How Is Business Digitization Boosting Low-Code Development Platform Market Growth?

The vertical segment of the low-code development platform market is categorized into information technology (IT), BFSI, healthcare, retail, government, education, media and entertainment, energy and utilities, education, and others such as automotive, telecom, hospitality, pharmaceuticals, and logistics. Among these, the IT category accounted for the largest market share in 2019, and it is projected to continue this trend throughout the forecast period.

This is due to the early adoption of new technologies by IT firms and the development of numerous web and mobile applications by such companies. According to P&S Intelligence, the North American low-code development platform market generated the highest revenue during the historical period (2014–2019). This was due to the presence of a technologically literate population, early adoption of novel technologies, hefty IT expenditure, and vast disposable income of people in the region.


Additionally, the strong presence of low-code development platform providers also contributes to the market growth in North America. Besides, the increasing use of online purchasing, online gaming, messaging, banking, and social media mobile applications also boosts the market growth in the region. Whereas, Asia-Pacific (APAC) is expected to register the fastest growth in the low-code development platform market during the forecast period.

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This will be due to the growing internet penetration, mounting smartphone demand, and expanding IT service industry in the region. Moreover, the rapid economic growth of many APAC nations will also support the regional market growth in the forecast years. Besides, the escalating disposal income of people in several developing countries will also drive the demand for low-code development platforms in the foreseeable future.

Thus, the surging need for business digitization and lesser dependence on IT professionals will supplement the market growth in the forthcoming years.

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