According to the recent survey conducted by Salesforce.com has concluded that over seventy-six percent of IT professions are extremely interested in low-code development in 2019. The figure grew from 48% two years before.
– The organizations that have been actively focused on technology advancement with low-code development in the IT sector are expected to gain the biggest impact across the business departments, and their ability to staff more people towards for complex tasks.
– However, as the market is still emerging in the market, it needs for the governance and training for staff. The IT sector lacks confidence in non-developer staff for creating application development. Appian Corporation has mentioned that less than 24% of IT organizations have appropriate IT governance processes for non-developers to create applications. Additionally, only close to one-third of the IT organizations have proper training programs to empower non-developers to use low-code development techniques. This is expected to create hinder the studied market growth.
Top Line Market Forecast:
Both Regional and Global sectors are included in the Outlook, with special breakouts for the NAM, European, MENA, and Asia-Pacific regions. The data covered is from 2015 to 2019 historically and from 2020 to 2025 forecasted, it also includes the impact of Covid-19 both on the short- and long-term prospects of the industry.
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North America is Expected to hold the Largest Market Share
– The North America region is expected to hold the largest market share as it has the presence of prominent as well as dominant players in the market, offering low-code development platforms. Some of these players are Salesforce, Mendix, Nintex, OutSystems, Quick Base, and Microsoft, among others. Out of these, Microsoft and Salesforce have close competition.
– Additionally, the region has a greater opportunity for the studied market. According to the US Bureau of Labor, the IT sector in the country has limited bandwidth and has an ever-growing backlog of requests. There are over 200 thousand software development job openings in the country and only 30,000 computer science majors graduating annually. This is estimated to create more demand for low-code development platforms, as it enables the creation of applications by non-developers.
– The BFSI companies in the region are also actively adopting low-code development platforms. US-based Newgen Software has mentioned of helping several leading financial institutions in the United States to quickly process and disburse loans to their customers with its low-code development platform, under the SBA Paycheck Protection Program (PPP).
This Low Code Development Platform Market report addresses:
– The Market size from 2016-2021
– Expected market growth until 2025
– Forecast of how market drivers, restraints, and future opportunities will affect
– Segment and regions that will drive or lead the market growth and why
– Comprehensive mapping of the competitive landscape
– In-depth analysis of key sustainability strategies adopted by market place
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Post Covid-19 Analysis:
All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check with the sales team.
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