Low-Code Development Platform Market

Appian (US) and ServiceNow(US) are the Key Player in the Low-Code Development Platform Market

Low-code development is an approach to design and build software using minimum hand-coding. Low-code development platform is a visually integrated development environment that enables citizen developers to create software applications with minimal or no hand-coding. The platform provides components, which the developer can drag and drop, and connect with, to develop web or mobile applications. In addition, it provides various components, such as icons that represent different application functions. The application functions include apply actions, testing functionalities to check whether the programming works as expected, and the publish function for generating new codes. In addition, the platform automates manual tasks that are difficult and time-consuming, which in turn helps reduce the application development time. It also manages various stages of the application life cycle. The stages include testing, production, and maintenance. As it helps organizations in rapid application development, it is gaining popularity across many verticals. In this report, MarketsandMarkets expects the low-code development platform market size to grow from USD 4.32 Billion in 2017 to USD 27.23 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 44.49%.

Key players in the global low-code development platform market include Appian (US), Salesforce (US), ServiceNow(US), AgilePoint (US), Bizagi (UK), Caspio (US), K2 (US), MatsSoft Limited (UK), Mendix (US), and OutSystems (US). These players have adopted various strategies, such as partnerships, collaborations, agreements, business expansions, mergers and acquisitions, and new product launches to achieve growth in the global low-code development platform market.

Appian is among the leading players in the low-code development platform market. The fundamental objective of the company is to meet every client’s requirements and bring new advancements in its low-code development platform. The company serves clients across industries, such as automotive and manufacturing; energy; Banking, Financial Services, and Insurance (BFSI); healthcare and life sciences; government; retail; IT and telecom; media; and transportation. The company has customers in North America, Europe, and Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. Appian is considered to be one of the strongest providers of the low-code development platform and services. The company follows both organic and inorganic growth strategies for business expansions. For instance, in September 2017, the company launched its digital transformation platform, which can be deployed on Microsoft Azure Infrastructure as a Service (IaaS). The deployment would benefit customers in their digital business transformation initiatives. Similarly, in September 2017, the company partnered with MuleSoft to integrate its platform with MuleSoft’s Anypoint Platform, which would enable the company to provide an Application Program Interface (API)-based approach to digital transformation.

ServiceNow is another leading provider of the low-code development platform and services to various verticals across the globe. The company has a noteworthy presence in many countries in North America, Europe, and APAC, MEA, and Latin America. The company’s long-term strategy leans more toward inorganic growth to enhance its capabilities. It uses the partnerships strategy to team up with strong companies and acquire major players in the market. For instance, in October 2017, the company acquired the mobile platform company, SkyGiraffe. This acquisition helped ServiceNow in providing mobile enterprise cloud platform services to its clients. Similarly, in September 2017, the company partnered with Slack, aiming to integrate both the company’s offerings to provide chat applications enabled with machine learning. The strategies have helped the company contribute to the revenue of the low-code development platform market globally.

Related Reports:

Low-Code Development Platform Market by Component (Solution and Services (Professional and Managed)), Deployment Mode, Organization Size, Vertical (Telecom and IT, BFSI, Government), and Region - Global Forecast to 2022

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