Low code development platform provides simpler and seamless ways for professional business development to construct an efficient business application. These platforms are utilized mainly for developing applications for small-scale and large-scale organizations. Several industries are increasing their business through technological developments, which is projected to boost market growth.
AI is gaining ground in industries worldwide. However, a shortage of qualified talent and greater implementation costs hinder its implementation. According to Cisco's report, Transforming Business with AI, firms have strategically prioritized AI, yet, a lack of talent pool hinders its complete adoption. Low code artificial intelligence is a game-changing notion in AI technology for application and software development. Numerous organizations invest in the platform for its extensive use and future benefits.
In September 2021, for instance, Akkio raised USD 3 million from Bain Capital Ventures to automate the business's decision-making using artificial intelligence and machines. Instead of relying on data science, the company provides a low code platform with innovative technology for gaining in-depth business insights. Enterprises can reap numerous benefits, including enhanced data analytics, user experience, cost reductions, rapid development, and more. Thus, the growing trend of low code AI is anticipated to fuel future market growth for low code development platforms.
The global healthcare industry thrives due to significant technical developments and government funding. In the healthcare industry, a low code development platform is implemented to speed the data integration process, improve workflow efficiency, and enhance the patient experience. Utilizing low code development cloud technology can significantly aid in integrating patient data across several systems, enabling healthcare practitioners to examine patient histories and give better care, boosting industry growth.
In addition, low code platforms are cost-effective; non-technical personnel can operate the servers without needing professional assistance, resulting in significant reductions in ownership costs. Low code application platforms also play a crucial role in developing apps to meet the dynamic nature of technology by facilitating the creation of mobile-friendly applications that can aid in virtual consultations, thereby reducing hospitalization costs and providing a secure network for encrypted communication. Consequently, the advantages of low code development technology in the healthcare industry are accelerating the market's expansion.
North America accounted for the largest market share during the forecast period. Numerous important market participants offer low code development platforms and services to all regional end customers. The US and Canada have robust economies and are anticipated to contribute to the low code development platform market expansion. The most influential variables in deploying low code development platforms and services are geographic presence, considerable Research and Development (R&D) efforts, collaborations, acquisitions, and mergers. The key suppliers, such as Salesforce, Microsoft, Appian, and Pegasystems, offer expanded low code development platforms and services to meet client’s requirements, which drives the expansion of the global market in North America.
Asia-Pacific is the fastest growing region during the forecast period. According to the 2020 Software Survey of Asia-Pacific, more than 50% of the region's top executives feel confident deploying the low code platform throughout their respective firms. The Chinese IT developers are strongly urged to utilize low code platforms for effective workflow. 9% of IT professionals, according to the Mendix Survey, accept the platform. Due to the ongoing Atmanirbhar Bharat plan, India is expected to experience substantial growth.
Some prominent players in the low code application development platform market are Salesforce, Appian, Mendix, Microsoft, Pegasystems, Zoho, OutSystems, Oracle Corporation, ServiceNow, TrackVia, and K2.