As per a research conducted by P&S Intelligence, the global low-code development platform market is predicted to reach a value of $187.0 billion by 2030, and is expected to exhibit 31.1% CAGR during the time period 2020–2030. The market is being driven by the rising demand for business digitization, strict government norms, and less dependency on information technology professionals. In terms of enterprise, the market is bifurcated into small & medium enterprises (SME) and large enterprises.
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Between these two, the SMEs division is predicted to advance at a faster pace in the years to come, which is owing to the rising affordability and availability of cloud-based low-code development platforms. Low-code development platform reduces the number of obstacles for unskilled developers and further decreases the amount of resources that go into developing an application. Because of this SMEs across the globe are making use of such solutions to get ahead in their respective fields.
The objective of this research includes;
Geographically, the Asia-Pacific region is expected to emerge as the fastest-growing low-code development platform market in the near future. The market in the region is registering growth due to the surging internet penetration, increasing demand for mobile-based applications, and rising investments in IT solutions. Furthermore, expanding IT service industry and swift economic growth in several countries are also resulting in the growth of the regional market. Moreover, APAC is the most preferred country when it comes to IT outsourcing, which is why companies receive high requests for application development.
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The companies operating in the low-code development platform market are launching new products to get ahead in the market. For example, Kony Inc. launched a low-code development solution in April 2019, named Kony Quantum for Microsoft Azure. The solution can be easily integrated with Azure and can be optimized fully by utilizing a cloud-native architecture. The integration allows swift development of company applications and improves the scalability of applications.
The research includes detailed analysis of;
Based on Offering
Based on Deployment Type
Based on Enterprise
Based on Vertical
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