Low-Code Development Platform Global Market to Reach $68.84 Billion by 2026
DUBLIN, Sept. 20, 2022 /PRNewswire/ -- The "Low-Code Development Platform Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global low-code development platform market is expected to grow from $19.37 billion in 2021 to $25.16 billion in 2022 at a compound annual growth rate (CAGR) of 29.9%. The low-code development platform market is expected to grow to $68.84 billion in 2026 at a CAGR of 28.6%.
North America was the largest region in the low-code development platform market in 2021. The regions covered in low-code development platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing demand for applications for business organizations is expected to propel the growth of the low-code development platform market over the coming years. Low code is a coding-based software that allows business unit optimized business processes users to create and manage applications quickly with less manual coding.
According to the bureau of labor statistics, a USA-based department of labor indicated there will be a shortage of engineers by 2026 by 1.2 million. Moreover, only 39.6% of candidates for IT job opportunities fulfill all of the employer's standards. This will create a demand for low code platforms where tasks can be completed automatically with precision.
Technological advancements are shaping the low-code development platform market. Integration of AI provides an opportunity to use a low-code development platforms in various applications such as solving complex functions, detecting content using keywords or colors, and inserting information in templates.
Artificial intelligence is used to engineer a low-code development platform to integrate legacy systems by eliminating technical complexity. For instance, in May 2021, Zoho Corporation, an Indian web-based usiness tools company launched Qntrl which provides workflow solutions targeted at closing the growing gap in process management for contemporary, complicated processes that necessitate close collaboration among various stakeholders. It uses the technology of low code or no code to fulfill these tasks along with artificial intelligence and machine learning.
In January 2022, Jitterbit, a US-based API transformation company acquired PrimeApps for an undisclosed amount. Through this acquisition, Jitterbit will be able to provide the first end-to-end platform that allows non-technical individuals to effortlessly develop and deploy enterprise-grade business apps that can connect to any system, all through a low-code, bespoke design interface. PrimeApps is a Turkey-based low-code application development service.
1) By Component: Platform; Services
7. Low Code Development Platform Market Regional And Country Analysis
For more information about this report visit https://www.researchandmarkets.com/r/8prl5a
SOURCE Research and Markets
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