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Low Code Development Platform Market Business Overview, Challenges, Opportunities, Trends and Market Analysis by 2024
Based on type of platforms, the low code development platform market is categorized as general purpose platform, mobile-first app platform, database app platform, process app platform, request handling platform and others. Of them, mobile-first app platform is expected to witness faster growth during the forecast period as it allows vendors to deploy high-quality mobile applications significantly faster.
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Based on deployment type, the low code development platform market is categorized as on-premises and cloud-based deployment. Cloud-based deployment is further categorized into public, private and hybrid cloud. Among these, hybrid cloud is expected to propel the growth of the market during the forecast period.
North America is expected to register highest revenue during the forecast period, owing to the presence of large number of low code development platform providers. APAC will witness substantial growth due to increasing investment in IT solutions and enhanced demand for mobile based-apps.
Factors, such as rising demand for software automation & innovative applications, ease of development of web and mobile apps, low cost of development and the easy-to-deploy feature, are driving the adoption of the low-code development platform across the globe. The market is restrained due to the customization and performance issues of the platform.
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Low-code development platforms are being used to develop mission-critical applications for back office operations, transaction-centric applications, supply chain and production tools, and logistics systems. This trend is likely to accelerate the demand in the coming years as these platforms gain prominence in the application development space. Companies are also investing heavily in the low code development to rapidly develop robust applications.
With the help of these platforms, companies can carry out the development of applications without investing heavily in hiring development teams. Therefore, these platforms are gaining popularity, which is propelling the growth of low code development platform market.
Low code development platform market face challenges in terms of customization and platform-specific limitations. These factors hamper the market growth. The readily available toolkits in the market are yet to resolve customization problems faced by developments from their roots, thus hindering the markets growth.
Low Code Development Platform Market Competitive Landscape
Some of the major players in global low code development platform market are AgilePoint, Bizagi, Appian, Caspio Inc., Mendix, OutSystems, MatsSoft, Salesforce.com, Microsoft Corporation and Google Inc.
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