Low-code Development Platform Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The low-code development platform market was valued at USD 7.61 billion in 2021. It is expected to reach USD 36.43 billion by 2027, registering a CAGR of approximately 29.81% during 2022-2027 (henceforth referred to as the forecast period).

· The rapid growth of low-code adoption happened after businesses moved to digital modernization, which included improving user experiences, automating processes, and upgrading key systems. Due to their low cost, low-code development platforms have proven ideal.

· The advantages of low-code are its drag-and-drop interface, which saves time. In low-code, every single process is shown visually with the help of a graphical interface that makes everything easier to understand. It makes it easier for developers to create their applications.

· Although low-code solutions are not a new concept, the demand for the technology soared in the last two years as companies were challenged to meet stakeholder demand for more digital transformation. With low-code tools, companies can expand digital transformation efforts through faster business application delivery. In addition, the time it takes to innovate is dramatically reduced with low-code tools.

· Low-code solutions allow organizations to produce working solutions and integrations with more speed and agility than traditional on-premise developments. Integration used to be a labor-intensive IT process requiring custom development on both sides of the integration.

· The low-code solution might not be compatible with any other competitor or similar provider. Even if the user can export the source code, it will necessarily depend on the vendor's platform to work, and the user can only make use of it as a backup.

· The disruption caused by the COVID-19 pandemic increased the tendency of enterprises to adopt low-code platforms. Companies that did not previously have low-code platform systems could not easily and quickly adapt their ERP system to the new challenges of remote operations. On the other hand, companies with a low-code platform adapted significantly faster.

Scope of the Report

A low-code development platform (LCDP) offers a coding environment that enables developers with varying levels of expertise to build applications using a dynamic graphical user interface and configuration in conjunction with model-driven logic instead of conventional hand-coded computer programming. For specific situations, these platforms may require extensive coding.

The low-code development platform market is segmented by application type (web-based, mobile-based, desktop- and server-based), deployment type (on-premise and cloud), organization size (small and medium enterprises, large enterprises), end-user verticals (BFSI, retail and e-commerce, information technology, energy & utilities, manufacturing, healthcare, government and defense, and other end-user verticals), and geography.

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Key Market Trends

Information Technology Segment to Witness Significant Growth

· IT enterprises have played a key role in dominating the low-code development platform market, as firms operating in this vertical need to develop many applications, either for mobile or online (or both), for themselves and clients.

· The benefits of low-code development platforms have enabled apps to be created, shared, and updated in quick time, thereby leading to improved productivity and optimized resource utilization, thus, driving the demand for LCDPs among IT companies.

· Over the past few years, enterprises operating in the IT sector have been showing greater interest in LCDPs, owing to the significant payoffs it offers for their developers and customers relying on their software applications.

· As per recent research conducted by Caspio, 63% of low-code platform users have the skill and resources to fulfill the demand for custom apps, whereas 61% of them suggest that they successfully deliver custom apps on time, on the scope, and within budget. Further, 58% of respondents using low-code platforms suggested that they can keep up with the demand for custom app requests across the business.

· Further, amid the COVID-19 pandemic, with the rising request for packaged software and apps from enterprises to engage with their customers and clients over the Internet, the sector is witnessing huge backlogs. Thus, IT enterprises are required to deploy these platforms to ensure a competitive advantage and optimized resource utilization.

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