Published Date: 11-Jun-2020
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According to a new report Global Low-Code Development Platform Market, published by KBV research, The Global Low-Code Development Platform Market size is expected to reach $46.4 billion by 2026, rising at a market growth of 25% CAGR during the forecast period. Small businesses are projected to see faster growth in the use of low-code technology platforms and services. The awareness of the benefits of process automation, the attention of governments on digitalization, and the expansion of industry by multinational vendors are expected to be the driving forces for the growth of the low-code platform market.
Digital innovation has affected numerous sectors, including BFSI, retail, transportation, and oil & gas, where businesses are forced to embrace new technology in order to remain competitive to their customers. The BFSI market dominated the Global Low-Code Development Platform Market by Industry Vertical 2019. The Healthcare market is expected to witness a CAGR of 26.3% during (2020 - 2026).
The Web-based market dominated the Global Low-Code Development Platform Market by Application type 2019. The Desktop & Server-based market is experiencing a CAGR of 25.8% during (2020 - 2026). Additionally, The Mobile-based market is poised to grow at a CAGR of 26% during (2020 - 2026).
Globally, North America had the largest market share in 2019 due to the growing use of mobile applications as well as the presence of a significant number of IT businesses in the country. The rate of smartphone adoption in the region was observed a rapid growth rate and is projected to rise exponentially over the coming years. On the contrary, the APAC market for low-code development platforms is expected to experience the fastest growth in the forecast period. This is due to the increasing penetration of the Internet, the increasing penetration of smartphones, the rapid economic growth of major countries and the growing IT services industry in the region.
Structural Insights: https://www.kbvresearch.com/low-code-development-platform-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Salesforce.com, Inc., Microsoft Corporation, Oracle Corporation, Pegasystems, Inc., Fujitsu Limited (Fujitsu RunMyProcess), Siemens AG (Mendix), Appian Corporation, K2 Software, Inc., QuickBase, Inc., and Zoho Corporation Pvt. Ltd.
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