The Low Code Development Platform market is projected to grow from USD13.5542 Billion in 2023 to USD 142.5916243 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 34.20% during the forecast period (2023 - 2032).
Low Code Development Platform Market Overview:
The use of AI is expanding across all industries. Its implementation is hampered by a lack of competent people and higher implementation expenses. According to Cisco's Transforming Business with AI research, companies have strategically prioritised AI, but its full implementation is hampered by a skills shortage. The idea of low-code artificial intelligence is revolutionary in terms of AI technology for software and application development. The platform attracts investment from many businesses due to its wide use and potential advantages.
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Key Players:
Key Companies in the Low Code Development Platform market include,
- Microsoft (US)
- Appian (US)
- Pegasystems Inc. (US)
- ServiceNow (California)
Regional analysis:
During the predicted period, North America held the greatest market share. All regional end users can choose from a wide range of platforms and services that are provided by several significant industry players. Because of their strong economies, the US and Canada are expected to help the low code development platform industry grow. Geographical presence, substantial Research and Development (R&D) activities, partnerships, acquisitions, and mergers are the most important factors in the deployment of minimal code development platforms and services. The expansion of the worldwide market in North America is being driven by the leading vendors, including Salesforce, Microsoft, Appian, and Pegasystems, which provide expanding low code development platforms and services to fulfil client needs.
Asia-Pacific would see the fastest growth throughout the projection period. More than 50% of the region's top executives are confident using the low code platform across their individual companies, according to the 2020 Software Survey of Asia-Pacific. Low code platforms should be used by Chinese IT developers for efficient workflow, it is advised. According to the Mendix Survey, 9% of IT professionals approve of the platform. The current Atma Nirbhar Bharat programme is projected to contribute significantly to India's predicted rapid growth.
Market segmentation:
Platforms and Services make up the two segments of the worldwide low code development platform market, according to component. During the anticipated period, the Platform segment had the biggest market share.
The worldwide low code development platform market is segmented into On-premises and Cloud based on deployment. Over the course of the projected period, the On-premise category held the biggest market share.
The web-based and mobile-based segments of the worldwide minimal code development platform market are separated based on application. During the predicted period, the segment that generated the most revenue was web-based.
The worldwide low code development platform market is divided into SMEs and Large Enterprises based on enterprise size. During the projected period, the Large Enterprise segment held the greatest market share.
The BFSI, IT & Telecommunication, Education, Government, Manufacturing, Healthcare, Retail, Media & Entertainment, and other segments make up the worldwide low code development platform market. The segment that will dominate throughout the predicted period is IT & Telecommunication.
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Industry news:
In March 2020, prominent key players like Appian and Deloitte had established a strategic collaboration to upgrade mission systems by helping clients in federal civilian, commercial, state, and local government agencies and defense.
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