Surge in digital transformation in the IT industry will be one of the key trends in the
low code development platform market during 2022-2026
NEW YORK, Aug. 4, 2022 /PRNewswire/ — The low code development platform market is a part of the global systems software market. Apart from the market in focus, Technavio’s market analysis reports also provide in-depth coverage of the external factors influencing the parent market growth potential in the coming years.
In this report, Technavio defines 2021 as the base year and 2022-2026 as the forecast period. The size of the global low code development platform market is anticipated to grow by USD 35.73 billion from 2021 to 2026. Moreover, the growth momentum of the market will accelerate at a CAGR of 27.96% during the forecast period. Our report describes in detail the various factors that are responsible for the market growth and the growth momentum.
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What are the Some of the Topics Covered in this Report?
- Overview of the Market
- Market Sizing
- Five Forces Analysis
- Market Segmentation
- Factors Impacting Market Growth
- Vendor Analysis
What are the Various Segments Covered in this Report?
| Segmentation | Segments |
| Product | Platform and Services |
| Geography | APAC, North America, Europe, Middle East and Africa, and South America |
What are the Factors Driving the Growth of the Low Code Development Platform Market?
The growth of the low code development platform market will be driven by the pricing strategies of vendors. Vendors are re-evaluating software pricing and delivery models owing to the high price of software and constrained IT budgets. They have to consider various customer pricing preferences and budgets. Vendors also provide SaaS, commercial open-source models, and term licensing to be in sync with changing demands.
What are the Trends Supporting the Growth of the Low Code Development Platform Market?
Surge in digital transformation in the IT industry is a key trend that will support the growth of the low code development platform market. Many industries, including IT solutions, telecommunication network infrastructure, healthcare, banking and finance, retail, and utilities are investing in low code development platforms. Moreover, governments are collaborating with market participants to accelerate the deployment of 5G technology. Thus, digital transformation is anticipated to be a highly valued edge computing service across end-user industries.
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Which are the Major Vendors Operating in the Low Code Development Platform Market?
According to Technavio, the major vendors operating in the low code development platform market include AgilePoint Inc., Appian Corp., Aura Difusion SL, Betty Blocks BV, CREATIO EMEA Ltd., Cybozu Inc., Fujitsu Ltd., Idera Inc., Magic Software Enterprises Ltd., Mendix Technology BV, Microsoft Corp., Netcall plc, Newgen Software Technologies Ltd., Nintex Global Ltd., Oracle Corp., OutSystems Software em Rede SA, Pegasystems Inc., Pramati Software Pvt. Ltd., Quickbase Inc., Salesforce.com Inc., ServiceNow Inc., Skuid Inc., Thinkwise Innovation B.V., TrackVia Inc., Tyler Technologies Inc., and Zoho Corp. Pvt. Ltd. among others.
Is the Market Fragmented or Concentrated?
The low code development platform market is fragmented, and the vendors are deploying growth strategies such as technological advancements to compete in the market. Technological advances in the market are bringing significant competitive advantages. Therefore, new players are expanding their market presence in the global low code development platform market.
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