Low Code Development Market Analysis Report By Deployment (Cloud, On-premise), By Type (General Purpose, Database Application, Mobile Application Platform), By Application (Collaboration Site, Electronics Forms), By Enterprise, By Use Case, By Region
According to a recently published Fact.MR report, the global Low Code Development market is projected to grow at a compound annual rate (CAGR) of 29.5% between 2022 and 2032. The market is expected to reach US$ 187 Bn by the end of 2032.
The demand for Low Code Development is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 14 Bn by the end of 2022.
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Owing to lower cost and nominal lead time, low code development platforms have become the go-to platforms, wherein, hastening business revolution will be the driving force with nearly 50% of influence for growth. 58% of IT professionals state that their organization is excited by digital acceleration, which has created a new urgency for faster and more collaborative development.
Key Takeaways from the Market Study
Competitive Landscape
Strategic collaborations enable manufacturers to increase production and meet consumer demand which will increase revenue and market share. New products and technologies will enable end-users to benefit from new technologies. The result of a strategic collaboration can help the company to increase its production capacity.
Key players in the Low Code Development Market
Industry Survey
By Deployment
By Type
By Application Type
By Enterprise
What makes the United States an epicenter for low-code development?
The United States is a market leader in cloud computing, with some of the industry's prominent corporations present there. US developers are at the forefront of low code development. In the US, four out of every five companies are now using low-code development as opposed to 77% worldwide, and three out of five employees are now using low-code apps as opposed to 56% globally.
As a result, the American business is under greater time pressure than other businesses since 72% of key software projects fail to arrive by the deadline, whereas 67% fail to arrive at schedule globally. The United States is the world's largest IT market, accounting for 32% or US$ 1.7 trillion in 2020. The IT sector in the United States, as well as many other countries, accounts for a considerable amount of economic activity.
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Jun 22, 2023
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