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Albany, New York, May 08, 2019 (GLOBE NEWSWIRE) -- The global low code development platform market depicts a competitive and fragmented landscape. Growing number of small players in emerging regions are spicing up the competition with lower costs, reports Transparency Market Research (TMR). However, large players in the global low code development platform market still hold a competitive advantage due to rich features and experience. Some key players in the low code development market are Caspio, MatsSoft Inc., Bizagi Appian Corp., Mendix, AgilePoint, and OutSystems.
Digital development and automation are driving many companies towards the products and services in the low code development platform market. However, major challenges in the market include limited awareness about low cost development platforms and their benefits such as cross-platform adaptability. LCDPs provided proven benefits such as lower investment in application development, deployment, and training. However, these benefits are yet to be realized by various firms who do not specialize in the IT industry. Hence, collaborating with consultancy services presents a major opportunity for growth in the low code development platform market.
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The market for low code development platform stood at US$1647 mn in 2015. It is expected to expand at a remarkable 54.5% CAGR during 2017-2025, thanks to cost efficiency and non-technical support. Additionally, among various product types, the general purpose platforms are expected to witness the highest growth in the near future. Region wise, North America is expected to bag the largest share of total revenues in the low code development platform market during the forecast period. Rising demand in Asia Pacific is also expected to create immense opportunities in the low code development platform market.
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With respect to regional growth, developing economies in Asia Pacific region are expected to stand at the leading position in the global advanced driver assistance system market. A significant rise in investments made in the automotive sector to introduce advanced features like steering, monitoring, warning, and braking tasks has led the demand for ADAS in Asia Pacific. Strict regulations and increased purchasing power are other few factors bolstering growth of ADAS in this region.
Mobile Apps to Propel the Low Code Development Platform Market
The software industry is witnessing major changes in consumer demands today. While sales of PCs are falling, consumers are spending more time on their hand-held devices. Hence, companies in the low code development platform market are faced with a growing demand to engage in mobile-first app development. Additionally, companies are also switching to cloud facilities to reduce costs and avail benefits of advancements such as Big Data. Hence, companies are required to create more applications to safeguard data and provide more access to employees through hand-held devices. This trend is expected to result in more application development and significant growth for the low code development platform market in the near future. A major divide between various app stores is also expected to result in more revenues for the low code development platform market.
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High Salaries to Boost the Low Code Development Platform Market
The software industry is witnessing a major rise of automation, which is resulting in cost-cutting opportunities for companies. Due to the redundant nature of several coding mechanisms, automation is expected to result in lower development and deployment costs for major companies. Additionally, products in the low code development platform market provide non-technical interfaces which are easy to understand operate for an average person as well. These interfaces result in more transparency in software development, better feedback mechanism, and higher savings for client companies. Moreover, the software industry is also plagued with high costs of development due to intense competition to hire best employees and limited availabilities of these skills in the market. Hence, the low code development platform market is expected to witness major growth in the near future. The growth is expected to continue despite small challenges such as limited customization options and insufficient toolkits.
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The information presented in this review is based on a Transparency Market Research report, titled, “Low Code Development Platform Market (Deployment - Cloud (Private, Public, and Hybrid) and On-premise; Type - General Purpose Platform, Database App Platform, Mobile - First App Platform, Process App Platform, and Request Handling Platform) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025.”
Key segments of the global low code development platform market are as presented:
Asia Pacific (APAC)
Middle East and Africa (MEA)
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