Introduction
Low-code development platforms are becoming one of the most strategic investments for IT organizations. In last few years low-code development platforms have grown from tools for simple and departmental applications into tools for digital transformation, changing the ways users interact with organizations, and the ways organizations interact with information.
As technology becomes an increasingly important element of business success, the adoption of highly scalable and performing application has become a necessity. Now a days, organizations are adopting low-code development platform for faster application development and for better use of scarcer resources.
Moreover, the rising demand for high productivity application development platforms to accelerate the delivery of business applications and for better customer applications is one of the key factors driving the growth of low-code development platform market.
The growing internet penetration, cloud computing, mobile and others technologies have catalyzed the digital space beyond measure and is encouraging organizations to adopt digital solutions for refining and optimizing business processes. Moreover, with the growing impact of consumer-originated technologies on enterprises and the introduction of DevOps, the demand for low-code development platform is expected to increase sharply in coming years.
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Impact of COVID-19 on Low-Code Development Platform Adoption
Businesses around the globe are looking for ways to connect to users or customers digitally and these businesses are turning to low-code development platforms to easily build complex web applications quickly. The outbreak of COVID-19 is expected to have a positive impact on the low-code development platform market as the demand for low-code development platform is expected to surge, as the COVID-19 outbreak forced millions to learn and work from home.
Moreover, growing need for advanced technologies due to COVID-19, the demand for low-code development platform is expected to rise in coming years. However, the shutdown of businesses across the world and the rising budget concerns post COVID-19 among the organizations is one of the key challenges which may impact the growth of low-code development platform market.
Low-Code Development Platform Market: Market Dynamics
Over the last few years, low-code application development platforms are playing an important role in enterprises and government organizations. The increasing digitalization in various business processes, such as HR, sales, and operations is expected to enhance the use of low-code development platform.
Moreover, the rising focus of organizations in digitalizing business processes is playing a crucial role propelling the growth of low-code development platform market. Furthermore, the increasing demand for software automation and innovative applications, growing need to simplify web and mobile application development, and the spread of cloud platforms are the key factors fuelling the growth of low-code development platform market.
Apart from this, the growing digitalization at the workplace and rising trend of BYOD (Bring-Your-Own-Device) are driving the demand for low-code development platform market. The fourth industrial revolution and paradigm shift towards digital workspace that uses new technologies is generating potential growth opportunities for the low-code development platform market.
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Low-Code Development Platform Market: Segmentation
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Low-Code Development Platform Market: Competition Landscape
As the low-code development platform market is growing quickly, most of the leading players in the market are focusing on incorporating innovative technologies to offer product differentiation and enter into partnerships and collaborations to meet the growing demand for advanced technologies.
Some of the key players in the low-code development platform market are Salesforce.com, Inc., Microsoft Corporation, Oracle Corporation, Magic Software Enterprises, Appian, Mendix, and OutSystems.
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