low code development platform market

Global Low Code Development Platform Market Is Estimated To Witness High Growth Owing To Increasing Demand

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The global Low Code Development Platform Market is estimated to be valued at US$ 7.61 billion in 2021 and is expected to exhibit a CAGR of 26.8% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:
The Low Code Development Platform market is witnessing significant growth due to the increasing demand for faster and more efficient software development solutions. Low code development platforms provide a visual approach to software development, allowing users to create applications with minimal coding knowledge. This eliminates the need for traditional coding methods, resulting in faster time-to-market for applications. The market is also driven by the growing need for digital transformation and automation across industries. However, data security and privacy concerns are major obstacles for market growth.

B) Market Key Trends:
One key trend in the Low Code Development Platform market is the rising adoption of cloud-based low code development platforms. Cloud-based platforms offer scalability, flexibility, and cost-efficiency, making them popular among organizations. They also enable collaboration and remote access, which is essential in today’s digital work environment. For example, Salesforce.com Inc. offers Salesforce Lightning, a cloud-based low code development platform that allows users to build customizable applications in a visual interface.

C) Segment Analysis:
The Low Code Development Platform market is segmented based on the deployment type, organization size, and end-user industry. Among these segments, the cloud deployment type dominates the market due to its numerous advantages, such as ease of scalability and reduced infrastructure costs. Large enterprises are the dominant organization size segment as they have higher IT budgets and can afford advanced low code development platforms. The banking, financial services, and insurance (BFSI) industry is the leading end-user industry, driven by the need for innovative and customer-centric applications.

D) Key Takeaways:
The global Low Code Development Platform Market Growth is expected to witness high growth, exhibiting a CAGR of 26.8% over the forecast period, due to the increasing demand for faster software development solutions. The market is driven by factors such as the need for digital transformation, automation, and the rising adoption of cloud-based platforms. North America is the fastest-growing and dominating region in the market, attributed to the presence of key players and early adoption of advanced technologies.

Key players operating in the global Low Code Development Platform market include Salesforce.com Inc., Appian Corporation, Microsoft Corporation, Magic Software Enterprises Ltd, Pegasystems Inc., Oracle Corporation, ZOHO Corporation, Mendix Inc. (Siemens AG), AgilePoint Inc., QuickBase Inc., Clear Software LLC (Microsoft Corporation), ServiceNow Inc., Skuid Inc., Outsystems Inc., and Temenos AG.

The Low Code Development Platform market is experiencing significant growth driven by the need for faster software development solutions and digital transformation. Cloud-based platforms and the BFSI industry are dominating segments. North America is the fastest-growing region, and key players in the market include major technology giants and innovative solution providers.