Global Low-Code Development Platform Market is Observing a CAGR of 45.0% during 2019–2024

The global low-code development platform market is expected to grow at a CAGR of 45.0% during the forecast period with its market size predicted to reach USD 53.0 billion by 2024. Globally, low-code development platform industry players are leveraging market growth through product launches, partnerships, mergers & acquisitions, and geographic expansion. For example, in April 2019, Mendix Technology B.V. launched Mendix Studio and Mendix Studio Pro.

Small and medium enterprises category is expected to witness faster growth during the forecast period in the Low-code development platform market

On the basis of enterprise size, the global low-code development platform market is divided into large enterprises and small and medium enterprises. Among the two categories, the small and medium enterprises category is expected to witness faster growth during the forecast period. The growth of this segment is owing to the inclination toward cloud-based low-code development platforms in minimizing resources and cost barriers for application development.

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On the basis of vertical, the global low-code development platform market is divided into government, healthcare, education, media and entertainment, retail, energy and utilities, manufacturing, IT, BFSI, and others. Of all, the IT sector held the largest share in the market in 2018 and is also expected to witness the fastest growth during the forecast period owing to the increasing adoption of a low-code development platform in the IT sector.

Geography Insight

Geographically, North America has accounted for the largest share in the low-code development platform market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed to the existence of a large number of IT companies, and increasing mobile application usage. Moreover, Asia-Pacific is expected to witness the fastest growth during the forecast period due to increasing internet penetration, and the rapid increase in the number of smartphones.

Competitive Insight

Some of the key players operating in the global low-code development platform market are Oracle Corporation, Salesforce.com Inc, Alphabet Inc, Caspio Inc, Kony Inc, Appian Corporation, Mendix Technology B.V., Outsystems Inc, AgilePoint Inc., Microsoft Corporation, MatsSoft Limited, and ServiceNow Inc.

Key Takeaway from the Report:

• Among all the offerings, the service category is expected to witness faster growth during the forecast period.
• Of all the deployment type, cloud-based contributes the largest revenue globally.
• The small and medium enterprises category is expected to witness faster growth during the forecast period.
• Of all vertical, the IT sector is expected to witness the fastest growth during the forecast period.

The Report Offers:

• Historical market estimate for the years 2014–2018 and forecast for the years 2019–2024
• Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
• Market insights by in-depth segmentation with industry dynamics.
• Competitive analysis and benchmarking of the industry leaders and their product offerings
• Profiles of leading players and innovators, their financial overview and product portfolio
• Analysis of key industry trends and recent developments
• Value chain analysis and distribution channel analysis with opportunity assessment
• Market share analysis of major players

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