The Low Code Development Platform market growth is projected to grow from USD13.5542 Billion in 2023 to USD 142.5916243 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 34.20% during the forecast period (2023 - 2032).
Market Overview:
Low code development is a platform focusing on the development and creation of the business process and user interfaces like database platforms and web applications. The low platform of the low code development offers that runs on the no-code which is actually beneficial for the process of the business. The market is likely to grow because of the increased industrialization and strong solutions demand. The market of low code development is categorized based on the type, component, deployment, and organization size. The advancement in technology is growing a lot due to its focus on providing the customers with new experiences and business models that have created a huge digital business base. The business transformation with technologies like social media consultation, web designing, and specializations in the retailers has increased a lot over the past few years. The low code also helps the business users and developers to create a better flexible application and get some tasks done.
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Key Players:
Key Companies in the Low Code Development Platform market include,
- Microsoft (US)
- Appian (US)
- Pegasystems Inc. (US)
- ServiceNow (California)
The pandemic crisis that happened because of Covid-19 in the year 2020, had affected the lives of many people across the world. There were more than 235 million cases that were noted and the rise still continued. The pandemic also resulted in the lockdown situation in different countries. This results in many retractions like barriers on traveling, market closure, and also work from home orders to name some. The outbreak of Covid-19 also affected millions of people across the globe which negatively had an impact on the economy of world and further caused the collapse of the supply chain at the global level. The interesting pandemic crisis impact was for many the companies that actually could manage to pace up better in this phase. Digital economy, remote working, automation, and supply chain enhancement to name some changes in the use of the technologies amongst the companies.
Market Segmentation:
As per the Component: The market of the low code development is bifurcated into-
- Service
- Solution
As per the Type: The market of low code development is bifurcated into-
- General-Purpose platform
- Process app platform
- Request handling platform
- Database app platform
- Construction
As per the Deployment: The market of the low code development is bifurcated into-
- Cloud
- On-premises
As per the Organization Size: The market for low code development is bifurcated into-
- Large
- Small
- Medium
As per the Vertical: The market of low code development is bifurcated into-
- Healthcare
- BFSI
- Government
- Others
- IT & telecommunication
- Media & Entertainment
- Retail and E-commerce
Regional Classification:
The regional analysis made on the market of the low code development shows that it is segmented into different regions which are North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Presently, the Asia-Pacific region is holding a huge market share due to increased industrialization and strong solutions demand.
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Industry News:
Now in October 2021 acquired a company called Gekkobrain to offer customers a system modernization of record.
Table of Content:
- Executive Summary
- Market Overview
- Market Analysis
- Market Segmentation
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Competitive Landscape
- Company Profiles
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