Low-Code Development Platforms Enabled by AI to Accelerate Digital Transformation

DUBLIN, August 9, 2022 /PRNewswire/ — “Low-Code Development Platform Market Research Report – Global Industry Analysis, Trends and Growth Forecast to 2030” has been added to from ResearchAndMarkets.com offer.

The global low-code development platform market revenue, which was $12,500.6 million in 2020, is expected to experience a CAGR of 31.3% over the period 2020-2030, to reach $190,792.6 million by 2030. One of the main reasons behind this would be the remote working policies, movement restrictions and blanket lockdowns that have been implemented around the world during the COVID-19 pandemic. These measures have led to a drastic increase in demand for computer and mobile applications offering news and games, COVID-related alerts and other features.

The low-code development platforms allow even those with almost no knowledge of computer programming and coding to create applications and software, thanks to its drag-and-drop approach. Even before the pandemic, rapid digital transformation had driven demand for all kinds of mobile and computer software and applications. As a result, IT companies are using low-code development technology to reduce their software development time and cost by engaging citizen developers.

Most users have deployed low-code development platforms on the cloud because this mode offers increased scalability, 24/7 data access, and lower IT expenses.

In the coming years, small and medium-sized enterprises (SMBs) will become very important in the low-code development platform market, as the proposition of lower expenditure and faster delivery of applications provided by this technology makes it ideal for small businesses with limited finances.

The IT sector has been the biggest user of this technology so far, as it creates most of the software and applications for computers and mobile phones. Therefore, these companies have widely adopted these solutions to optimize their productivity and reduce their dependence on expensive resources.

In the future, the demand for services, such as the integration and deployment of low-code development platforms, training, consulting and upgrades, will grow faster than for the solutions themselves.

In the years to come, Asia Pacific (APAC) will be the fastest growing low-code development platform market due to the increasing government focus on digital transformation, growing smartphone and internet penetration and expanding of the IT sector. Additionally, many North American and European companies are outsourcing application and software development to those based in APAC, which is driving the use of this technology.

Market dynamics

Tendencies

  • Need an optimal TTM strategy
  • Increased preference for cloud-based low-code development platform
  • Low-Code development has progressed beyond application development
  • Edge Computing becomes more popular

Drivers

  • Increased demand for digitization from businesses
  • Less reliance on IT professionals
  • Strict government standards
  • Using Low-Code Development Tools Minimizes the “Shadow IT” Problem
  • Workflow automation

Constraints

  • Threat to data scalability and security
  • Impact Analysis of Restrictions on Market Forecast

Opportunities

  • Low-Code Development Platforms Enabled by AI to Accelerate Digital Transformation
  • Businesses desperately need programmers with the necessary skills

Main topics covered:

Chapter 1. Research Context

Chapter 2. Research Methodology

Chapter 3. Executive Summary

Chapter 4. Market Indicators

Chapter 5. Introduction

Chapter 6. Global Market Size and Forecast

Chapter 7. North America Market Size and Forecast

Chapter 8. Europe Market Size and Forecast

Chapter 9. Apac Market Size and Forecast

Chapter 10. Latam Market Size and Forecast

Chapter 11. Mea Market Size and Forecast

Chapter 12. Major Markets

Chapter 13. Competitive Landscape

Chapter 14. Business Profiles

Chapter 15. Appendix

Companies cited

  • Appian Society
  • Salesforce.com Inc.
  • Alphabet Inc.
  • Oracle Corporation
  • ServiceNow Inc.
  • MatsSoft Limited
  • AgilePoint Inc.
  • Outsystems Inc.
  • Caspio Inc.
  • Microsoft Corporation
  • Mendix Technology B.V.
  • Lansa Inc.
  • QuickBase Inc.
  • Pegasystems Inc.
  • Magic Software Enterprises Ltd.
  • Temenos Headquarters SA

For more information about this report visit https://www.researchandmarkets.com/r/tkpya0

Media Contact:

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SOURCE Research and Markets

About Barbara J. Ross

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