Global Low Code Development Market to Be Valued At US$ 14 Bn by the End of 2022: Fact.MR Study

According to
Fact.MR, the global low code development market will grow at a 29.5% CAGR from
2022 to 2032, reaching US$ 187 billion by the end of the forecast period. With
minimal code development technology taking the lead, the software and
application development sector is on the edge of disruption.

 

The demand for
low-code development solutions has historically increased at a CAGR of
25% from 2017 to 2021. The need to react quickly has made digital solutions
less effective, which has sped up the adoption of no code and minimal code.
Platforms for low-code development have made it possible for businesses of all
sizes to produce applications to the standard set by the industry.

 

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Report Attributes

Values

Anticipated
Market Value in 2022

US$ 14 Bn

Forecasted
Market Value in 2032

US$ 187 Bn

Global
Growth Rate (2022-2032)

29.5% CAGR

Market
Share of U.S

65%

Revenue
Share of China

60%

 

Low code
development platforms have gained popularity because to their reduced costs and
shorter development times; this will accelerate the business revolution, which
will have a roughly 50% positive impact on growth. The excitement surrounding
digital acceleration, which has increased the need for quicker and more
collaborative development, is expressed by 58% of IT workers in their
organisations.

 

Important conclusions from the market study

·        
By the end of 2022, the global market for
low-code development will be worth US$14 billion.

·        
Low-code platforms for mobile applications are
expected to produce value of about US$ 935 million.

·        
Predictive analytics and business intelligence
will grow at a staggering 20% CAGR.

·        
U.S. SMEs will use more than 50% of low-code
development platforms, making it the most lucrative market with a 65% revenue
share.

·        
China might be a cash cow, producing almost 3/5
of the world’s low code development revenue.

 

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Competitive Environment

Strategic
partnerships help businesses meet consumer demand, boost production, and
improve sales and market share. End customers will be able to take use of new
technologies thanks to new products and technologies.

 

·        
The CIO of Quickbase talks about a low-code
roadmap and the purchase of MCF Tech in January 2022. The business is eager to
broaden its product offerings and do so in response to market demand. With the
world accelerating the development of infrastructure, this acquisition will
assist Quickbase in speeding up some of the more complicated projects.

 

·        
The data and AI company Databricks just
announced the acquisition of 8080 Labs, a German start-up with cutting-edge
technology, in October 2021. Bamboolib is a well-known user interface
(UI)-based data science tool from 8080 Labs that makes it simple and quick to
explore and modify data with just a few clicks and no coding necessary.
Additionally, Databricks’ Lakehouse Platform will incorporate UI-driven
capabilities, launching Databricks into the low-code/no-code space.

 

Prominent Low Code Development Service
Providers

·        
Mendix

·        
Salesforce

·        
Microsoft

·        
Appian

·        
Pega

·        
Zoho

·        
ServiceNow

·        
OutSystems

·        
Oracle

·        
Kintonne

·        
Quick Base

·        
Betty Blocks

·        
TrackVia

·        
NewGen

·        
AuraQuantic

·        
Creatio

 

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Key Segments Covered in Low Code
Development

By
Deployment

Cloud

Private
Public
Hybrid

On-premise

 

By
Type

General Purpose Platform
Database Application
Platform
Mobile Application
Platform
Process Application
Platform
Request Handling Platform
Others

 

By
Application Type

Collaboration Site
Electronics Forms
Business Intelligence
& Analytics
Business Rules Management
Predictive Analysis
Other Application

 

By
Enterprise

Small & Medium
Enterprise (SMEs)
Large Enterprise

 

By
Use Case

IT & Telecommunication
BFSI
Retail & E-commerce
Education
Manufacturing
Healthcare
Government
Defense
Others

* This article was originally published here

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