Low-Code Application Development Platform Market Size - By Component (Platform, Services), Enterprise Size (Large Enterprises, SMEs), Deployment Model (On-Premises, Cloud), Application (Web-based, Mobile-based, Desktop-based), End-Use & Forecast, 2024 - 2

Low-Code Application Development Platform Market Size - By Component (Platform, Services), Enterprise Size (Large Enterprises, SMEs), Deployment Model (On-Premises, Cloud), Application (Web-based, Mobile-based, Desktop-based), End-Use & Forecast, 2024 - 2032

Global Low-Code Application Development Platform Market size will witness over 21% CAGR between 2024 and 2032, driven by increasing recognition and appreciation from leading companies. As businesses strive to innovate and digitize rapidly, they are turning to low-code platforms to streamline application development processes.

For instance, in July 2024, Tata Consultancy Services (TCS) earned the distinction of being a Leader in Everest Group’s PEAK Matrix for Low-code Application Development Services, specifically for platforms such as Appian, Mendix, and OutSystems. The report highlighted TCS' strength in client management capabilities for Appian engagements, emphasizing its domain expertise. Additionally, it acknowledged TCS' robust partner ecosystem comprising traditional ecosystem players, technology partners, niche solution providers, and start-ups.

These platforms empower organizations to create custom applications with minimal coding, accelerating time-to-market and reducing costs. Moreover, the rising complexity of modern applications necessitates flexible and agile development solutions, further fueling the adoption of low-code platforms. Recognizing the competitive edge offered by these tools, prominent companies across various sectors are embracing low-code development to stay ahead in the digital race. Consequently, the Low-Code Application Development Platform market is witnessing substantial growth and is poised to continue its upward trajectory as companies prioritize innovation and efficiency.

The overall Low-Code Application Development Platform Industry is classified based on the component, enterprise size, deployment model, application, end-user, and region.

The SMEs segment will undergo significant development from 2024 to 2032. These businesses are increasingly turning to low-code platforms to streamline their application development processes, leveraging their user-friendly interfaces and drag-and-drop functionalities. With limited resources and expertise, SMEs find low-code platforms to be cost-effective solutions for rapidly building and deploying applications. This growing trend underscores the vital role of low-code platforms in empowering SMEs to compete effectively in today's digital landscape.

The low-code application development platform market share from the retail & e-commerce segment will register a noteworthy CAGR from 2024 to 2032. Retailers and e-commerce businesses are embracing low-code platforms to rapidly develop and customize applications tailored to their unique needs, such as inventory management, customer relationship management, and e-commerce platforms. These platforms offer agility and flexibility, allowing businesses to adapt quickly to changing market trends and consumer preferences. As retail and e-commerce continue to evolve in the digital age, low-code platforms play a crucial role in driving innovation and enhancing customer experiences.

Asia Pacific low-code application development platform market will showcase a commendable CAGR from 2024 to 2032. Companies across diverse industries in Asia Pacific are recognizing the benefits of these platforms in accelerating digital transformation initiatives. With a growing emphasis on innovation and agility, businesses in the region are leveraging low-code platforms to rapidly develop and deploy applications tailored to local market needs. This demand underscores the region's pivotal role in driving the growth of the global low-code market, positioning Asia Pacific as a key player in shaping the future of digital innovation. For instance, in October 2023, ESDS Software Solution, a prominent global technology solutions provider, joyfully revealed the official introduction of its groundbreaking low-code platform Low Code Magic alongside its dedicated website, lowcodemagic.co.in.