The low-code development platform market size is expected to grow from USD 3.20 Billion in 2016 to USD 27.23 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 44.49% during the forecast period.
Northbrook, IL -- (SBWIRE) -- 01/23/2018 -- According to a new market research report "Low-Code Development Platform Market by Component (Solution and Services (Professional and Managed)), Deployment Mode, Organization Size, Vertical (Telecom and IT, BFSI, Government), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the low-code development platform market size is expected to grow from USD 4.32 Billion in 2017 to USD 27.23 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 44.49%. The growing adoption of technologically advanced solutions for quickly developing applications is expected to fuel the market growth. As there is a rise in demand for customer-centric web and mobile applications, the low-code development platform market is expected to gain traction in the next 5 years.
Browse 69 market data Tables and 34 Figures spread through 116 Pages and in-depth TOC on "Low-Code Development Platform Market by Component (Solution and Services (Professional and Managed)), Deployment Mode, Organization Size, Vertical (Telecom and IT, BFSI, Government), and Region - Global Forecast to 2022"
Professional services segment is expected to play a key role in the low-code development platform market
The professional services segment is expected to play a key role in changing the scope of the services segment and grow at a higher CAGR during the forecast period. The professional services provide assistancecustomers in the efficient use of the platform and its maintenance. The services aim at training and developing expertise, providing timely upgradations to the platform, and helping customers integrate their platforms with other IT solutions. The market size of the professional services segment is expected to be very dynamic; thus, the low-code development platform vendors are innovating and offering different services to expand their customer base across the globe.
Cloud-based deployment mode is expected to be grow at a faster rate
In the low-code development platform market, the cloud deployment mode is expected to be growing faster, as it benefits organizations and provides them increased scalability, speed, 24/7 services, and enhanced management capabilities. The cloud-based low-code development platform solution is easily available and the customers can start or stop any service, at their will.
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North America is expected to have the largest market size in the low-code development platform market
Due to the presence of a large number of low-code development platform vendors, North America is expected to have the largest market size in the low-code development platform market; whereas, Asia Pacific (APAC) is expected to be the fastest growing region during the forecast period. Factors, such as the rising demand for software automation and innovative applications, ease of development of web and mobile apps, and low cost of development and the easy-to-deploy feature are expected to be driving the adoption of the low-code development platform across the globe. Furthermore, the market in major regions, such as the Middle East and Africa (MEA) and Latin America is expected to grow due to the increasing use of web and mobile applications
Major vendors in the low-code development platform market include Appian (US), Salesforce (US), ServiceNow (US), AgilePoint (US), Bizagi (UK), Caspio (US), K2 (US), MatsSoft (UK), Mendix (US), and OutSystems (US).
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