Need to Curb IT spending Driving Low-Code Development Platform Market
The key factors driving the growth of the low-code development 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.
Based on component, the market is bifurcated into services and solutions, of which solutions held the larger revenue share in 2018. This was because of the rising adoption of the technology in various sectors, in order a curb the IT spending. During the forecast period, the services bifurcation would experience the faster growth, as with the increasing adoption of the technology, the demand for its implementation and integration in businesses will also surge. Additionally, several firms are expected to demand customization and technical expertise on using it, to create apps.
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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Swift and cost-effective app and software development has become especially important in this era of digital transformation. To stay ahead in the competition, companies across various industries are digitizing their business processes. The World Economic Forum had claimed that in 2019, the total spending on digital transformation across the world would increase by 18% from 2018, to reach $1.2 trillion. Thus, digitization is a major market growth driver, as the technology allows for faster creation of software than traditional programming methods.
In 2018, North America was the largest low-code development platform market, owing to the presence of a large number of computer and mobile app developers, deep internet penetration, and high disposable income. During the forecast period, the market is predicted to observe the fastest growth in Asia-Pacific (APAC), because of the increasing smartphone and internet penetration, expanding IT service industry, and rapid economic growth. The increasing usage of mobile phones is raising the demand for applications in the region.
Thus, with the rising smartphone and internet usage, the demand for cost-effective app creation would continue surging.
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