Looking at the current demand for faster technologies in the IT industry, one can very confidently assume that the global low code development platform market will go places in the coming years. Experts believe that during the forecast period of 2018-2023, the market will probably earn a double amount of what it was learning earlier. On the other hand, the CAGR rate also seems quite encouraging and will add to the list of cons for the market.
The success and development of this market is a result of a cumulative effort of various growth drivers. The upsurge in the demand for mobile-based apps for certain kinds of business processes seems to be a major development booster for this market. At present the world is on the verge of digitalization, in the coming years every aspect of life will be digitized. Owing to this, the use of smart phone has gained impetus and in turn the market gets benefitted.
However, the market may face constraints in the form of demand for personalization of applications based on individual businesses. Although, experts suggest that in the coming years the market will overcome such shortcomings.
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Key Players & Main Strategies:
Some of the most renowned and acclaimed names of this industry can be listed as Caspio, TrackVia Inc., OutSystems, Salesforce and Microsoft Corporation. The major strategies used by these players are strategic expansion and investment in research and development.
Low Code Development Platform – An Insight
Low Code Development Platform Market is also known by its abbreviation LCDP. It has proven to be a boon for the website developers out there. That is because it helps in the creation of application software by the use of graphical user interfaces and configuration. Thus, with this technology one does not need conventional computer programming procedures. Owing to its beneficial features, this technology has made a name for itself over the years. More and more people are turning towards this technology leaving behind the old techniques. This and many other reasons are boosting the growth of the global low code development market.
Low code development platform’s main emphasis is on development and design of various kinds of business processes, databases or user interfaces like web applications. This medium can devise an application that is completely operational. The application may need or permit only a small amount of coding to make the required changes to the applications. The application can also be revised in the event of unforeseen circumstances.
One of the major benefits of such a system is that its usage eliminates or tones down the requirement for hand-coding. This in turn helps companies in providing their clients with quicker and more efficient results. Thus, on the whole it can be concluded that this technology is extremely utilitarian and proficient in nature.
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The worldwide low code development platform market has been segmented into six main parts. They can be listed as deployment, component, types, applications, size of organization and regions.
On the basis of deployment the market has been bifurcated into cloud and on-premises.
When it comes to components, the industry can be divided into solutions and services.
Based on types, the market is further separated into process app platform, request handling platform, database app platform and general purpose platform.
On account of applications, the industry is branched into insurance & financial services, banking, transportation & logistics, media & entertainment, banking, healthcare and IT & telecommunication.
Based on size of organization, the market has been categorized into large enterprises and small & medium enterprises.
Geographically, the market has been spread across several areas of the world like North America, Europe, Asia Pacific and Rest of the World.
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