The key factors driving the growth of the low-codedevelopment platform market are the rapid digitization, less requirement
for IT professionals associated with the technology, and regulatory
uncertainty. The market revenue, which was $5.6 billion in 2018, is projected
to increase to $52.3 billion by 2024, at a CAGR of 45.2% during 2019–2024
(forecast period). With the use of the low-code development platform,
developers can combine several pre-programed application components to create a
new app, thus staying less reliant on IT professionals.
When segmented by enterprise size, the categories of
the low-code development platform market are small and medium
enterprises (SME) and large enterprises. Of these, the market was led by large
enterprises during the historical period (2014–2018), as such organizations
have relatively higher budget for procuring such advanced technology. The SME
category would grow faster during the forecast period, as several of these
would adopt cost-effective cloud-based solutions, to increase their app
development rate and decrease their operational costs.
The fact that this technology significantly lessens
the dependence on IT professionals is the primary reason for the low-code
development platform market growth. Various departments within a firm need
applications for smooth operations, but the delay in receiving the apps hampers
productivity. To deal with this, companies hire IT professionals, who leverage
platform as a service (PaaS) and programming languages, such as .NET and Java.
As this incurs heavy expenses, companies are adopting the low-code development
platform, as it allows even non-professionals to create apps.
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The low-code development platform market is
also being positively influenced by uncertainty in the regulatory landscape. In
the aftermath of crippling cyber-attacks, such as the data leak of around 87
million Facebook users in 2018, governments across the globe implemented strict
regulations regarding the protection of customers’ personal data. Therefore,
while developing business applications, companies need to consider regulatory
compliance. With the use of the low-code development platform, apps that comply
with data security regulations can be easily created.
Thus, with the rising smartphone and internet usage,
the demand for cost-effective app creation would continue surging.
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