Low-code development platforms allow rapid application generation without coding or through a small amount of code. It allows end-users to develop their own applications using easy-to-understand visual tools, rather than the traditional way of writing code. Developers with varying levels of experience can create web and mobile applications by using drag-and-drop components and model-driven logic through a graphical user interface. The platform can produce applications that are fully operational. Low-code development platforms reduce the amount of traditional manual coding and enable faster delivery of business applications.
The internally deployed low-code development platform software is installed on the internal computers of the individuals or organizations that use the software, rather than running in a remote facility such as a server farm or cloud. Cloud-based low-code development platforms allow users to access software applications running on shared computing resources via the Internet. It allows access to fully functional applications at an affordable price without the significant upfront expense of hardware and software, which is particularly valuable for small and medium-sized enterprises. Although on-premises low-code development platforms currently hold a larger market share of 52.69%, cloud-based low-code is expected to hold up to 65.72% of the market by 2025.
The low-code development platform can be used to create applications in many industries such as banking financial services and insurance, telecom, government, energy and utilities, retail and e-commerce, and media and entertainment. Among them, finance and securities, telecom and IT, retail and e-commerce are the three most applied industries today. In 2020, the revenue in these fields have reached $842.88 million, $551.58 million and $447.73 million respectively, and will expand further in the future. The low-code development platform provides a simpler, more efficient experience for customers and employees by giving industries the ability to quickly develop new applications, responds to various market changes and can make strategic technology plans quickly. In addition, low-code reduces overall costs and minimizes the workload of IT professionals, thus driving the growth of the low-code development platform market.
Global Low-Code Development Platform Market Status and Prospect Analysis
North America, Europe and Asia Pacific are the three largest markets for global low-code development platforms, accounting for 38.87%, 31.59% and 25.31% of the market share in 2020, respectively.
North America holds the major market share of global low-code development platform, which is expected to be 37.2% in 2025, decreasing by 1.67%. America as one of the countries with advanced economy and strong technology, has advanced information technology and is the main market for low code development platform in North America, whose revenue has reached $5105.65 million in 2020. However, the United States was most affected by the epidemic, many businesses were closed and customer demand was greatly reduced.
Europe also suffered a major blow due to the epidemic, which prevented many industries from operating normally and led to an economic downturn. Germany, France and the UK, the three largest economies in Europe, were also partially affected. However, the growth rate of low-code development platforms remained at a relatively optimistic level, with their revenues reaching $1053.64 million, $950.23 million and $770.07 million respectively in 2020.
In the Asia-Pacific region, as the epidemic is gradually under control and enterprises resume work in an orderly manner, the suppressed demand will be released. Expanding production, investment, consumption and export will gradually resume growth. The market share of Asia Pacific is expected to further expand by 2025, rising to 26.44%.
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COVID-19 may Bring New Opportunities for Low-Code Development Platforms
Economic growth rates usually drop sharply for a short period of time due to the epidemic. As the epidemic is gradually under control and market regains stability, temporarily suppressed consumer and investment demand will be released, leading to an economic rebound.
Because of the low-code nature, it enables many people with non-technical backgrounds to get started. And its development, operation, and maintenance are accelerated. Companies will not need to hire software developers or outsource their work. As a result, a large number of companies are adopting low-code development platforms to reduce operational costs. Low-code development plays a key role in the ever-changing environment as a tool to replace the problem of writing code, providing a solution for many industries. Companies around the world are looking for ways to connect with their users digitally. These companies are turning to low-code development platforms to easily and quickly build complex web applications. Because the outbreak is forcing many people to study and work from home, the demand for low-code development platforms will surge, which will have a positive impact on the market. Meanwhile, governments are also taking targeted financial and monetary measures to help restore order in various industries, which also provides opportunities for the growth of the market. The global low- code development platform is expected to reach $60285.92 million by 2025, from $15302.54 million in 2020.
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