Low Code Development Market Is Projected To Grow To Around US$ 187 Billion By 2032

The global Low Code Development market is anticipated to expand between 2022 and 2032 at a compound annual growth rate (CAGR) of 29.5%, according to a report recently released by Fact.MR By the end of 2032, the market is anticipated to reach US$ 187 Bn.

By the end of 2022, the global market for low code development is anticipated to be worth US$ 14 billion due to rising demand over the forecast period.

Historically, from 2017 to 2021, demand for low code development solutions inclined at a CAGR of 25%. The pressure to respond dynamically has hindered the efficiency of digital solutions, which, in turn, has accelerated the adoption of no code or low code. Low code development platforms have opened the gates for organizations of any size to reach the industry benchmark in application development.

𝐅𝐨𝐫 𝐂𝐫𝐢𝐭𝐢𝐜𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐨𝐧 𝐓𝐡𝐢𝐬 𝐌𝐚𝐫𝐤𝐞𝐭, 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭
https://www.factmr.com/connectus/sample?flag=S&rep_id=6942

Owing to lower cost and nominal lead time, low code development platforms have become the go-to platforms, wherein, the hastening business revolution will be the driving force with nearly 50% of influence for growth. 58% of IT professionals state that their organization is excited by digital acceleration, which has created a new urgency for faster and more collaborative development.

𝐖𝐡𝐚𝐭 𝐦𝐚𝐤𝐞𝐬 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬 𝐚𝐧 𝐞𝐩𝐢𝐜𝐞𝐧𝐭𝐞𝐫 𝐟𝐨𝐫 𝐥𝐨𝐰-𝐜𝐨𝐝𝐞 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭?

The United States is a market leader in cloud computing, with some of the industry's prominent corporations present there. US developers are at the forefront of low code development. In the US, four out of every five companies are now using low-code development as opposed to 77% worldwide, and three out of five employees are now using low-code apps as opposed to 56% globally.

As a result, the American business is under greater time pressure than other businesses since 72% of key software projects fail to arrive by the deadline, whereas 67% fail to arrive at schedule globally. The United States is the world's largest IT market, accounting for 32% or US$ 1.7 trillion in 2020. The IT sector in the United States, as well as many other countries, accounts for a considerable amount of economic activity.

𝐊𝐞𝐲 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬 𝐂𝐨𝐯𝐞𝐫𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐋𝐨𝐰 𝐂𝐨𝐝𝐞 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐒𝐮𝐫𝐯𝐞𝐲

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

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞

Strategic collaborations enable manufacturers to increase production and meet consumer demand which will increase revenue and market share. New products and technologies will enable end-users to benefit from new technologies. The result of a strategic collaboration can help the company to increase its production capacity.

 In 2021, AppGyver Oy was acquired by SAP, which is one of the leading players providing low code development platforms. AppGyver Oy has capabilities for SAP to integrate to develop web and mobile applications. Through the integration of AppGyver's offering with SAP's own in-house low code capabilities, SAP develops workflows, forms, and case management through digital platforms.
 AppSheet was acquired by Google in 2020, which offers low code development platforms, with Google is aiming to broaden its cloud platforms to capitalize on the megatrend and offer services to its existing customer base.

𝐊𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐋𝐨𝐰 𝐂𝐨𝐝𝐞 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭

 Adobe
 Ascertia
 DocuFirst
 DocuSign Inc.
 Entrust Datacard Corporation
 Wolters Kluwer N.V
 Kofax Inc.
 Nintex U.K Ltd.
 OneSpan
 eDOC Innovations

𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐀𝐜𝐜𝐞𝐬𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.factmr.com/checkout/6942

𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐮𝐝𝐲

 Global low code development market to be valued at US$ 14 Bn by the end of 2022
 By type, mobile application low code development platforms to yield over US$ 935 Mn in value
 Business intelligence & predictive analytics to increase at a whopping 20% CAGR
 More than 50% of low code development platforms to be deployed across SMEs
 U.S to emerge as the most opportunistic market, accumulating a revenue share of 65%
 China to be a potential cash cow, expected to yield around 3/5th of global low code development revenue

𝐂𝐨𝐧𝐭𝐚𝐜𝐭:
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Tel: +1 (628) 251-1583
E-Mail: sales@factmr.com

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This release was published on openPR.