The Global Low Code Development Platform Market is projected to grow at a CAGR of 28% in the forecast period of 2021-26, reveals MarkNtel Advisors in their recent research report. The growth of the market is driven primarily by the rapidly increasing adoption of mobile-based applications by several businesses to augment their operational capabilities & enable owners to explore new possibilities & simplification in management for efficiency, convenience, & profitability.
Additionally, the swiftly escalating number of Application Programming Interface (API) solution providers, increasing focus on digital transformation across end-user industries, and immense support from governments of different countries worldwide for this transformation are also driving the global market.
Moreover, with rapid advancements in technology and growing competitiveness among prominent players, the development of new applications & features in the software would also augment the market growth in the coming years, further states the research report, “Global Low Code Development Platform Market Analysis, 2021.”
Digital Transformations in the BFSI Sector to Boost the Global Low Code Development Platform Market
The increasing inclination & transformation of banks & financial institutions to validate business & technical needs and meet the digitalization targets in the industry for bringing simplification in the developmental process of software & applications and building flexible & efficient banking & insurance applications are propelling the demand for Low Code Development Platforms across the BFSI sector. For Instance:
IT & Telecom Sector across Asia-Pacific to Stimulate the Market Growth through 2026
The rapidly expanding IT & telecom sector in Asia-Pacific and the mounting focus of governments of different countries in the region on promoting digital transformation across multiple end-user industries are the prime aspects boosting the demand for Low Code Development Platforms.
Additionally, swiftly improving disposable income, especially across developing countries, coupled with increasing internet & smartphone penetration, are also generating growth opportunities for the leading players in the regional market.
Furthermore, since the IT industry in Asia-Pacific is extensive & growing substantially, it is becoming a preferred destination for IT outsourcing & receiving numerous application development requirements. Hence, all these aspects would boost the regional market in the coming years, reveals MarkNtel Advisors in their research report, "Global Low Code Development Platform Market Analysis, 2021."
Leading Companies in the Market
According to MarkNtel Advisors, the leading players in the Global Low Code Development Platform Market are Appian Corporation, Oracle Corporation, Microsoft Corporation, Salesforce, MatsSoft Limited, AgilePoint Inc., Lansa Inc., Magic Software Enterprises Ltd., Kony Inc., OutSystems Inc., Pegasystems Inc., QuickBase Inc., Zoho.
Key Questions Answered in the Study