Low Code Development Platform Market Overview:
The low-code development platform is projected to grow from USD13.5542 Billion in 2023 to USD 142.5916243 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 34.20% during the forecast period (2023 – 2032). There has been an increase in demand for software solutions and innovative applications due to enormous investment from the developed countries in the I.T. firms. The rising demand for apps for the business processes and rising number of application programming interface (API) offerings by the solution vendors are likely to be the important factors escalating the low code development during the review period. Besides, the perpetual evolution in the digitalization of I.T. firms has also aided considerably in the expansion of the global low code development platform market 2020. The low code development provides no coding techniques or low techniques, which lessens expenses and investment of time for the development of the platform, which is of great benefit to the organizations. However, the customization based apps for the business organizations are likely to be a challenging factor for the low code development market during the forecast period from 2017 to 2023.
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Key Companies in the Low Code Development Platform market include,
- Microsoft (US)
- Appian (US)
- Pegasystems Inc. (US)
- ServiceNow (California)
The low code development platform market is divided on the basis of component, type, organization size, deployment, applications, and region.
On the basis of components, the low code development platform can be segregated on the basis of Service and solution. The solution-based low code development is categorized into web solutions and mobile solutions. Further, the service based low code development consists of managed services and professional services.
On the basis of type, the low code development platform can be segregated into a general-purpose platform, database app platform, request handling platform, and process app platform.
On the basis of organization size, the low code development platform can be segregated into small and medium enterprises and large enterprises.
On the basis of deployment, the low code development platform can be segregated into the cloud and on-premises. The cloud, the segment is further classified into hybrid, private, and public.
On the basis of applications, the low code development platform can be segregated into construction, financial services, and Insurance (BFSI), banking, retail, healthcare, I.T. & telecommunication, transportation & logistics, media & entertainment, and others.
On the basis of region, the low code development platform can be segregated into Asia-Pacific, North America, Latin America, and the Middle East and Africa.
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On the basis of region, the low code development platform is divided into Asia-Pacific, North America, Latin America, and the Middle East and Africa. As per the analysis by the MRFR team, the North American region is leading the global low code development platform market. With the constant rise in the number of internet users and advancement in the web and mobile applications for the business organization, the market is likely to expand considerably. The U.S. is the dominating country due to the presence of a large number of low code development platform providers. The Europe market is estimated to experience in the low code development platform in the forthcoming period. The APAC region is estimated to have a considerable growth during the forecast period from 2017 to 2023. The increasing investment in I.T. solutions and increased demand for mobile-based apps for the business organization has aided in propelling the market in the region.
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