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Global Low-Code Development Platform Market - Analysis and Forecast To 2024, Salesforce.com Inc, Alphabet Inc, Caspio Inc, Kony Inc, Appian Corporation, Mendix Technology B.V., Outsystems Inc, AgilePoint Inc., Microsoft Corporation
The global low-code development platform market is projected to reach USD 53.0 billion by 2024, registering a CAGR of 45.0% during the forecast period. Increasing internet penetration, rapid increase in the number of smartphones, and increasing need growing need for web and mobile apps for business processes, propelling the growth of the market.
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Based on deployment type, the low-code development platform market is segmented into on-premises, and cloud-based. Among the two segments, cloud-based contributes the larger revenue globally, and also it is expected to witness faster growth during the forecast period. The growth of this segment is attributed towards majority of market players offering low-code development platform over the cloud.
Growth Drivers
Global low-code development platform market has been driven by several key factors, predominantly less dependency on IT professionals, and increase in digital transformation in various sectors. Digital transformation has forced too many sectors to adopt digital technologies in order to stay updated in the market.
Geography Insight
Geographically, North America has accounted for the largest share in the low-code development platform market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of IT companies, and increasing mobile application usage. Moreover, Asia-Pacific is expected to witness the fastest growth during the forecast period due to increasing internet penetration, and rapid increase in the number of smartphones.
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Competitive Insight
Some of the key players operating in the global low-code development platform market are Oracle Corporation, Salesforce.com Inc, Alphabet Inc, Caspio Inc, Kony Inc, Appian Corporation, Mendix Technology B.V., Outsystems Inc, AgilePoint Inc., Microsoft Corporation, MatsSoft Limited, and ServiceNow Inc.
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VynZ Research is a global market research firm offering research, analytics, and consulting services on business strategies. We have a recognized trajectory record and our research database is used by many renowned companies and institutions in the world to strategize and revolutionize business opportunities. The company focuses on providing valuable insights on various technology verticals such as Chemicals, Automotive, Transportation, Energy, Consumer Durables, Healthcare, ICT and other emerging technologies.
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