NEW YORK, Sept. 03, 2019 (GLOBE NEWSWIRE) — According to the market research report published by P&S Intelligence, global low-code development platform market share was valued at $5.6 billion in 2018, where it exhibited a CAGR of 32.8% during the historical period. On the basis of vertical, IT category held the largest market share in 2018. The category is expected to register the fastest growth, during the forecast period. IT companies generally develop a large number of mobile and web applications and other third-party solutions. Thus, to enhance the productivity and optimal utilization of resources, the IT companies are adopting low-code development platforms to scale up their application development capacity.
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On the basis of offering, solution category held larger market share in 2018. Further, based on solution, the general-purpose category held the largest market share in 2018. General purpose low-code development platform offers a wide range of mobile and web applications with extensive collections of declarative tools that address application creation, deployment, integration, life-cycle management, and distribution.
The cloud-based deployment type held larger market share in 2018. The category is further projected to witness faster growth during the forecast period. This is due to the majority of market players offering low-code development platform over the cloud. In addition, organizations are also deploying cloud-based low-code development platform to reduce their operational infrastructure costs, and to enhance operational flexibility.
Browse report overview with detailed TOC on “Low-Code Development Platform Market Research Report: By Offering (General Purpose, Mobile-First App, Database App, Process App, Request Handling), Deployment Type (On-Premises, Cloud-Based), Vertical (Government, Healthcare, Education, Media and Entertainment, Retail, Energy and Utilities, Manufacturing, IT, BFSI), Regional Outlook (U.S, Canada, Germany, France, U.K., Italy, Spain, China, Japan, India, South Korea, Brazil, Mexico, Saudi Arabia, U.A.E., Turkey, South Africa) – Global Industry Trends, Technology Analysis and Growth Forecast to 2024” at: https://www.psmarketresearch.com/market-analysis/low-code-development-platform-market
The large enterprise category held larger revenue share, of over 55%, in the market in 2018. This is attributed to high implementation of low-code development platform in large enterprises. Whereas, the SME category is expected to register faster CAGR, during the forecast period. This growth can be attributed to the increasing availability and affordability of cloud-based low-code development platforms provided by major market players.
North America region generated largest revenue in 2018, and this can be attributed to the presence of majority of web and mobile app developing companies, high disposable income, and strong internet penetration in the region. On the other hand, APAC region is projected to be the fastest growing region during the forecast period. Presently, a majority percentage of the APAC populace rely on their mobile phones to access internet. Thus, to provide more sophisticated services to customers, businesses are offering web-based and mobile-based applications for the convenience of the customers. With the rising internet connection coupled with increasing smartphone penetration in the region, demand for application-based services for better customer interaction witnessed to be increasing year-over-year (Y-o-Y).
Rapid development in digital technologies, such as AI, machine learning, and predictive analytics, and digital transformation of industries have increased competition in the global low-code development platform market. Oracle Corporation, salesforce.com Inc, Appian Corporation, Mendix Technology B.V., OutsyStems Inc., ServiceNow Inc, Caspio Inc, Kony Inc, Alphabet Inc, are key players operating in the low-code development platform market.
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Market players are focused on product launches in order to cater to the growing demand from various verticals. For instance, Mendix Technology B.V. launched Mendix Spring ’19, an update to its market-leading low-code platform, which would enable developers to build true mobile apps. The platform would offer mobile technologies, such as augmented reality (AR) and 3D visualizations, enhancing end-user experience. Further, OutSystems Inc. launched low-code platform solution template for Microsoft Azure Marketplace. This would increase scalability, improve customer satisfaction through high-quality and better-performing apps, and allow organizations to easily build digital solution to accelerate their digital transformation.
Some other key players operating in the low-code development platform market are Microsoft Corporation, MatsSoft Limited, AgilePoint Inc., Pegasystems Inc, Red Hat Inc, GeneXus S.A., Apinauten GmbH, and Data Systems International Inc.
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