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Geographically, the North American region held the largest share of the low-code development platform market, in 2020, and is expected to maintain its position in the forecast period as well
FREMONT, CA: Since audit and certification apps are created on low-code platforms, businesses with a low tolerance for data loss and downtime, as well as strong demand for independent security certification and regular audits, would boost demand for low-code development platform solutions. Additionally, these platforms make it easier for businesses to run their operations by allowing app developers to construct business-specific apps. Furthermore, by automating manual operations, these platforms assist programmers in speeding up the development cycle.
As a result of the aforementioned benefits offered by low-code automation systems, the low-code development platform market is expected to grow at a significant CAGR of 31.3 percent from 2020 to 2030. According to P&S Intelligence, market revenue will reach USD190,792.6 million by 2030, up from USD12,500.6 million in 2020. Furthermore, organizations' increasing focus on minimizing their reliance on information technology personnel, as well as the growing demand for corporate digitization, are likely to drive market expansion internationally.
In the telecom, retail, pharmaceuticals, media and entertainment, logistics, IT, healthcare,and hospitality sectors low-code development platform solutions such as database app, mobile-first app, process app, general-purpose platform, and request-handling software are used. According to their needs, large organizations and small and medium-sized businesses in various areas can choose cloud-based low-code development platform solutions or on-premises solutions. Low-code development solutions are used by businesses of all sizes to reduce the problem of "shadow IT."
Alphabet Inc., Caspio Inc., Lansa Inc., MatsSoft Limited, Microsoft Corporation, Oracle Corporation, Outsystems Inc., and Temenos Headquarters SA are among the few players in the low-code development platform market. Due to significant breakthroughs in digital technologies such as machine learning (ML), predictive analytics, and artificial intelligence (AI), as well as the digital transformation of sectors, market competitiveness has increased in recent years.