|Status : Published||Published On : Sep, 2019||Report Code : VRICT5131||Industry : ICT & Media||Available Format :||Page : 202|
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.
Insight by Offering
On the basis of offering, the global low-code development platform market is categorized into solution and service, wherein solution category held larger share in the market in 2018. The growth of this segment is attributed towards increasing demand for the low-code development platform from all the verticals.
The service category is expected to witness faster growth during the forecast period, owing to the rising demand for technical expertise and timely upgradation of the platform.
Furthermore, solution category is sub-segmented into general purpose, mobile-first app, database app, process app, request handling.
Furthermore, service category is also sub-segmented into managed and professional.
Insight by Deployment Type
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.
Optimizing time to market (TTM) by utilizing low-code development platform is the key trends observed in the low-code development platform market, globally.
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.
Increasing concerns towards the security of data are hindering the growth of the low-code development platform market, globally.
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.
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.
- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine the year-on-year trend.
- Understanding adoption, production, export, import, and regulatory framework.
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- Bottom-up and top-down approach has been used for estimation and forecast of market data, whereas top-down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research