The global low-code development platform market is expected to grow at a CAGR of 45.0% during the forecast period with its market size predicted to reach USD 53.0 billion by 2024. Globally, low-code development platform industry players are leveraging market growth through product launches, partnerships, mergers & acquisitions, and geographic expansion. For example, in April 2019, Mendix Technology B.V. launched Mendix Studio and Mendix Studio Pro.
Small and medium enterprises category is expected to witness faster growth during the forecast period in the Low-code development platform market
On the basis of enterprise size, the global low-code development platform market is divided into large enterprises and small and medium enterprises. Among the two categories, the small and medium enterprises category is expected to witness faster growth during the forecast period. The growth of this segment is owing to the inclination toward cloud-based low-code development platforms in minimizing resources and cost barrier for application development.
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On the basis of vertical, the global low-code development platform market is divided into government, healthcare, education, media and entertainment, retail, energy and utilities, manufacturing, IT, BFSI, and others. Of all, the IT sector held largest share in the market in 2018 and is also expected to witness the fastest growth during the forecast period owing to the increasing adoption of low-code development platform in the IT sector.
Geographically, North America has accounted for the largest share in 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.
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The report provides the market value for the base year 2018 and a yearly forecast till 2024 in terms of revenue (USD Million). The report segments the global low-code development platform market on the basis of offering, deployment type, enterprise size, vertical, and region.
Global Low-Code Development Platform Market Coverage
Offering Insight and Forecast 2014-2024
Deployment Type Insight and Forecast 2014-2024
Enterprise Size Insight and Forecast 2014-2024
Vertical Insight and Forecast 2014-2024
Low-Code Development Platform Market by Region
Rest of the World (RoW)