Rise in Number of Citizen Developers Has Opened Up New Avenues for Growth of Low Code Development Platforms, States Fact.MR
Published : 22 Sep 2021 Industry: Technology
As per industry analysis by Fact.MR, a market research and competitive intelligence provider, the global low code development market is valued at US$ 13.8 Bn, and is projected to accelerate at a promising CAGR of little over 22% during the forecast period of 2021 to 2031.
From 2021 to 2025, the number of low code developers is expected to rise at a CAGR of over 40%, which is 3.2X the current 12.5% rate for developers, globally
Given the mounting evolution of low code platforms, it is quite evident that in the future course of time, any non-IT person will be able to create their own app without coding, while it would become feasible to use voice instructions to create apps.
Key Takeaways from Market Study
- In 2021 low code development market has witnessed growth of little over 22% as compared to 2020 to reach a valuation of US$ 13.8 Bn.
- The market is expected to offer an absolute dollar opportunity of US$ 2.5 Bn in 2021 over 2020.
- By 2024, 75% of big businesses will be adopting at least four low code development tools for IT application development as well as citizen development projects.
- According to forecasts, the low code development market is set to be worth US$ 187 Bn by 2031.
- Low code development is the go-to work-around for the development approach for 64% of IT professionals.
- Up to 59% of low code projects are a cooperation between business and IT teams.
- Low code adoption has been the slowest in Europe as compared to other regions, accounting 74% of business in Europe compared to 77% globally
“Allowing businesses to develop application 10X faster with nominal resources has guided low code development to become an extremely reliable platform,” says a Fact.MR analyst.
There has been an evolving trend among market leaders for acquisition of small and regional players. In order to compete on a global scale, companies are developing long-term collaborations and partnerships with end-use verticals such as BFSI, retail & e-Commerce, education, manufacturing, and others.
Moreover, as all most services as moving to the cloud, market players are tailoring their services by offering low code development platforms that are deployed on the cloud and have real-time operations. There have been ample investments by the IT giants into the research & development of low code development platforms, which makes the market lucrative from a revenue generation perspective.
Also, customization is a key strategy being adopted by prominent players as it allows end-use customers to have a sense of uniqueness and singularity in the operating domain.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global Low Code Development market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of deployment (cloud (private, public, hybrid) and on-premise), type (general purpose platforms, database application platforms, mobile application platforms, process application platforms, and request handling platforms), application (collaboration site, electronics forms, business intelligence & analytics, business rules management, predictive analysis, and other application), enterprise (small & medium enterprise (SMEs) and large enterprise), and use case (IT & telecommunications, BFSI, retail & e-Commerce, education, manufacturing, healthcare, government, defines and others), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
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Consultant – ICT