Low Code Development Market Is Reflecting A Positive CAGR Of 29.5% By 2031

Market research covered in this Low Code Development Market report helps the management of a firm in planning by providing accurate and up-to-date information about the consumer’s demands, their changing tastes, attitudes, preferences, buying intentions, etc. This research aids in correlative relationships between the product brand and consumers’ needs and preferences. Additionally, this report brings into light key market dynamics of the sector. The competitive landscape section of the report gives a clear insight into the market share analysis of key industry players. 

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The company profiles of all the major market players and brands that are dominating the Low Code Development Market with moves like product launches, joint ventures, merges, and accusations which in turn are affecting the sales, import, export, revenue, and CAGR values have been cited in the report. The study consists of a market attractiveness analysis, wherein each segment is benchmarked based on its market size, growth rate, and general attractiveness.

The research further covers segments such as product type, market share, availability on-premises, and end-users type, and availability in geographical regions such as North America, South America, Europe, Asia-Pacific, and Middle East & Africa. The dedicated section on the opportunities and challenges ahead of Low Code Development Market participants is a valuable addition to this report. The section is capable of improving business knowledge about the latest innovations and needed improvisation to keep the market position intact with time in the forecast period 2023- 2032. 

The global sales of low code development are expected to reach US$ 14 Bn in 2022. As per the study, the industry is slated to reach a valuation of US$ 187 Bn by 2032, reflecting a positive CAGR of 29.5% throughout the assessment period.

Key Segments Covered in Low Code Development

By Deployment

Cloud

Private

Public

Hybrid

On-premise

By Type

General Purpose Platform

Database Application Platform

Mobile Application Platform

Process Application Platform

Request Handling Platform

Others

By Application Type

Collaboration Site

Electronics Forms

Business Intelligence & Analytics

Business Rules Management

Predictive Analysis

Other Application

By Enterprise

Small & Medium Enterprise (SMEs)

Large Enterprise

By Use Case

IT & Telecommunication

BFSI

Retail & E-commerce

Education

Manufacturing

Healthcare

Government

Defense

Others

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Key Takeaways from the Market Study

The global low-code development market is expected to be worth $14 billion by the end of 2022.
The value of mobile application low code development platforms is expected to exceed US$ 935 million.
Business intelligence and predictive analytics are expected to grow at a whopping 20% CAGR.
More than half of low code development platforms will be deployed across SMEs in the United States, making it the most opportunistic market, accounting for 65% of revenue.
China could be a cash cow, accounting for roughly one-fifth of global low-code development revenue.

What makes the United States a low-code development hotspot?

The United States is a market leader in cloud computing, home to some of the industry’s most prominent corporations. The United States is at the forefront of low-code development. In the United States, four out of every five businesses are now using low-code development, compared to 77% globally, and three out of every five employees are now using low-code apps, compared to 56% globally.

As a result, the American business is under more time pressure than other businesses, with 72% of key software projects failing to meet deadlines, compared to 67% globally. The United States has the largest IT market in the world, accounting for 32% or US$ 1.7 trillion in revenue.

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How can Fact.MR Make Difference?

• In-depth examination of several market aspects that may have an impact on the market’s growth rate
• Provides information on recent market developments and marketing strategies implemented by leading companies worldwide.
• Outlined key factors that will influence market growth during the forecast period.
• Estimated growth rate based on historical growth rate and future prospects
• Current innovations and product launches in the global landscape
• Detailed description of the competitive landscape with reference to leading companies and new market entrants

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