What is Low Code Platform Market?
A Low code platform supports expanding business agility and increases the productivity of application development at a reduced cost. The growing demand for API-based applications and software automation for business processes has led developers to deploy low code platform software to create custom applications. A low code model allows developers with different levels of experience to develop applications using a visual user interface combined with model-driven logic. A common advantage is that a wider range of people can contribute to the development of the application - not just those with formal programming skills.
Highlights from Low Code Platform Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Mendix (Siemens) (Germany), OutSystems (United States), ServiceNow (United States), Pivotal Software, Inc. (VMware) (United States), LiveCode (United Kingdom), Pegasystems Inc. (United States), GeneXus (Uruguay), Salesforce (United States), Appian (United States), Zoho Corporation (India), WaveMaker (United States) and LANSA (United States) |
Global Low Code Platform is a fragmented market due to the presence of various players. The p are exploring the market by adopting expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to avail of competitive advantage through combined collaborations.
Mendix (Siemens) (Germany), OutSystems (United States), ServiceNow (United States), Pivotal Software, Inc. (VMware) (United States), LiveCode (United Kingdom), Pegasystems Inc. (United States), GeneXus (Uruguay), Salesforce (United States), Appian (United States), Zoho Corporation (India), WaveMaker (United States) and LANSA (United States) are some of the key players profiled in the study. Low Code Platform Market Segmentation:
Scope | Sub-Segments |
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Application / End User | BFSI, Healthcare, Government, Retail & E-commerce and Others |
Type | General Purpose, Process, Request-Handling and Others |
Organization Size | SMEs,Large Enterprise |
Platform | Windows,Mac,Android,Others |
On the basis of geography, the market of Low Code Platform has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Introduction of New and Improved Financial Products and Services and API-based App Developments and Consumerized and Differentiated User Experience
Market Growth Drivers:
Need to Develop New Software Applications Due to Growing Automation of Business Process and The Increasing Need For Digitalization and Maturity of Agile DevOps Practices
Challenges:
The Platforms are More Constrained and Have Limited User Interface
Restraints:
Security Limitations as Compared to Standalone Development Technologies
Opportunities:
Increasing Competition between Companies Led Startups to Adopt Low Code Platform
Key Target Audience
Low Code Platform Developers, Potential Investors, New Entrants, Research and Development Institutes and Others
Market Leaders & Development Strategies
In April 2021, Siemens signed an application to acquire TimeSeries to help customers speed digital transformation and expand the Xcelerator portfolio. TimeSeries is a leading independent software vendor and Mendix partner and has significant expertise in the development of vertical apps. With this acquisition, Siemens will offer a low-code platform and new apps including predictive maintenance, remote inspections, smart warehousing, energy management, and more.
On 11th May 2021, Appian unveiled the latest version of the Appian Low-code Automation Platform. The new launch increases the limits of the low-code business with the overview of low-code data, a new code-free method for uniting enterprise data.