According to a research report "Low-Code Development Platform Market by Component (Platform and Services), Application Type, Deployment Type (Cloud and On-Premises), Organization Size (SMEs and Large Enterprises), Industry, and Region - Global Forecast to 2025" published by MarketsandMarkets, The low-code development platform market 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. The 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. The study involved four major activities to estimate the current size of the low-code development platform market.
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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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By
region, 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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