Global Low Code Development Platform Research Report: by Type (Database App Platform, Process App Platform, General Purpose Platform, and Request Handling Platform) by Deployment, by Component, by Organization and by Applications- Forecast till 2027
Overview
A low-code development platform offers a development platform that is used to develop application software through a graphical user interface instead of traditional coding programming. It produces operational applications, and it can require additional coding for specific situations. This technology reduces the need for traditional coding methods and accelerates the delivery in business sectors. Low-code development platforms are used for the fast production and usage of the software that will be able to meet the data needs of the businesses. The microcomputer revolution has allowed businesses to use customized software. The use of a Low-code development platform across the world is helping in many sectors.
The rapid increase of demand for digitization, elimination of gals in the IT skills, adoption of customization, and scalability is driving the Low-code development platform market growth. The BFSI industry needs market services and platforms because a large amount of Information is produced across these organizations. A Low-code development platform has the ability to build a large number of all’s in less time, and it leads to low-cost investment. Due to it, many companies adopt this technology, and it’s driving the Low-code development platform market growth.
Small, medium, and large business organizations want to make customer-centric applications. And the ease of developing these mobile apps encouraging businesses to use a Low-code development platform; as a result, the Low-code development platform industry is growing. The Low-code development platform market is expected to grow at a CAGR rate of 27.9% in the forecast period with the increasing popularity of the Low-code development platform. Increasing demand for software automation and new application, easy build feature boosting the Low-code development platform market growth.
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Market segmentation
The LCDP market segments are component, deployment, organization, Vertical, type, and regions. The component segment of the Low-code development platform includes solutions and services. Services segment further divided into professional services and managed services. The deployment segment of the LCDP market includes on-premises and cloud. The organization segment of the market includes small and medium enterprises and large enterprises. The vertical segment of the Low-code development platform includes banking, financial services, BFSI, government, manufacturing, telecommunication and IT, healthcare, and other sectors. The application type segment of the market includes web-based, mobile, IOS, Android window. The region segment of the Low-code development platform industry includes regions such as North America, Europe, Asia Pacific, and the rest of the world.
Regional overview
The major regions of the Low-code development platform market are North America, Europe, Asia Pacific, and other regions. North America holds the highest Low-code development platform share. Due to greater opportunity for the IT sector is boosting the Low-code development platform market in this region. BFSI companies in this region are also adopting the Low-code development platforms. Europe is in the second position of the Low-code development platform market share due to the increasing demand for software. The Asia Pacific region has the highest CAGR rate, and it is expected to grow more during the forecast period. With technological advancement, the Low-code development platform industry will grow more coming years.
Industry news
The covid-19 pandemic had a negative impact on the economy of all countries, and so many businesses were affected due to this. But it had a positive impact on the Low-code development platform industry as lockdown guidelines encouraged the businesses to connect with their customers virtually. So there was a high demand for mobile applications. Governments all over the globe developed apps to give covid-19 alerts. People used mobile applications to fulfill their needs, so many food-related applications and e-commerce apps were being developed by businesses. The key players played a huge role in keeping the LCPD market demand high.
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