Highly fragmented, yet full of promises, the global low code development platform market is forecast to report exponential growth in the coming years. Google Inc. is one of the recent players to join the bandwagon. In December 2016 they announces a flurry of low-code solutions for developers. With this, they joined OutSystems besides other vendors who identified and acknowledged the daily struggles of IT teams with regards to resources challenges and huge backlogs. “With IT organizations exploring novel and better means of delivering apps faster, the market is expected to show impressive growth in the near future,” said a lead TMR analyst. As a result of this, the global low code development platform is booming and Transparency Market Research (TMR) predicts it to reach a whopping US$126,638.0 Mn by the end of 2025.
During the forecast period from 2017 to 2025, the global low code development platform market will exhibit a record 54.5% CAGR, finds TMR in a new study. While North America currently holds dominance, in no time the market players will discover lucrative prospects in emerging nations across emerging nation. As per TMR, the North America low code development platform market held over 40% of the global market in 2016. Based on deployment, trends are tilted in favor of cloud-based deployment, which accounted for nearly 55% of the overall market in the same year.
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A low code development platform packs all components necessary in an intelligible set of tools, which gears the creation of applications visually. Innovative applications are need of the hour, besides which the demand for software automation has augmented as well. This has compelled developers to create custom applications in bulk. A low code development platform is a hand in glove fit for this purpose, enabling developers to create and deploy applications as seamlessly as possible. The development platform requires minimal hand-coding or upfront investment in setup. Furthermore, it offers easy training and development, which makes it an ideal tool for developers to tactically mitigate a few intrinsic challenges they used to face in the job almost on a daily basis.
In addition, low code development platforms provide a unique communication mechanism to support IT businesses and stakeholders. In doing so they ensure more effective communications and improved software quality. Recent studies have revealed that app development has outgrown the market for information and communication technologies in the last couple of years. Experts believe this growth to accelerate further in the coming years, in turn creating lucrative prospects for the global low code development platform market’s expansion.
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On the flipside, tech markets flaming as this one attracts providers and posers from diverse spheres. So the possibility of things to get confusing prevails. While increased choices in low code development platform may sound tempting, a closer look into the situation reveals that several products are yet to achieve the dynamism to support the need of most enterprises. Having said so, challenges with regards to customization and platform-specific limitations will continue threatening the market’s enviable pace of growth. The readily available toolkits in the market are yet to resolve customization problems faced by developments from their roots. This could hinder the market’s trajectory to an extent. Nonetheless, the recent developments resulting in robust information and communication technologies, especially witnessed across emerging nations will give the market a fresh impetus in the coming years. For instance, the market is likely to witness highly lucrative prospects in emerging nations such as India and Brazil.