Market Trends of Low-code Development Platform Industry
Information Technology Segment to Witness Significant Growth
- Over the past few years, enterprises operating in the IT sector showed greater interest in LCDPs, owing to their significant payoffs for their developers and customers relying on their software applications.
- IT enterprises played a key role in dominating the low-code development platform market. This is because the firms operating in this vertical need to develop many applications, either for mobile or online (or both), for themselves and their clients.
- The benefits of low-code development platforms enabled apps to be created, shared, and updated quickly, leading to improved productivity and optimized resource utilization. It is thus driving the demand for LCDPs among IT companies.
- As per recent research conducted by Caspio, 63% of low-code platform users include the skill and resources to fulfill the demand for custom apps, whereas 61% suggest that they successfully deliver custom apps on time, on scope, and within budget. Further, 58% of respondents using low-code platforms indicated that they can keep up with the business's demand for custom app requests.
- Further, amid the COVID-19 pandemic, the sector witnessed huge backlogs with the rising request for packaged software and apps from enterprises to engage with customers and clients over the Internet. Thus, IT enterprises are required to deploy these platforms to ensure a competitive advantage and optimized resource utilization.
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Asia Pacific is Expected to Hold the Largest Market Share
- The Asia-Pacific region is anticipated to grow significantly over the forecast period, owing to the increasing adoption of mobile applications. Additionally, the region includes many SMEs with limited resources, forcing them to adopt managed services. The governments in the region also adopted a mobile-first strategy to provide better services to their citizens, thereby driving the market.
- Huawei Global Technical Service launched the General Digital Engine (GDE) platform. The GDE adopts the "1+4+N" architecture: "1" is an open cloud-native platform. "4" means four capabilities that enable data sharing, intelligent production flow, capability sharing, and integrated low-code self-development. The platform introduces digital and smart technologies into carriers' planning, construction, maintenance, optimization, and operation processes to help them transform into digital carriers and partners, enabling operations to innovate "N" application scenarios.
- On November 14th, 2023, OutSystems Japan Co., Ltd. announced the debut of their low-code solution OutSystems Developer Cloud for cloud-native application development in the Japanese market. OutSystems offers a high-performance, low-code application platform for developers and enterprise developers. It can be utilized securely in large-scale applications and allows full-stack development from front-end to back-end.
- In January 2022, San Francisco-based low-code platform Retool announced that it might expand its presence in India with exclusive offerings as it could see massive traction from IT service providers and startups.
- Many digital initiatives and development, including low-code platforms, are occurring in India. In July 2022, Kissflow, a Chennai-based SaaS firm, released its unified low-code/no-code work platform, accelerating business digital transformation. The new platform combines the whole range of task management for enterprise-wide users. End users, teams, team managers, process specialists, citizen developers, and IT developers are all included.
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