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Global Low-Code Development Platform Market to Grow at a CAGR of 25.26% During 2021-2026, Aided by the Rising Demand for Digitisation of Business Operations Amidst COVID-19

According to a new report by EMR titled, ‘Global Low-Code Development Platform Market Report and Forecast 2021-2026’, the market attained a value of about USD 16.98 billion in 2020. The industry is further expected to grow at a CAGR of 25.26% in the forecast period of 2021-2026 to reach a value of nearly USD 64.56 billion by 2026.

The market for low-code development platform is being driven by its applications in various end-use industries owing to the dynamic shift in business operations and the emergence of digitisation. Low-code developing platforms can significantly reduce the amount of traditional coding, enabling accelerated delivery of business applications. In addition, the adoption of low-code tools as a result of adopting software as a service (SaaS) is further bolstering the growth of the market. Furthermore, with the outburst of the coronavirus pandemic, the market for low-code development platform is being influenced by the need to shift the mode of operations in various business units. A surge in remote operations in industries, including healthcare, retail, banking, and education, advances in the low-code development platforms like the inclusion of Artificial Intelligence (AI) by major market players is further promoting the market growth.

One of the global leaders in the low-code development platform industry, (NYSE: CRM), recently announced the introduction of next-generation Salesforce Platform, including low-code development tools, in June 2021. With a rising focus on digitisation, the low-code technology by Salesforce empowers everyone within an organisation, irrespective of technical skills, to create applications on a single platform. The latest low-code technology is equipped with AI-driven data protection, identity management and DevOps capabilities to aid in speedy business outcomes. The low-code development platform by Salesforce is anticipated to be adopted by various end-use sectors for its flexibility and accuracy. Such innovations by market players are generating growth opportunities for its end users, consequently aiding the market growth of low-code development platform.

Market Analysis by Application Type, Deployment Type, Organisation Size, End-Use, and Region:

  • The market, on the basis of application type, can be divided into web-based, mobile-based, and desktop and server-based.
  • Based on deployment type, the market divisions include on-premise and cloud.
  • Based on organisation size, the market can be classified into small and medium enterprises, and large enterprises.
  • On the basis of end use, the market categorisations are BFSI, retail and e-commerce, government and defence, healthcare, information technology, energy and utilities, and manufacturing, among others.
  • The major regional markets for low-code development platform are North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.

Key Findings of the Report:

  • The market demand for low-code development platform can be attributed to rapid technological advancements owing to digitisation of operations across the world.
  • Low-code applications allows for streamlining business operations by providing scalable, secure, and low-cost solutions for website or application development.
  • The emergence of digitisation in healthcare is aiding the market growth for low-code development platform in formation of applications that assist in virtual consultations.
  • The market for low-code development platform has been positively influenced by the outburst of coronavirus pandemic and the subsequent need for digitising business operations.

Key Offerings of the Report:

  • The EMR report gives an overview of the low-code development platform industry for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) markets for applications types, deployment types, organisation sizes, end uses, and major regions of low-code development platform.
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global low-code development platform market are Inc., Microsoft Corporation, Oracle Corporation, Appian Corporation, and Zoho Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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