Low-Code Application Development Platform Market Size, Share & Trends Analysis Report By Component (Platform, Services), By Application, By Deployment, By Organization Size, By Region, And Segment Forecasts, 2024 - 2030

Low-Code Application Development Platform Market Size, Share & Trends Analysis Report By Component (Platform, Services), By Application, By Deployment, By Organization Size, By Region, And Segment Forecasts, 2024 - 2030

Low-Code Application Development Platform Market Growth & Trends

The global low-code application development platform market size is anticipated to reach USD 101.68 billion by 2030, registering a CAGR of 22.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The process of digital transformation requires several new approaches and technologies. Thus, low-code application development platforms play a key role by minimizing the time and cost required in conventional software development processes. These platforms help enterprise employees engage in the development process, irrespective of their technical expertise, which enables them to accelerate business value.

Al is gaining traction in various end-use industries, such as manufacturing, healthcare, and retail. Software applications can be developed for end users with an AI-based low-code application platform. Various businesses invest in this platform owing to its multiple applications and possible advantages. For instance, in June 2023, Appian, low-code application development platform provider, announced that BAI Communications Australia (BAI), a company that designs, builds, and operates communications infrastructure, is using Appian’s AI-powered process platform to digitize and optimize Site Access Management. This development is aimed at helping BAI ensure a broader shift in business processes, optimize operations and maximize ROI with a higher level of automation.

Scalability in low-code application development platforms ensures that the applications built on these platforms can easily adapt to the changing needs of businesses. These platforms allow multiple developers to build different use cases across teams and geographies to provide interconnected application portfolios. Moreover, the out-of-the-box characteristic of low-code development platforms delivers reusability, enabling repeated usage of pre-configured components, modules, and functionalities. These characteristics provide certain common core functions required for various applications and are reused to build other solutions, which significantly accelerates the software development process. It is essential for low-code development platform users to reuse newly built or pre-built modules, plug-ins, and entire applications to build necessary applications faster. Thus, the aforementioned factors collectively drive the growth of the market.

Low-Code Application Development Platform Market Report Highlights

• Based on component, the services segment is anticipated to register the highest CAGR from 2024 to 2030. End-users are implementing low-code application development platform services to build custom, enterprise-grade software faster and more efficiently. Thus, driving the growth of the segment
• Based on application, the mobile segment is expected to grow at a significant CAGR in the forecast period. The rising popularity of Bring Your Own Device (BYOD) trend, and the growing use of mobile applications for a variety of tasks are driving the growth of the mobile-based application segment in the market. Moreover, users can create mobile applications that easily scale to hundreds of millions of users with the help of a low-code mobile application development platform
• Based on deployment, the cloud segment is anticipated to register a notable CAGR from 2024 to 2030. Cloud-based low-code application development platforms also offer benefits such as accelerated platform development, increased scalability, and remote services. Moreover, cloud computing is also used by businesses to streamline business administration processes. Thus, driving the growth of the segment
• The Asia Pacific region is expected to grow at the highest CAGR in the forecast period. The growth of the Asia Pacific low-code application development platform industry can be attributed to the significant penetration by global market players, supportive government initiatives for software industries, and the shift in end-user companies' focus toward optimizing their application development costs

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