A number of factors such as the booming demand for business digitization, growing requirement for less dependence on information technology (IT) professionals, and rising number of stringent government regulations will drive the low-code development platform market at a CAGR of 31.1% during the forecast period (2020–2030). The market generated a revenue of $10.3 billion in 2019 and it is expected to reach $187.0 billion revenue by 2030.
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In recent years, the surging preference for cloud-based low-code development platforms has become a prominent market trend, due to the rising shift from on-premises set-up to cloud-based systems. The demand for low-code development platforms is primarily driven by the soaring demand for business digitization. Digital transformation of companies operating in the BFSI, oil and gas, manufacturing, and automotive industries has led to the large-scale adoption of such platforms as they help in reducing the time and resources required by such companies.
Furthermore, the booming demand for business applications across industries will also fuel the adoption of such development platforms, as they play a vital role in enabling quick digitization of sales and accounting and finance operations of enterprises. Apart from this, the decreasing reliance of businesses on IT professionals will also facilitate the low-code development platform market growth in the forthcoming years.
IT departments across industries are often facing a backlog in application development. As multiple business departments, such as accounting and finance, human resource (HR), and operations, require various applications to improve process efficiency, any delay in the delivery of applications affects the overall productivity of the organization. To avoid any delays and reduce the workload on the IT department, enterprises across the world are increasingly adopting low-code development solutions.
This market research report provides a comprehensive overview of the market
Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/low-code-development-platform-market/report-sample
In recent years, the surging preference for cloud-based low-code development platforms has become a prominent market trend, due to the rising shift from on-premises set-up to cloud-based systems. The demand for low-code development platforms is primarily driven by the soaring demand for business digitization. Digital transformation of companies operating in the BFSI, oil and gas, manufacturing, and automotive industries has led to the large-scale adoption of such platforms as they help in reducing the time and resources required by such companies.
Furthermore, the booming demand for business applications across industries will also fuel the adoption of such development platforms, as they play a vital role in enabling quick digitization of sales and accounting and finance operations of enterprises. Apart from this, the decreasing reliance of businesses on IT professionals will also facilitate the low-code development platform market growth in the forthcoming years.
IT departments across industries are often facing a backlog in application development. As multiple business departments, such as accounting and finance, human resource (HR), and operations, require various applications to improve process efficiency, any delay in the delivery of applications affects the overall productivity of the organization. To avoid any delays and reduce the workload on the IT department, enterprises across the world are increasingly adopting low-code development solutions.
This market research report provides a comprehensive overview of the market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
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