Market Note: Enterprise Low-code App Development Platform Market
Market
The enterprise low-code app development platform market appears to be highly competitive with a few clear leaders. Salesforce emerges as the top performer, excelling in both strategy/vision and current offering/execution. OutSystems and Mendix follow closely, positioning themselves as strong contenders with robust capabilities and strategic direction. These three vendors form the leadership group, offering the most comprehensive and advanced solutions in the market. ServiceNow, while not at the same level as the top three, maintains a solid position in the market, potentially appealing to specific customer segments or use cases. Oracle, though only featured in one analysis, seems to occupy a middle ground, suggesting it has a notable presence but room for growth. The market also includes several other players like Appian, AgilePoint, and K2, indicating a diverse ecosystem with solutions catering to various needs and preferences in the low-code development space. This competitive landscape suggests a maturing market with ongoing innovation and differentiation among vendors.
The worldwide market for low-code development technologies is projected to reach $27 billion in 2023, marking a significant 19% increase from 2022. This robust growth is primarily driven by the rising number of business technologists and the increasing adoption of enterprise-wide hyperautomation and composable business initiatives.
Top 3 trends in the enterprise low-code application development platform market:
Growth: The market is experiencing significant expansion, with various sources projecting Compound Annual Growth Rates (CAGRs) ranging from 20% to over 30% in the coming years. This growth is driven by increasing demand for faster application development and digital transformation initiatives across industries.
Democratization of development: Low-code platforms are enabling "citizen developers" and business technologists to create applications with minimal coding knowledge. This trend is broadening the pool of people who can contribute to application development within organizations, reducing the burden on IT departments and accelerating digital innovation.
Expansion into complex enterprise applications: As low-code platforms mature, they are increasingly being used for more sophisticated, mission-critical enterprise applications. This trend is moving low-code development beyond simple, departmental solutions to become a core part of enterprise-wide digital strategies, including initiatives like hyperautomation and composable business architectures.
Low-code Platforms Vendors
Title: GartnorGroup evaluation of low-code platform vendors
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