Low-Code Development Platform Market Expected to Reach USD 125.6 Billion by 2031 | Top Players such as - Pegasystems, ServiceNow and Zoho Corporation

According to the report published by Allied Market Research "The Low-Code Development Platform Market Expected to Reach USD 125.6 Billion by 2031 | Top Players such as - Pegasystems, ServiceNow and Zoho Corporation." These players have adopted different strategies such as new product launches collaborations expansion joint ventures agreements and others to increase their market share and maintain dominant shares in different regions.

Factors such as growing digitalization and social media penetration around the world are positively impacting the growth of the market. In addition, the increase in the adoption of low-code development platforms across businesses to enhance operation & productivity drives the growth of the market. Furthermore, an increase in investments in the sectors such as BFSI, healthcare, and others is expected to provide lucrative growth opportunities for the market during the forecast period. Moreover, the low-code development platform helps to reduce costs over the entire development lifecycle, which is expected to create numerous opportunities for market growth during the forecast period. However, concerns over low-code development platform's security and compliance are growing, especially for apps that use consumer data, this factor is expected to hamper the growth of the market.

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The global low-code development platform market is analyzed across Component, Deployment Mode, Application Type, Enterprise Size, Industry Vertical and Region. The report presents the analysis of each segment and sub-segment through tabular and graphical representation. This analysis can be useful for investors and market players to identify the highest revenue-generating and fastest-growing segments, allowing them to devise effective strategies.

By industry vertical, the IT and telecom segment contributed to nearly about one-third of the global low-code development platform market share in 2021. The BFSI segment, on the other hand, would portray the fastest CAGR of 34.6% during the forecast period. The manufacturing, government, healthcare, retail and e-commerce and others segment are also analyzed throughout the report.

By component, the platform segment held the highest share in 2021, garnering around two-third of the global low-code development platform market revenue. The services segment, on the other hand, would showcase the fastest CAGR of 31.6% throughout the forecast period.

By application type, the mobile-based application segment accounted for the highest share in 2021, generating more than two-fifths of the global low-code development platform market revenue. The web-based application segment, however, would portray the fastest CAGR of 31.2% during the forecast period. The desktop and server-based application segments are also analyzed through the study.

By deployment mode, the cloud segment contributed to more than half of the global low-code development platform market share in 2021 and is projected to rule the roost by 2031. The on-premise segment, however, would portray the fastest CAGR of 23.2% during the forecast period.

By enterprise size, large enterprises segment held the major share in 2021, garnering more than three-fifths of the global low-code development platform market revenue. The small and medium-sized enterprises segment, on the other hand, would showcase the fastest CAGR of 30.1% throughout the forecast period.

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By region, North America held the major share in 2021, garnering around two-fifths of the global low-code development platform market revenue. The Asia-Pacific, on the other hand, would showcase the fastest CAGR of 30.6% throughout the forecast period.

The key market players analyzed in the global low-code development platform market report include AgilePoint Inc., Appian Corporation, Mendix Technology BV, Microsoft Corporation, Oracle Corporation, OutSystems, Inc., Pegasystems Inc., Salesforce.com Inc., ServiceNow, Inc., and Zoho Corporation Pvt. Ltd.

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Covid-19 scenario-

● The low-code development platform market has witnessed significant growth in the past few years. The Covid-19 pandemic has increased business's need to automate processes and prioritize digital transformation initiatives. Low-code development platforms address this need, helping them to streamline workflows and accelerate automation projects.

● Furthermore, many businesses have invested in low-code development platforms to ease the increasing complexities of IT needs during the forecast period.

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