According to a research report "Low-Code Development Platform Market demand is growing due to increasing need of digitalization and maturity of agile DevOps practices are expected to enhance the use of low-code development platform market across the globe. Low-Code Development Platform Market by component, application type, deployment type, organization size, industry, and region - Global Forecast to 2025" published by MarketsandMarkets. The global 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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By industry, 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.
By application type, 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.
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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.
Market
Players:
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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