Global Low-Code Development Platform Market Report: Industry Trends, Technology Analysis and Growth Forecast to 2024 - Predicted CAGR of 45.2% Expected During the Forecast Period - ResearchAndMarkets.com

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

4.3.1 Trends

4.3.1.1 Need for optimum TTM strategy

4.3.2 Drivers

4.3.2.1 Era of digital transformation

4.3.2.2 Less dependency on IT professionals

4.3.2.3 Regulatory uncertainty around government norms

4.3.2.4 Impact analysis of drivers on market forecast

4.3.3 Restraints

4.3.3.1 Scalability and security of data

4.3.3.2 Impact analysis of restraints on market forecast

4.3.4 Opportunities

4.3.4.1 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

11.5.3 Partnerships

11.5.4 Facility Expansion

11.5.5 Geographic Expansion

11.5.6 Client Wins

11.5.7 Other

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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