Global Low-Code Development Platform Market Report: Industry Trends, Technology Analysis and Growth Forecast to 2024 - Predicted CAGR of 45.2% Expected During the Forecast Period - ResearchAndMarkets.com
Summary
As per the World Economic Forum, industries, majorly retail, BFSI, and manufacturing, are projected to grant about $1.2 trillion for digital transformation in 2019, with an 18% year-on-year increase. The workflow of many industries, such as manufacturing, oil & gas, banking, financial services, & insurance (BFSI), and automotive has been disrupted by digital transformation. This was due to the growing adoption of the low-code development platform by various industry verticals in order to reduce the IT expenditure. Several departments of an enterprise, such as operations, human resource, and accounting and finance, require applications for improving business process efficiency. Due to this, businesses have started adopting low-code development services and solutions in order to reduce the workload for IT professionals.