Low-Code Development Platform Market by Component (Solution and Services (Professional and Managed)), Deployment Mode, Organization Size, Vertical (Telecom and IT, BFSI, Government), and Region - Global Forecast to 2022
“The rising demand for software automation and innovative applications across the globe is expected to be driving the growth of the low-code development platform market”
The low-code development platform market size is expected to grow from USD 4.32 billion in 2017 to USD 27.23 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 44.49% during the forecast period. The market is expected to be driven by the increased need for software automation and innovative applications by global organizations. Similarly, the low cost of development and easy deployment features are said to be fueling the growth of the low-code development platform market. However, resentment from the technical teams in organizations is expected to be restraining the growth of the market.
Integration services in the professional services segment is expected to have the largest market size in the low-code development platform market in 2017
The integration services segment is estimated to have the largest market size in 2017. Integrating a comprehensive and robust low-code development platform with the other components of the IT system is one of the basic and most important steps toward deploying the platform. These integrations are done, keeping in mind the standards and compliances set by the government bodies and organizations.
North America is expected to contribute to the largest market share and Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period
North America is estimated to hold the largest market share and dominate the global low-code development platform market in 2017. Factors such as the increasing focus of Application Development & Delivery (AD&D) professionals to develop customer-centric applications and the ease of development of web and mobile apps are said to be pushing organizations in North America to adopt the low-code development platform solution. APAC offers growth opportunities for the low-code development platform market to grow, as countries in this region are investing majorly for the deployment of the low-code development platform to rapidly deliver robust applications.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of the profile of primary participants is as follows:
• By Company: Tier 1 – 20%, Tier 2 – 45%, and Tier 3 – 35%
• By Designation: C-level – 48%, Director level – 37%, and Others (sales managers, marketing managers, and product managers) – 15%
• By Region: North America – 22%, Europe – 45%, APAC – 26%, and RoW – 7%
Key low-code development platform vendors are Appian (US), Salesforce (US), ServiceNow (US), AgilePoint (US), Bizagi (UK), Caspio (US), K2 (US), MatsSoft Limited (UK), Mendix (US), and OutSystems (US).
The research covers the low-code development platform market on the basis of different segments, such as components (solution and services), deployment modes, organization size, application types, and verticals in North America, Europe, APAC, MEA, and Latin America. Additionally, it includes the factors that are expected to be driving the growth of the low-code development platform market and its growth opportunities. It also includes the restraining factors and challenges that are possibly limiting the growth of the low-code development platform market. Moreover, the report includes detailed company profiles of the key players offering low-code development platform and services.
The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the low-code development platform market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report helps stakeholders understand the competitors better and gain more insights to improve their positions in the business. The competitive landscape section includes competitor ecosystem, new product developments, busines expansions, partnerships, and mergers and acquisitions.
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