Throughout the projected period, there is expected to be a CAGR of 28.4% in the usage of Low Code Development platforms. The market for low-code development platforms is expected to grow from US$21,363.5 million in 2023 to US$259,922.1 million in 2033.
The main market force influencing the use of low-code development platforms continues to be digital transformation across a number of industrial verticals. The key value proposition of low-code development platforms, which includes offering a foundation for digital transformation initiatives, speeding up digital transformation projects, improving operational efficiency, addressing the issues related to the lack of qualified developers, eliminating operational bottlenecks, and eliminating the need for significant customization for legacy systems, is what is driving the market growth across all geographic markets.
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Low-code solutions are not new, but demand has grown dramatically over the past two years as organisations have battled to keep up with stakeholder demands for greater digital transformation. Low-code tools help firms accelerate their efforts in digital transformation by delivering business apps more quickly. Low-code tools also drastically reduce the amount of time required for innovation.
Concerns within the industry are brought up by the fact that not all low-code-based tools and platforms interface with all programs. Therefore, the developer and designer must consider the limited integration capacity when creating the product in order to avoid complications in the future.
The widespread use of the internet, cloud computing, mobile technology, and other innovations have expedited the use of digital solutions by businesses for streamlining and optimising corporate operations.
Additionally, it is projected that the need for low-code development platforms would increase dramatically in the future years as a result of the adoption of DevOps and the growing impact of consumer-originated technologies on enterprises.
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What are the main elements fueling the market expansion for low code development platforms?
Artificial intelligence technologies are influencing market growth.
All industries are increasingly incorporating AI. Businesses have prioritised AI strategically in their efforts to transform the way they do business. In terms of AI technology for software and application development, the concept of low-code artificial intelligence is revolutionary.
Related Link :
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https://futuremarketblog.blogspot.com/2022/12/north-america-and-europe-retail.html
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