Low Code Development Platform

Low Code Development Platform

Global Low Code Development Platform Market to Reach US$388.6 Billion by 2030

The global market for Low Code Development Platform estimated at US$41.0 Billion in the year 2023, is expected to reach US$388.6 Billion by 2030, growing at a CAGR of 37.9% over the analysis period 2023-2030. Web-Based Application, one of the segments analyzed in the report, is expected to record a 36.5% CAGR and reach US$157.9 Billion by the end of the analysis period. Growth in the Mobile Application segment is estimated at 39.0% CAGR over the analysis period.

The U.S. Market is Estimated at US$12.2 Billion While China is Forecast to Grow at 35.3% CAGR

The Low Code Development Platform market in the U.S. is estimated at US$12.2 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$52.4 Billion by the year 2030 trailing a CAGR of 35.3% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 33.7% and 31.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 25.3% CAGR.

Global Low Code Development Platform Market - Key Trends & Drivers Summarized

Why Is the Demand for Low Code Platforms Rising?

Low code development platforms have become essential tools for businesses looking to expedite their digital transformation efforts by enabling rapid application development with minimal coding. These platforms allow non-developers and IT teams alike to create applications using intuitive drag-and-drop interfaces, fostering collaboration between business and technical teams. With the rise in demand for custom applications and a global shortage of skilled software developers, low code platforms present an effective solution for organizations seeking agile development and reduced time-to-market.

What Technological Innovations Are Enhancing Low Code Platforms?

Recent advancements in artificial intelligence and cloud technology have significantly expanded the capabilities of low code development platforms. By integrating AI-powered features like predictive analytics, process automation, and natural language processing, these platforms now offer enhanced functionality and usability. Furthermore, cloud-based low code solutions provide scalable, flexible deployment options that meet the needs of both small businesses and large enterprises. Integration with other enterprise systems and third-party applications has also improved, enabling seamless data exchange and functionality extension across different organizational platforms.

How Are Different Sectors Adopting Low Code Solutions?

The adoption of low code platforms spans various sectors, with financial services, healthcare, and manufacturing leading the charge. In the financial sector, low code is used to develop customer-facing applications, enhance process automation, and strengthen regulatory compliance through quick modifications. Healthcare providers benefit from low code’s capacity to create patient management systems and telehealth solutions, improving patient engagement. Meanwhile, manufacturing firms use low code platforms to streamline supply chain management and develop maintenance scheduling applications. These examples highlight how low code is becoming a strategic asset across industries.

The Growth in the Low Code Development Platform Market Is Driven by Several Factors

The growth in the low code development platform market is driven by several factors, including the global shortage of skilled developers, increasing demand for agile application development, and the rise of digital transformation initiatives. Businesses seeking to reduce development costs and accelerate deployment timelines are embracing low code as a viable solution. Additionally, advancements in AI and cloud technology have expanded low code’s potential, making it suitable for more complex applications. With the pressure to innovate and respond to market changes faster, low code development platforms are seeing increased adoption, further fueling the market’s expansion.

SCOPE OF STUDY:

The report analyzes the Low Code Development Platform market in terms of US$ Million by the following Application; Deployment; Organization Size, and Geographic Regions/Countries:

Segments:
Application (Web-Based, Mobile); Deployment (Cloud, On-premise); Organization Size (Small and Medium-Sized Enterprises, Large Enterprises)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

Select Competitors (Total 38 Featured) -

• Agilepoint, Inc.
• Appian Corporation
• Caspio, Inc.
• MatsSoft Ltd.
• Mendix Inc.
• Outsystems
• Salesforce.com, Inc.
• ServiceNow, Inc.
• SourceCode Technology Holdings, Inc. dba k2

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