According to a research report "Low-Code Development Platform Market by component, application type, deployment type, organization size, industry, and region - Global Forecast to 2025" published by MarketsandMarkets, the market for low-code development platform market size is projected to grow from USD 13.2 billion in 2020 to USD 45.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 28.1% during the forecast period.
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The BFSI industry to grow at the highest CAGR
during the forecast period
The BFSI industry requires market services and platform on a large-scale due to the voluminous information produced across these organizations. Organizations have implemented low-code development platform and services to improve the automation in the customer service business functions, as customer service is the core factor responsible for customer acquisition and retention in the BFSI industry. This industry frequently keeps introducing new and improved financial products and services to enhance its business operations, which makes it attractive for the low-code development platform providers to offer advanced solutions to the industry.
The web-based segment to grow at the highest
CAGR during the forecast period
Web application is considered as a
face of an organization and by using the low-code development platform
organizations can roll out user-defined web-based applications quickly. Instead
of writing the programming language for the development of web-based
applications, employees with less development experience can also create
sophisticated applications. For those who has relevant experience, this
platform can ease out the daily work chores and can even help them create more
custom web-based applications by integrating already existing digital ecosystems.
An exhaustive secondary research was done to collect
information on the market.
The
study involved four major activities to estimate the current size of the
low-code development platform market. An exhaustive secondary research was done
to collect information on the market. The next step was to validate these
findings, assumptions, and sizing with industry experts across the value chain
using primary research. Both top-down and bottom-up approaches were employed to
estimate the complete market size. Thereafter, the market breakup and data
triangulation procedures were used to estimate the size of the segments and
subsegments of the market.
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North
America to account for the highest market share during the forecast period
North America has the presence of several prominent market
players delivering low-code development platform and services to all end users
in the region. The US and Canada both have strong economic conditions and are
expected to be major contributors to the growth of the low-code development
platform market. The geographical presence, significant Research and
Development (R&D) activities, partnerships, and acquisitions and mergers
are the major factors for the deployment of low-code development platform and
services. The major vendors, such as Salesforce, Microsoft, Appian, and
Pegasystems, offer enhanced low-code development platform and services to cater
to the needs of customers which fuels the growth of the global market in North
America.
The
vendors covered in the market report include Salesforce (US), Microsoft (US),
Appian (US), Oracle (US), Pegasystems
(US), Magic Software Enterprises (US), AgilePoint (US), OutSystems (US), Zoho
(India), Quick Base (US), LANSA (US), Fujitsu RunMyProcess (France), Netcall
(UK), WaveMaker (US), and K2 (US).
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