DUBLIN--(BUSINESS WIRE)--The "Low-Code Development Platform Market by Component (Solution and Services (Professional and Managed)), Deployment Mode, Organization Size, Vertical (Telecom and IT, BFSI, Government), and Region - Global Forecast to 2022" report has been added to ResearchAndMarkets.com's offering.
Research projects the global low-code development platform market size to grow from USD 4.32 Billion in 2017 to USD 27.23 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 44.49% during the forecast period.
The constant increase in demand for software automation and innovative applications, along with the ease of development of web and mobile apps, is expected to have led enterprises of all sizes to adopt the low-code development platform. Moreover, the cloud-based deployment mode is gaining high traction in the market, as it requires less capital investment, helps decrease the operational and maintenance costs, and reduces the management's efforts. The cloud-based low-code development platform is customized and customers can start or stop any service, at their will. The low-code development platform helps organizations design and develop robust web and mobile applications at a lower cost and higher speed.
North America is estimated to hold the largest market size in 2017. The increasing penetration of the internet and the growth in the deployment of web and mobile applications for business operations are said to be driving the need for the low-code development platform. Furthermore, the rapid economic growth in the major countries, along with the need for quickly developing application is said to be driving the growth of the low-code development platform market growth in APAC. In Latin America, the Small and Medium-sized Enterprises (SMEs) as well as large enterprises belonging to a range of verticals, such as Banking, Financial Services, and Insurance (BFSI); government defense; and IT and telecommunications are expected to increase their investments toward the adoption of the low-code development platform and its associated services.
With the advent of such enterprise applications facilitated by the low-code development platform, the dependency of the organization over the professional developers is predicted to slowly lose importance. This will have a slow but adverse effect on the IT teams of the organizations, as enterprises might look forward to reduce their IT spending and their technical staff of programmers. Hence, the IT personnel of the organizations oppose to the implementation of the low-code development platform. Such attitude of the IT teams in organizations might limit the adoption of the low-code development platform.
- Organizations' Need for Web and Mobile Apps for Their Business Processes
- Increasing API Offerings By Vendors
- Proliferation of Smartphones Across Various Industries
- Resentment From the Technical Teams in Organizations
- Ongoing Trend for Digitization in the IT Industry
- Rising Demand for Software Automation and Innovative Applications
- Need to Build the Customized Applications in Line With the Organizational Needs
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