PORTLAND, OR, April 10, 2023 (GLOBE NEWSWIRE) — According to a report published by Allied Market Research, worldwide Low code development platform the market It was valued at $11.5 billion in 2021, and is projected to reach $125.6 billion by 2031, growing at a CAGR of 27.4% from 2022 to 2031. The report provides detailed analysis of top investment pockets, top winning strategies, drivers and opportunities. Market size and forecast, competitive landscape, and evolving market trends. Market research is a useful source of information for new entrants, investors and shareholders to formulate future strategies and enhance their position in the market.
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Report coverage and details:
| Forecast period | 2022–2031 |
| base year | 2021 |
| Market size in 2021 | $11.5 billion |
| Market size in 2031 | $125.6 billion |
| CAGR | 27.4% |
| Number of pages in the report | 306 |
| Sections covered | component, deployment mode, application type, enterprise size, industry vertical, and region. |
| Drivers | Increasing digitalization and social media penetration worldwide |
| Increased adoption of low-code development platforms in businesses to enhance operations and productivity | |
| Restrictions | Lack of flexibility and adaptability |
| Concerns about security and increased compliance with low-code development platforms, especially for apps that use consumer data | |
| opportunities | Increased investment in BFSI, healthcare, and other sectors |
Covid-19 scenario-
- The low-code development platform market has seen significant growth over the past few years. The Covid-19 pandemic has increased the need for businesses to automate processes and prioritize digital transformation initiatives. Low-code development platforms address this need, helping them streamline workflows and accelerate automation projects.
- Moreover, many businesses have invested in low-code development platforms to mitigate the growing complexities of IT requirements during the forecast period.
The global low-code development platform market is analyzed across components, deployment mode, application type, enterprise size, industry vertical and region. The report presents the analysis of each segment and sub-segment through tabular and graphical representation. This analysis can be useful for investors and market players to identify the highest revenue-generating and fastest-growing segments, allowing them to formulate effective strategies.
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By component, the platform segment held the highest share in 2021, earning nearly two-thirds of the global low-code development platform market revenue. The services segment, on the other hand, will exhibit the fastest CAGR of 31.6% throughout the forecast period.
By deployment mode, the cloud segment accounted for more than half of the global low-code development platform market share in 2021 and is projected to rule the roost by 2031. However, the on-premise segment will depict the fastest CAGR of 23.2%. During the forecast period.
Based on enterprise size, the large enterprise segment accounted for the largest share in 2021, accounting for more than three-fifths of the global low-code development platform market revenue. The small and medium-sized enterprise segment, on the other hand, exhibits the fastest CAGR of 30.1% throughout the forecast period.
By application type, the mobile-based application segment accounted for the highest share in 2021, generating more than two-fifths of the global low-code development platform market revenue. The web-based applications segment, however, will depict the fastest CAGR of 31.2% during the forecast period. Desktop and server-based application segments are also analyzed through the study.
By industry vertical, the IT and telecom segment accounted for nearly one-third of the global low-code development platform market share in 2021. On the other hand, the BFSI segment will depict a rapid CAGR of 34.6% during the forecast period. . Manufacturing, government, healthcare, retail and e-commerce and other segments are also analyzed throughout the report.
On the basis of region, North America will account for the largest share in 2021, accounting for nearly two-fifths of the global low-code development platform market revenue. Asia-Pacific, on the other hand, will exhibit the fastest CAGR of 30.6% throughout the forecast period.
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Key market players analyzed in the global low-code development platform market report include AgilePoint Inc., Appian Corporation, Mendix Technology BV, Microsoft Corporation, Oracle Corporation, OutSystems, Inc., Pegasystems Inc., Salesforce.com Inc., ServiceNow. Inc., and Zoho Corporation Pvt. Ltd. These market players have adopted several strategies such as partnerships, expansions, collaborations, joint ventures and others to unleash their potential in the industry. The report is useful in terms of business performance and development by top players.
about us
Allied Market Research (AMR) is the full-service market research and business-consulting arm of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides unmatched quality to global enterprises as well as medium and small businesses.Market research reports” and “Business Intelligence Solutions.” AMR has a targeted approach to providing business insights and consulting to help its clients take strategic business decisions and achieve sustainable growth in their respective market domains.
We have professional corporate relationship with various companies and it helps us to dig market data which helps us to generate accurate research data tables and confirms utmost accuracy in our market forecast. Pawan Kumar, CEO of Allied Market Research, has been instrumental in inspiring and motivating everyone associated with the company to maintain high quality of data and help clients achieve success in every possible way. Each and every data presented in the reports published by us is extracted through primary interviews with top executives of leading companies in respective domains. Our secondary data procurement methodology includes in-depth online and offline research and discussions with knowledgeable industry professionals and analysts.
