Low-Code Development Platform Market Research Report: By Offering (Solution, Service), Deployment Type (Cloud, On-Premises), Enterprise (Large Enterprises, SME), Vertical (IT, BFSI, Retail, Healthcare, Government, Manufacturing, Media and Entertainment, Education, Energy and Utilities) - Global Industry Analysis and Growth Forecast to 2030
New York, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Low-Code Development Platform Market Research Report: By Offering, Deployment Type, Enterprise, Vertical - Global Industry Analysis and Growth Forecast to 2030" - https://www.reportlinker.com/p05982436/?utm_source=GNW
One of the major factors that is affecting almost all the industries these days is digital transformation. As various digital technologies are being introduced in the market, dependence on them is increasing as well. A number of companies these days are relying on digital solutions in order to stay competitive in the market, making their processes easier, and for reducing time and resources. Owing to digitalization, businesses are developing applications for providing their customers with improved solutions. This, in turn, has resulted in the growing demand for low-code development platforms across the globe.
This platform allows developers of different experience levels to create applications for mobile and web by making use of drag-and-drop components. Low-code developments makes things easier for non-technical developers, as they don’t have to write code, and further supports professionals developers by taking care of infrastructure and plumbing tasks that are needs for application development. As per a report , the global low-code development platform market is predicted to generate a revenue of $187.0 billion by 2030, rising from $10.3 billion in 2019, and is expected to advance at a fast pace, 31.1% CAGR, during the forecast period (2020–2030).
Solutions, including request handling, general purpose, mobile-first app, process app, and database app, and services, including professional and managed, are the two major components of low-code development platform. The adoption of different solutions was higher in the past, since companies do not need to hire software developers by making use of these solutions. Other than this, the demand for low-code development services is also projected to increase in the years to come, which is owing to the rising need for integration, implementation, and consulting services. In addition to this, the demand for these services is also growing due the rising need for upgradation, technical expertise, maintenance, and monitoring of low-code platforms.
A number of industries make use of low-code development platforms, including energy & utilities, information technology (IT), education, banking, financial services, & insurance, media & entertainment, retail, manufacturing, healthcare, and government. In the past, the IT industry made the most use of low-code development platform. IT organizations develop several web and mobile applications and other third-party applications. These companies also register large number of requests for new apps and third-party packaged solutions from several organizations and face backlogs. It is due to these factors that the industry is adopting low-code development platforms which provide visual app creation and sharing and updating facilities.
Geographically, North America emerged as the largest low-code development platform market in the past, which can majorly be ascribed to the early adoption of new technologies, increased disposable income, high IT spending, and technically inclined population in the region. Other than this, the demand for this platform is also predicted to increase considerably in the Asia-Pacific region in the coming years, owing to the surging internet penetration, increasing utilization of smartphones, and rapid economic growth.
Hence, the demand for low-code development platform is growing due to digital transformation across the globe.
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