DUBLIN--(BUSINESS WIRE)--The "Low-Code Development Platform Market Research Report: By Offering, Deployment Type, Vertical, Regional Outlook - Global Industry Trends, Technology Analysis and Growth Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
As per a study conducted by the publisher, the global low-code development platform market generated a revenue of $5.6 billion in 2018 and is predicted to attain $52.3 billion in 2024, advancing at a 45.2% CAGR during the forecast period (2019-2024). Both large and small & medium enterprises (SME) make use of this platform; however, larger demand for low-code development platform was created by large enterprises during 2014-2018.
As per the World Economic Forum, industries, majorly retail, BFSI, and manufacturing, are projected to grant about $1.2 trillion for digital transformation in 2019, with an 18% year-on-year increase. Under these circumstances, the low-code development platform is capable of playing a significant role for different organizations, as it can help reduce time and resources while developing applications.
The workflow of many industries, such as manufacturing, oil & gas, banking, financial services, & insurance (BFSI), and automotive has been disrupted by digital transformation. The businesses are being compelled to adopt digital technologies for staying in competition in their respective markets.
The low-code development platform offers solution and services, among which, larger demand was created for solutions during 2014-2018. This was due to the growing adoption of the low-code development platform by various industry verticals in order to reduce the IT expenditure. The various solutions offered by this platform are process app, mobile-first app, general purpose, database app, and request handling.
A key factor boosting the growth of the low-code development platform market is that by making use of this platform, the enterprises become less dependent on IT professionals. Several departments of an enterprise, such as operations, human resource, and accounting and finance, require applications for improving business process efficiency.
Generally, IT professionals are hired by organizations to develop different applications; however, hiring a proficient IT professional is often a difficult and costly process and can even lead to delay in the application development process. Due to this, businesses have started adopting low-code development services and solutions in order to reduce the workload for IT professionals.
While, application of AI in any business process is considered resource and time-consuming, low-code solutions integrated with AI are capable of making the development of AI-based applications for different business processes an accessible and simple task.
Key Topics Covered:
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.2 Value Chain Analysis
4.3 Market Dynamics
184.108.40.206 Need for optimum TTM strategy
220.127.116.11 Era of digital transformation
18.104.22.168 Less dependency on IT professionals
22.214.171.124 Regulatory uncertainty around government norms
126.96.36.199 Impact analysis of drivers on market forecast
188.8.131.52 Scalability and security of data
184.108.40.206 Impact analysis of restraints on market forecast
220.127.116.11 AI enabled low-code development platform to accelerate digital transformation
4.4 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Offering
5.1.1 Solution, by Type
5.1.2 Service, by Type
5.2 By Deployment Type
5.3 By Enterprise Size
5.4 By Vertical
5.5 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 Market Share Analysis of Key Players
11.2 Competitive Benchmarking of Market Players
11.3 List of Key Players and Their Low-Code Offerings
11.4 Recent Activities of Major Players
11.5 Strategic Developments of Key Players
11.5.1 Mergers and Acquisitions
11.5.2 Product Launches
11.5.4 Facility Expansion
11.5.5 Geographic Expansion
11.5.6 Client Wins
Chapter 12. Company Profiles
12.1 Appian Corporation
12.1.1 Business Overview
12.1.2 Product and Service offerings
12.1.3 Key Financial Summary
12.2 Salesforce.com Inc.
12.3 Alphabet Inc.
12.4 Oracle Corporation
12.5 ServiceNow Inc.
12.6 MatsSoft Limited
12.7 AgilePoint Inc.
12.8 Outsystems Inc.
12.9 Caspio Inc.
12.10 Microsoft Corporation
12.11 Mendix Technology B.V.
12.12 Kony Inc.
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