Why Low-Code Application Development Platform has been a bustPosted by Mrudula Anil Karmarkar on February 11th, 2021 The global low code application development platform market size is expected to reach USD 86.92 billion by 2027, according to a new report by Grand View Research, Inc. The market is projected to register a CAGR of 22.7% during the forecast period. The increasing need for rapid customization and scalability, elimination of IT backlogs, enhancing digital transformation, and demand for robust solutions are the key driving factors for the market growth. North America held the largest share due to the presence of key vendors such as Appian, Microsoft, Pegasystems, Oracle Corporation, and Salesforce. The low code application development platform is the visual and non-technical approach of the design and development of web-based and mobile-based application development platforms. Low-code Application Development Platform (LCADP) helps organizations overcome the shortage of technical developers and employ non-technical developers by improving the development teams’ association. In addition, it supports the end-user industries such as BFSI, IT and telecom, and others to increase profit margins rapidly. However, low code application development platforms are a vital opportunity for small and medium enterprises to reduce the IT backlogs and undergo a rapid digital transformation with the modern interface. It also creates an opportunity for small, medium, and large organizations to develop the new UI and other developments in the traditional ecosystems. Low code application development platforms are widely used by the industry verticals such as IT and telecom, BFSI, energy and utilities, and manufacturing as they generate huge information daily. Therefore, LCDAP helps these industry verticals in developing a modern interface and visualization of the data through its platform. Low-Code Application Development Platform Market Report Highlights
Low code development is an application development method in which the developers develop visual codes for various applications such as web/ desktop-based and mobile-based systems. This code uses a graphic interface and drag and drops components in the coding method. It reduces the developer’s task from writing non-technical codes through this interface and supports them in creating and working on a tedious task of application development. These low code developers lower the time consumption significantly compared to the IT professional developers on the traditional coding methods. This allows them to develop a varied range of applications for different use cases, i.e., from upgradation of legacy applications to IoT enable smart apps. Currently, developers are high in demand, but there is a shortage of skilled developers; thus, businesses are left without the technically sound and experienced developers to develop the applications, further automating the business processes. Thus, the digital transformation is making these businesses hire and adopt the low code developers and its application development platform. However, these businesses save the amount of time, develop apps, and potentially fill the gaps, and IT backlogs, which helps them switching from traditional interface to modern interface. CIOs or CXOs are set back to decide on adopting a low code application development platform in any organization. For them, adoption of low code development approach refers to less work with speedier projects, sooner fulfillment in low budgets, and ultimately leads to high-profit margins. But the developers get stuck between the commitments and sales pitch, which is time-consuming, slower, and annoying than writing the complete technical codes. Besides, a lack of knowledge about the low code development restrains the overall market growth. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/450779/ibb The key players that dominated the global market in 2020 include Salesforce, Appian, Mendix, Microsoft, Pega Systems, Zoho, OutSystems, and Oracle Corporation. These companies offer a wide range of low code application development platforms and services. The barriers to the new entrants in the market are moderate as the freelancer low code developers influence the overall market. New product launches and up-gradation of the existing platform have remained the key strategy of these players. In June 2020, Appian launched an upgraded version of the Appian Low-code Automation Platform. In May 2020, Salesforce announced the launch of the first low-code Blockchain Platform for CRM. Some of the prominent players in the low-code application development platform market include:
Grand View Research has segmented the low-code application development platform market on the basis of component, application, deployment, organization: Low-Code Application Development Platform Component Outlook (Revenue, USD Billion, 2016 - 2027)
Low-Code Application Development Platform Application Outlook (Revenue, USD Billion, 2016 - 2027)
Low-Code Application Development Platform Deployment Outlook (Revenue, USD Billion, 2016 - 2027)
Low-Code Application Development Platform Organization Outlook (Revenue, USD Billion, 2016 - 2027)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |