A Low Code development platform is software that helps developers quickly build a web or mobile application with the help of model-driven and drag & drop approaches for businesses & organizations based on their needs. In today's times, these platforms are extensively utilized worldwide due to their benefits like easy & flexible programming, reduced overhead expenses, data simplification, & streamlining management, among various others.
The Global Low Code Development Platform Market is projected to grow at a CAGR of around 28% during the forecast period, i.e., 2021-26. The growth of the market is driven primarily by the growing inclination of organizations toward expanding their digital platforms for better connectivity entwined with the mounting adoption of mobile-based applications.
Additionally, the soaring demand for low code development platforms also owes to their capabilities to enhance operational capabilities, simplify data management, bring greater convenience & profitability, etc. Additionally, the increasing presence of Application Programming Interface (API) solution providers is also stimulating the demand for these platforms & positively influencing the market growth.
Moreover, governments of different countries worldwide are actively promoting digital transformation across various industrial verticals, i.e., instigating the demand for low code development platforms & generating growth opportunities for the leading market players. These platforms are also ideal for organizations with budgeted finances. As a result, their demand is expecting a significant rise across several Small & Medium Enterprises (SMEs) for the rapid development of suitable applications & reducing the overall expenses.
Key Trends in the Global Low Code Development Platform Market
Most organizations are seeking technologies to attain greater operational efficiency with limited resources to expand their business capabilities and gain profitability with the help of low code development platforms. It, in turn, is escalating the demand for an optimum Time to Market (TTM) strategy that enables the company to build user-engaging applications with new features from time to time.
Additionally, the increasing penetration of digitalization across industries like Banking, Financial Services, & Insurance (BFSI), healthcare, & educational, among others to enhance the overall functionality of organizations, deliver satisfaction to users, and simplify data maintenance, are playing a crucial role in augmenting the growth of the Global Low Code Development Platform Market through 2026.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy, Spain|
|Asia-Pacific: China, India, Japan, South Korea, Australia|
|South America: Brazil, and Argentina|
|Middle East & Africa: UAE, Saudi Arabia, South Africa|
|Key Companies Profiled||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|
|Unit Denominations||USD Million/Billion|
Impact of Covid-19 on the Global Low Code Development Platform Market
The Covid-19 pandemic in 2020 severely impacted most industries globally. However, the Global Low Code Development Platform Market witnessed an upswing amidst the crisis. With the imposition of lockdowns & stringent movement restrictions by the government to curb the spread of this dreadful disease, most businesses made drastic transformations toward remote working & transmitting all operations from homes.
It, in turn, surged the demand for low code development platforms to build software & applications and support business operations remotely. Most of these capabilities included digital forms & workflow automation. Additionally, the demand for remote software development hiked substantially to build customized applications that can suffice the requirements of an organization & promote digital transformation outside IT.
Moreover, since 2021, with gradual improvements in the pandemic situation & a reducing number of Covid-19 cases, governments of different countries worldwide have uplifted the limitations and allowed the recommencement of business operations, i.e., generating lucrative growth opportunities for the leading market players.
Based on End-Users:
Of all end-users, the BFSI (Banking, Financial Services, & Insurance) is anticipated to witness the fastest growth of the Global Low Code Development Platform Market during 2021-26. It owes principally to the increasing inclination of banks & financial institutions toward digital transformations to offer a quicker development process & faster rollout of features while encouraging digital banking & online transactions facilities for customers.
Additionally, the mounting need for simplifying development processes, easy document management, and creating flexible banking & insurance applications, among others, is also instigating the demand for Low Code Development Platforms across the BFSI sector.
Besides, since the BFSI sector generates massive data, the need for reliable, robust, & secure applications to store & use this data is augmenting the demand for low code development platforms to improve automation in customer services. Moreover, to expand the customer base, the BFSI is constantly working on introducing new products & services for their customers and enhancing business operations, which, in turn, is producing lucrative growth opportunities for the leading market players.
On the other hand, the IT & Telecom sector is projected to dominate the Global Low Code Development Platform Market during the forecast period. The adoption of low code development platforms is extensive in the IT & telecom sector since it is the largest consumer of technology and builds most software & applications for mobiles & computers. Additionally, the increasing deployment of such platforms in the IT & Telecom sector for training, consultancy, up-gradation, & attaining quicker solutions, among others, is another crucial aspect projected to stimulate the overall market growth in the coming years.
Based on the Application:
Of them all, Web-Based applications are projected to demonstrate the fastest market growth during 2021-26, principally due to the mounting concerns among organizations to quickly roll out user-defined web applications since they are seen mainly as the face of a business.
Additionally, the high productivity & business agility of low code development platforms, which allows users to build smooth & glitch-free web-based applications to work across multiple platforms & devices, is fueling the overall market growth. Besides, the escalating adoption of these platforms is also because they provide the ease of building sophisticated web applications even to those who don't have relevant experience.
Geographically, the Global Low Code Development Platform Market expands across:
Of all regions globally, North America is anticipated to dominate the market with the largest share during 2021-26. North America is the early adopter of new technologies & solutions, owing to which there's an extensive presence of low code development platform providers in the region. These providers offer solutions across different end-user industries like BFSI, retail, government & defense, healthcare, energy & utilities, IT & Telecom, manufacturing, education, etc., thereby driving the regional market.
Countries like the US & Canada are anticipated to be profitable markets for low code development platforms in the coming years, principally due to their strong economic conditions. Besides, the increasing number of research & development activities, mergers & acquisitions, partnerships, etc., are other crucial aspects projected to propel the deployment of low code development platforms across these countries through 2026.
On the other hand, Asia-Pacific is projected to display the fastest market growth during 2021-26, principally due to the mounting focus of governments of different countries in the region on industrial digitalization, coupled with the surging penetration of the internet & smartphones across the region.
It is majorly to create mobile & computer-based applications for different end-user sectors and fulfill their digital transformation targets. Additionally, the region is viewed as the most preferred destination for IT outsourcing, due to which several IT companies witness massive requests for application development. It, in turn, is making a positive influence on the adoption of low code development platforms & driving the regional market.
Key Driver & Opportunity: Digital Transformations across Business Worldwide
Governments of different countries worldwide are laying out favorable policies & encouraging digitalization across industries. Due to this, the rapidly increasing number of businesses are propelling the demand for low code development platforms. The burgeoning adoption of these platforms is majorly to quickly develop applications & digitize business operations like sales, finance, accounting, & others. Hence, the Global Low Code Development Platform Market is expecting a significant expansion in the coming years.
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 Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The Global Low Code Development Platform Market is projected to grow at a CAGR of around 28% during 2021-26.
A. The BFSI sector is projected to emerge as an area of remunerative opportunities for the leading players in the Global Low Code Development Platform Market during the forecast period.
A. The mounting inclination toward digital transformation among different end-users due to massive support from governments of various countries worldwide is the most prominent aspect anticipated to generate significant growth opportunities for the leading players in the Global Low Code Development Platform Market during 2021-26.
A. In the coming years, the leading players in the Global Low Code Development Platform Market are likely to introduce innovations & upgrades in the development of customized applications to suffice the global requirements & support the digital transformation among organizations.