The adoption of Low Code Development platform Market is expected to increase at a CAGR of 28.4% during the forecast period. The Low Code Development Platform market size is anticipated to rise from US$ 21,363.5 Million in 2023 to US$ 259,922.1 Million in 2033.
A low-code development platform (LCDP) is a coding environment that enables developers of varying levels of expertise to build applications using a dynamic graphical user interface and configuration in conjunction with model-driven logic.
One of the key factors propelling the expansion of the low-code development platform market is the advancement of the digital transformation in the IT and telecom sectors.
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By delivering business applications more quickly, low-code tools enable businesses to expand their efforts in digital transformation. Low-code tools also significantly shorten the time needed for innovation.
The fourth industrial revolution is creating significant growth prospects for the low-code development platform industry, as is the paradigm change toward a digital workspace that makes use of new technology.
Key Takeaways from Market Study
- Low-code and no-code tools appear to be the best option for small and medium-sized businesses outside of IT. It is especially relevant for users who want to achieve their business objectives quickly, efficiently, and affordably by utilising modern technology.
- With the increasing incorporation of low-code platforms in the region, particularly in China, Asia Pacific is expected to record the highest CAGR of more than 26.8%. Several local vendors across all major verticals are utilising these platforms to speed up application delivery, expand developer taskforces, reduce operating costs, and boost innovation.
- E-commerce businesses are constantly looking for ways to increase sales while remaining cost-effective. Low-code and no-code platforms have proven to be useful tools for managing the e-commerce ecosystem on a budget. These technologies are becoming increasingly popular in the digital ecosystem.
- Low-code platforms are becoming an important part of existing web-based platforms in many organisations, allowing them to improve their strategy while reducing cost and complexity. Mendix on IBM Cloud, App Maker on Google Cloud Platforms, and PowerApps on Microsoft are some well-known low-code platforms from major web-based service providers.
- As the application becomes more progressive, a suitable level of technical background will be required. This means that time is required to educate and become acquainted with the low-code software. As a result, there is an increased demand for low-code specialists.
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Competitive Landscape
The low-code development platform industry is moderately fragmented, with a large number of participants, considerable legislative framework worldwide, and smaller vendors collectively controlling a big portion of the market. Market players with substantial financial resources are actively engaged in strategic M&A activities, while smaller businesses focus on product innovation methods to increase market share.
Some of the Key Players Operating in Low Code Development Platform Market Include:
- Salesforc
- Appian
- Mendix
- Microsoft
- Pegasystems
- Zoho
- OutSystems
- Oracle Corporation
- ServiceNow
- TrackVia, and K2.
Latest Developments in the Low Code Development Platform Market
- In January 2022 – UST announced that it had earned the Microsoft Low Code Application Development advanced specialisation. Microsoft’s advanced specialisation is a significant credential for its partners who meet high specialisation, service delivery, and support standards.
- In November 2021 – OutSystems unveiled a next-generation application platform, allowing development teams to create cutting-edge cloud applications. The new platform, codenamed Project Neo, provides organisations with the next level of application scale and developer productivity required to compete in a cloud-first world.
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Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global Low Code Development platform market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
Market Segments Covered in Low Code Development Platform Market Analysis
By Solutions:
- Platform
- Services
By Deployment:
- On-Premise
- Cloud-Based
- Web-Based
By Enterprise Size:
- Small Offices
- Small Enterprises
- Medium-Sized Enterprises
- Large Enterprises
- Very Large Enterprises
By Industry:
- Services
- Distribution Services
- Public Sector
- Finance
- Manufacturing and Resources
- Infrastructure
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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