Businesses with the lowest tolerance for data loss and downtime and a huge requirement for independent security certification and regular audits will fuel the demand for low-code development platform solutions as such audit and certification apps run on low code-based apps. Additionally, these platforms also simplify the operations of enterprises by enabling app developers to create objective specific apps for business organizations. Moreover, these platforms also aid programmers in expediating the development cycle by automating manual tasks.
Thus, the increasing popularity of workflow automation with the assistance of low-code automation systems, owing to the aforementioned benefits offered by them, will help the low-code development platform market witness a notable CAGR of 31.3% during 2020–2030. According to P&S Intelligence, the market revenue stood at $12,500.6 million in 2020 and it will reach $190,792.6 million by 2030. Besides, the mounting focus of enterprises on reducing dependency on information technology (IT) professionals and burgeoning demand for business digitization are also expected to contribute to the market growth globally.
Low-code development platform solutions, such as database app, mobile-first app, process app, general-purpose platform, and request-handling software are adopted in the telecom, retail, pharmaceuticals, media and entertainment, manufacturing, logistics, IT, healthcare, hospitality, government, automotive, and banking, financial services, and insurance (BFSI) sectors. Large enterprises and small and medium-sized enterprises operating in these sectors can opt for cloud-based low-code development platform solutions or on-premises solutions according to their requirements. Enterprises of varying sizes deploy low-code development tools to minimize the problem of ‘shadow “IT”.
Currently, the low-code development platform market is highly consolidated, with the presence of a few players, such as Alphabet Inc., AgilePoint Inc., Appian Corporation, Caspio Inc., Lansa Inc., MatsSoft Limited, Mendix Technology B.V., Magic Software Enterprises Ltd., Microsoft Corporation, Oracle Corporation, Outsystems Inc., Pegasystems Inc., QuickBase Inc., Salesforce.com Inc., ServiceNow Inc., and Temenos Headquarters SA. In recent years, the competition in the market has intensified due to the rapid advancements in digital technologies, such as machine learning (ML), predictive analytics, and artificial intelligence (AI), and digital transformation of industries.
North America was the dominant user of low-code development platforms in the years gone by due to the existence of advanced IT infrastructure, high penetration of 5G technology, and hefty investments in the IT sector. Moreover, the rapid adoption of fintech solutions will also create a huge requirement for this platform in the region. In addition, the surging use of mobile applications for online shopping, banking, social media interactions, online gaming, and messaging, on account of the growing smartphone penetration, will facilitate the adoption of this platform in the U.S. and Canada in the coming years.
