Low Code Development Platform Market to thrive at a CAGR of 40.4% By 2023

  • by KD Market Insights
  • March, 2024

Low code development platform is software that allows programmers to create application software through graphical user interfaces and configuration instead of traditional programming. According to the KD market Insights, the share of Low code development platform market aims to achieve CAGR of 40.4% during the considered time period i.e. 2018-2023. Currently, the total value of the market is USD 1.5 Billion, and it is expected to increase at a notable amount by 2023. The reasons behind the rise in the market share of low code development platform are growing adoption of technologically advanced solutions for the rapidly emerging application. Moreover, there is a good amount of increase in demand for customer-centric web and mobile applications which can foster the growth of the market in near future.

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Low code development platform market research provides an explanation of the global market and the reasons behind the increase in demand of this market. It covers a segment of the market that are industry drivers, market trend and market growth as well. Deep analysis of the market gives an overview in order to understand the facts and figures related to the market very clearly. The report also provides the assessment of the key stakeholders and their strategies adopted by them.

Low code development platform market is probably to develop during the forecast period of 6 years due to various advantages it provides to its customers. In the beginning section of the report the overview of the market, market trends, challenges faced in the market are clearly depicted to understand the market very clearly.

Global low code development platform is segmented by component, by type, by deployment, by end-use vertical and by geography. On the basis of the component, the market is segmented as solution and services. Services could be a professional or managed service. By type, the market is segmented as General-Purpose Platform, Database App Platform, Mobile - First App Platform, Process App Platform, and Request Handling Platform. Deployment part is sub-divided as cloud-based and on-premise. The end-user vertical has been sub-segmented as telecom & media, retail, BFSI, healthcare, Government and others.

Research covers the analysis of the market of low code development platform for global countries in the world. It provides the overview of the market of 2018-2023 and gives the future forecast of the global this market. It also covers the customer’s choice and demand of the market in order to grow the market performance and growth in the business. The report contains the leading trends that contribute to the overall growth of the product in the market. The major key drivers available in the market are Appian, Out Systems, Agile Point, Caspio, Mendix, MatsSoft Inc, Microsoft Corporation, Zoho Corporation Pvt. Ltd., ServiceNow, SourceCode Technology Holdings, Inc., Other Major & Niche Players.

The report involves the study of the market in every segment and every region to elaborate the market type and its future of this market. A separate analysis of every region has been made to understand the market. The geography covered in this report includes North America (U.S. & Canada),Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific), Latin America (Brazil, Mexico, Argentina and Rest of Latin America) and Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East ∧ Africa).

The report revolves around the current situation and some timelines are taken to set this report such as 2017 is considered as a base year, 2018 as an estimated year and 2018-2023 as a forecasted year. The SWOT analysis, risk analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development expansion, and other market activities have been considered to help the product to expand in the market.

In the final section of the report, the long-term and short-term strategies adopted by the market players have been considered.  It also provides the analysis of the growth of the market in the upcoming years and the plans considered to supply the users with the best of their products and satisfy all the needs of the users.

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