Market Analysis
The LCDP Market is projected to grow at a whopping 32% CAGR between 2017- 2023, states the recent Market Research Future (MRFR) analysis. Low code development platforms or LCDPs, simply put, are the development of application software using GUI (graphical user interface) rather than conventional processes of computer programming. It has wide applications in construction, media and entertainment, IT and telecommunication, transportation and logistics, healthcare, BFSI, and others.
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Various factors are propelling the global LCDP Market share. According to the recent MRFR report, such factors include the growing demand for mobile-based apps for business processes, rising API offerings by solution vendors, demand for software solutions & innovative applications for high investments in IT firms from developed countries, perpetual evolution in digitalization of IT firms, offers low techniques or no coding, and maturity of agile DevOps practices. Besides, owing to the growing impact of the COVID-19 outbreak, many organizations are laying emphasis on cost-cutting for sustaining their business, for which they are adopting low-code development platform to cut-down the operation costs, which is also having a positive impact on the market growth.
On the contrary, the demand for customization based apps for a business may limit the global LCDP Market growth over the forecast period.
Market Segmentation:
The MRFR report highlights an inclusive segmental analysis of the global LCDP Market based on applications, organization size, deployment, component, and type.
By type, the LCDP Market is segmented into the request handling platform, general purpose platform, process app platform, and database app platform.
By component, the LCDP Market is segmented into services and solutions. The solution segment is again segmented into web solutions and mobile solutions. The service based solutions are again segmented into managed services and professional services. Of these, solutions will dominate the market over the forecast period.
By deployment, the LCDP Market is segmented into on the cloud and on-premise. The on the cloud segment will lead the market over the forecast period.
By organization size, the global LCDP Market is segmented into large enterprises and small & medium enterprises. Of these, large enterprises will stay at the forefront in the market over the forecast period.
By application, the global LCDP Market is segmented into construction, media and entertainment, IT and telecommunication, transportation and logistics, healthcare, BFSI, and others. Of these, the BFSI segment will have a major share in the market over the forecast period.
Regional Analysis:
By region, the global LCDP Market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Of these, North America will stay at the forefront in the market during the forecast period. The rise in internet users and the development of web and mobile applications for business organizations are adding to the global LCDP Market growth in the region. The United States holds a maximum share in the market.
The global LCDP Market in the APAC region is predicted to have healthy growth over the forecast period for surging economic growth in India and China and rapidly increasing start-ups as IT firms.
The global LCDP Market in Europe is predicted to have sound growth over the forecast period, and in the LAMEA is predicted to have steady growth over the forecast period.
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Key Players:
Key contenders profiled in the global LCDP Market report include TrackVia Inc. (U.S.), Kony Inc, (U.S), Service now (U.S.), AgilePoint (U.S.), Bizagi (U.K), K2(U.S.), MatsSoft (U.K), Microsoft Corporation (U.S.), Appian (U.S.), Caspio (U.S.), Google Inc., (U.S.), Mendix(U.S.), OutSystems(U.S.) and Salesforce (U.S.).
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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