According to a recently published Fact.MR report, the global Low Code Development market is projected to grow at a compound annual rate (CAGR) of 29.5% between 2022 and 2032. The market is expected to reach US$ 187 Bn by the end of 2032.
The demand for Low Code Development is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 14 Bn by the end of 2022.
Historically, from 2017 to 2021, demand for low code development solutions inclined at a CAGR of 25%. The pressure to respond dynamically has hindered the efficiency of digital solutions, which, in turn, has accelerated the adoption of no code or low code. Low code development platforms have opened the gates for organizations of any size to reach the industry benchmark in application development.
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Owing to lower cost and nominal lead time, low code development platforms have become the go-to platforms, wherein, hastening business revolution will be the driving force with nearly 50% of influence for growth. 58% of IT professionals state that their organization is excited by digital acceleration, which has created a new urgency for faster and more collaborative development.
What makes the United States an epicenter for low-code development?
The United States is a market leader in cloud computing, with some of the industry’s prominent corporations present there. US developers are at the forefront of low code development. In the US, four out of every five companies are now using low-code development as opposed to 77% worldwide, and three out of five employees are now using low-code apps as opposed to 56% globally.
As a result, the American business is under greater time pressure than other businesses since 72% of key software projects fail to arrive by the deadline, whereas 67% fail to arrive at schedule globally. The United States is the world’s largest IT market, accounting for 32% or US$ 1.7 trillion in 2020. The IT sector in the United States, as well as many other countries, accounts for a considerable amount of economic activity.
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Key Segments Covered in the Low Code Development Industry Survey
- General Purpose Platform
- Database Application Platform
- Mobile Application Platform
- Process Application Platform
- Request Handling Platform
By Application Type
- Collaboration Site
- Electronics Forms
- Business Intelligence & Analytics
- Business Rules Management
- Predictive Analysis
- Other Application
- Small & Medium Enterprise (SMEs)
- Large Enterprise
- By Use Case
- IT & Telecommunication
- Retail & E-commerce
Strategic collaborations enable manufacturers to increase production and meet consumer demand which will increase revenue and market share. New products and technologies will enable end-users to benefit from new technologies. The result of a strategic collaboration can help the company to increase its production capacity.
- In 2021, AppGyver Oy was acquired by SAP, which is one of the leading players providing low code development platforms. AppGyver Oy has capabilities for SAP to integrate to develop web and mobile applications. Through the integration of AppGyver’s offering with SAP’s own in-house low code capabilities, SAP develops workflows, forms, and case management through digital platforms.
- AppSheet was acquired by Google in 2020, which offers low code development platforms, with Google is aiming to broaden its cloud platforms to capitalize on the megatrend and offer services to its existing customer base.
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Key players in the Low Code Development Market
- DocuSign Inc.
- Entrust Datacard Corporation
- Wolters Kluwer N.V
- Kofax Inc.
- Nintex U.K Ltd.
- eDOC Innovations
Key Takeaways from the Market Study
- Global low code development market to be valued at US$ 14 Bn by the end of 2022
- By type, mobile application low code development platforms to yield over US$ 935 Mn in value
- Business intelligence & predictive analytics to increase at a whopping 20% CAGR
- More than 50% of low code development platforms to be deployed across SMEs
- U.S to emerge as the most opportunistic market, accumulating a revenue share of 65%
- China to be a potential cash cow, expected to yield around 3/5th of global low code development revenue
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