Low Code Development Market Is Reflecting A Positive CAGR Of 29.5% By 2031

A recently redesigned Fact. According to MR, the global low code development market will grow at a 29.5% CAGR from 2022 to 2032, reaching US$ 187 billion by the end of the forecast period. With low code development technology taking centre stage, the software and application development industry is on the verge of disruption.

Historically, demand for low code development solutions increased at a 25% CAGR from 2017 to 2021. The pressure to respond dynamically has reduced the efficiency of digital solutions, hastening the adoption of no code or low code. Low code development platforms have enabled organisations of any size to achieve the industry standard in application development.

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Competitive Landscape

Strategic partnerships allow manufacturers to increase production and meet consumer demand, increasing revenue and market share. End-users will benefit from new technologies thanks to new products and technologies.

Quickbase's CIO discusses a low-code roadmap and the acquisition of MCF Tech in January 2022. The company is excited about expanding its offerings and meeting market demand. This acquisition will assist Quickbase in accelerating infrastructure development and some of the more complex projects as the world accelerates infrastructure construction.

Databricks, a data and AI company, recently announced the acquisition of 8080 Labs, a German startup with cutting-edge technology, in October 2021. Bamboolib, a popular UI-based data science tool from 8080 Labs, allows for quick and easy data exploration and transformation with just a few clicks and no coding. Furthermore, UI-driven capabilities will be integrated with Databricks' Lakehouse Platform, ushering Databricks into the low-code/no-code world.

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Key Segments Covered in Low Code Development

By Deployment

Cloud

Private

Public

Hybrid

On-premise

By Type

General Purpose Platform

Database Application Platform

Mobile Application Platform

Process Application Platform

Request Handling Platform

Others

By Application Type

Collaboration Site

Electronics Forms

Business Intelligence & Analytics

Business Rules Management

Predictive Analysis

Other Application

By Enterprise

Small & Medium Enterprise (SMEs)

Large Enterprise

By Use Case

IT & Telecommunication

BFSI

Retail & E-commerce

Education

Manufacturing

Healthcare

Government

Defense

Others

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Key Takeaways from the Market Study

The global low-code development market is expected to be worth $14 billion by the end of 2022.
The value of mobile application low code development platforms is expected to exceed US$ 935 million.
Business intelligence and predictive analytics are expected to grow at a whopping 20% CAGR.
More than half of low code development platforms will be deployed across SMEs in the United States, making it the most opportunistic market, accounting for 65% of revenue.
China could be a cash cow, accounting for roughly one-fifth of global low-code development revenue.

What makes the United States a low-code development hotspot?

The United States is a market leader in cloud computing, home to some of the industry's most prominent corporations. The United States is at the forefront of low-code development. In the United States, four out of every five businesses are now using low-code development, compared to 77% globally, and three out of every five employees are now using low-code apps, compared to 56% globally.

As a result, the American business is under more time pressure than other businesses, with 72% of key software projects failing to meet deadlines, compared to 67% globally. The United States has the largest IT market in the world, accounting for 32% or US$ 1.7 trillion in revenue.

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How can Fact.MR Make Difference?

• In-depth examination of several market aspects that may have an impact on the market's growth rate
• Provides information on recent market developments and marketing strategies implemented by leading companies worldwide.
• Outlined key factors that will influence market growth during the forecast period.
• Estimated growth rate based on historical growth rate and future prospects
• Current innovations and product launches in the global landscape • Detailed description of the competitive landscape with reference to leading companies and new market entrants

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This release was published on openPR.