Low-code development platform market growing because of regulatory uncertainty around government norms

The workflow of many industries, such as manufacturing, oil & gas, banking, financial services, & insurance (BFSI), and automotive has been disrupted by digital transformation. The businesses are being compelled to adopt digital technologies for staying in competition in their respective markets. As per the World Economic Forum, industries, majorly retail, BFSI, and manufacturing, are projected to grant about $1.2 trillion for digital transformation in 2019, with an 18% year-on-year increase. Under these circumstances, the low-code development platform is capable of playing a significant role for different organizations, as it can help reduce time and resources while developing applications.

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Low-code development platform is a visual integrated development environment for creating web or mobile applications; the platform allows software developers, as well as individuals who are not professional developers, to utilize drag-and-drop application components and connect them for developing the desired app. As per a study conducted by P&S Intelligence, the global low-code development platform market generated a revenue of $5.6 billion in 2018 and is predicted to attain $52.3 billion in 2024, advancing at a 45.2% CAGR during the forecast period (2019-2024). Both large and small & medium enterprises (SME) make use of this platform; however, larger demand for low-code development platform was created by large enterprises during 2014-2018.

The low-code development platform offers solution and services, among which, larger demand was created for solutions during 2014-2018. This was due to the growing adoption of the low-code development platform by various industry verticals in order to reduce the IT expenditure. The various solutions offered by this platform are process app, mobile-first app, general purpose, database app, and request handling. The faster growth in demand is projected to be witnessed by the service category during the forecast period because of the rising requirement for implementation and integration. Professional and managed are two types of services provided by the low-code development platform.

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A key factor boosting the growth of the low-code development platform market is that by making use of this platform, the enterprises become less dependent on IT professionals. Several departments of an enterprise, such as operations, human resource, and accounting and finance, require applications for improving business process efficiency. Generally, IT professionals are hired by organizations to develop different applications; however, hiring a proficient IT professional is often a difficult and costly process and can even lead to delay in the application development process. Due to this, businesses have started adopting low-code development services and solutions in order to reduce the workload for IT professionals.

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