Dublin, July 26, 2021 (GLOBE NEWSWIRE) -- The "Low Code Development Platform Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The low code development platform market is expected to grow at a CAGR of 27.9% over the forecast period (2021 - 2026). The use of the low code development platform has increased across the world due to the rapid increase in the need for digitization and a strong ecosystem developed for Agile and DevOps practices.
LCDPs are being deployed as a way of facilitating the fast production and usage of functional software that can meet the data needs and the unique process of the enterprise. The microcomputer revolution has allowed mass integration of business operations using customized software, as businesses have distributed required devices extensively around their employees' bases. This has enabled the software developers to create tailored systems to the specific needs of organizations, in quantity.
The use of the low-code development platform across the world is being driven due to various factors, such as the rapid increase in the need for digitization and a strong ecosystem developed for Agile and DevOps practices, elimination of gaps in the required IT skills, and increasing need for rapid customization and scalability.
In October 2019, the SATA Group Airlines announced its collaboration with Outsystems for deploying the LCDP from the latter. The deployment has enabled the company to address customer's needs as the center of the development process and create greater value for the business.
The ongoing outbreak of COVID-19 has positively impacted the market, as the restrictions on the movement of people have encouraged the companies to engage with their customers and clients over the Internet, for which an array of applications (either mobile or online) are being developed. Also, governments across the world have been creating applications to educate people with COVID-related alerts and notifications. In such regard, LCDPs allow developers to create, develop, and deploy changes rather quickly.
Furthermore, the lockdown protocols put in place during the pandemic have threatened the medical community with shortages of masks and other personal protective equipment. LCDP has enabled few developers, like Skamene, to quickly build an online application that helped people share their needs and offer supplies. Such benefits are expected to boost the growth of the market in the short-term.
Key Market Trends
Information Technology Segment to Witness Significant Growth
Over the past few years, enterprises operating in the IT sector have been showing greater interest in the LCDPs, owing to significant payoffs it offers for their own developers and for the customers relying on their software applications. A recent survey conducted by Salesforce.com indicated that over 76% of IT enterprises adopted the low-code development platform in 2019, significant growth in comparison to about 51% two years before.
Moreover, SMEs operating in the sector are expected to drive the growth in the market, primarily attributing to the increasing affordability of cloud-based solutions. Also, SMEs in the space are looking to save on operational expenses, as even unskilled professionals may be able to create applications cost-effectively with low-code development platforms.
Further, amid the pandemic crisis, with the rising request for packaged software and apps from the enterprises to engage with their customers and clients over the Internet, the sector is witnessing huge backlogs. In such regard, IT enterprises are obligated to deploy these platforms to ensure competitive advantage and optimized resource utilization.
According to Appian Corporation, the percentage of enterprises with appropriate IT governance processes for non-developers to create applications is less than 24% of the total IT organizations. The company also asserted that only one-third of the IT organizations have proper training programs in place, to empower non-developers to use low-code development techniques. Statistics such as these highlight significant growth opportunities for the market.
North America is Expected to hold the Largest Market Share
North America 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. Out of these, Microsoft and Salesforce have close competition.
In July 2020, Microsoft touted the development of Microsoft Dataflex, a low-code data platform capable of delivering native integration between Teams and Microsoft Power Platform tools. This integration of Teams and Power Platform, enabled by Dataflex, is expected to arrive in a preview by the end of August 2020.
In June 2020, Exadel, a global provider of digital platform engineering solutions and services, announced the offering of new subscription plans (Beginner and Ultimate) to its low-code development platform named Appery.io, aimed at broadening the range of users and accessibility of the platform. Such new offerings and features from the players are further driving the growth of the market.
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).
The low-code development platform market is fragmented with the presence of many players and big governance challenges globally, along with smaller vendors cumulatively holding major market share. The vendors with deep pockets in the market are actively involved in making strategic M&A activities, while small companies are involved in product innovation strategies to gain more market share.
May 2020 - Oracle Corporation opened its second Cloud region in South Korea. As part of the global plans, the company plans to operate 36 second-generation Cloud regions by the end of 2020. The company is mainly focusing on expanding its cloud offering, which is also expected to help in the market studied.
May 2020 - Microsoft announced the acquisition of Softomotive, 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 WinAutomation form Softomotive.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Suppliers
4.2.3 Bargaining Power of Consumers
4.2.4 Threat of New Entrants
4.2.5 Intensity of Competitive Rivalry
4.2.6 Threat of Substitute Products
4.3 Assessment of the Impact of COVID -19 on the Industry
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Need for Rapid Customization and Scalability
5.1.2 Increasing Enterprise Mobility
5.1.3 Elimination of Gaps in the Required IT Skills
5.2 Market Challenges
5.2.1 Dependency on Vendor Supplied Customization
6 EMERGING TECHNOLOGY TRENDS
7 MARKET SEGMENTATION
7.1 By Application Type
7.1.3 Desktop and Server-based
7.2 By Deployment Type
7.3 By Organization Size
7.3.1 Small and Medium Enterprises
7.3.2 Large Enterprises
7.4 By End-user Vertical
7.4.2 Retail and E-commerce
7.4.3 Government and Defense
7.4.5 Information Technology
7.4.6 Energy and Utilities
7.4.8 Other End-user Verticals
7.5.1 North America
7.5.3 Asia Pacific
7.5.4 Latin America
7.5.5 Middle East and Africa
8 COMPETITIVE INTELLIGENCE
8.1 Company Profiles
8.1.1 Salesforce.com Inc.
8.1.2 Microsoft Corporation
8.1.3 Appian Corporation
8.1.4 Oracle Corporation
8.1.5 Pegasystems Inc.
8.1.6 Magic Software Enterprises Ltd
8.1.7 AgilePoint Inc.
8.1.8 Outsystems Inc.
8.1.9 Mendix Inc.
8.1.10 ZOHO Corporation
8.1.11 QuickBase Inc.
8.1.12 Clear Software LLC
8.1.13 Kony Inc. 8.14 ServiceNow Inc.
8.1.14 Skuid Inc.
9 VENDOR MARKET POSITIONING ANALYSIS
10 INVESTMENT ANALYSIS
11 MARKET OPPORTUNITIES AND FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/z0fgpo
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