Global Low-Code Development Platform Market 2023-2030

Global Low-Code Development Platform Market 2023-2030

Global Low-code Development Platform Market Size, Share & Trends Analysis Report by Deployment Type (On-Premises, and Cloud Based), by User Type (Business users, and IT professionals), by Application Type (Web applications, and Mobile applications), and by Industry (BFSI, Healthcare, Manufacturing, Retail, Government, Education, ICT, and Others (Transportation, Logistics, and Media and Entertainment))Forecast Period (2023-2030)

The global low-code development platform market is anticipated to grow at a CAGR of 26.4% during the forecast period (2023-2030). A low-code development platform (LCDP) is a graphical user interface (GUI) that allows users to create application software. Low-code development platforms can help businesses become more agile and productive by providing, efficiency, flexibility, responsiveness, and iterability. There are many key drivers for the increase in the market, but one of the primary drivers is the shortage of IT professionals. As a result of this shortage, there is a growing need for solutions that can help organizations develop and deploy software applications without the need for a large number of skilled IT professionals. LCDPs are a type of software platform that can help to address this need. LCDPs make it easier for non-technical users to create applications without extensive coding knowledge. This is done by providing a drag-and-drop interface, pre-built components, and other features that simplify the development process.

Segmental Outlook

The global low-code development platform market is segmented on the deployment type, user type, application type, and industry. Based on the deployment type, the market is sub-segmented into on-premises, and cloud based. Based on the user type, the market is sub-segmented into business users and IT professionals. Based, on the basis of application type, the market is sub-segmented into web applications and mobile applications. Further, based on the industry the market is sub-segmented into BFSI, healthcare, manufacturing, retail, government, education, ICT, and others.

The BFSI Sub-Segment is Anticipated to Hold a Considerable Share of the Global Low-code Development Platform Market

Among the Industry, the customer relationship management (CRM) sub-segment is expected to hold a considerable share of the global low-code development platform market. The BFSI industry is undergoing rapid digital transformation, driven by the need to meet the evolving needs of customers, enhance operational efficiency, and comply with regulatory requirements. LCDPs provide a faster and more cost-effective way to develop and deploy new applications, making them a valuable tool for BFSI organizations. Customer experience (CX) is a top priority for BFSI organizations. LCDPs can help BFSI organizations improve CX by enabling them to develop and deploy personalized and omnichannel applications. The BFSI industry faces a shortage of skilled IT professionals. LCDPs can help BFSI organizations address this shortage by enabling non-technical users and business experts to create applications without extensive coding knowledge. BFSI organizations are increasingly automating manual processes to improve efficiency and reduce costs. LCDPs can help BFSI organizations automate processes by providing a platform for developing and deploying robotic process automation (RPA) and other automation solutions.

Regional Outlook

The global low-code development platform market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, North America holds the majority of the market. This is because North America has been an early adopter ofLow-Code Development Platforms (LCDPs), with several major vendors, such as Salesforce, Microsoft, Appian, and Mendix, headquartered in the region. North America has a growing demand for citizen developers, empowered individuals who can create applications to solve business problems without extensive coding knowledge. LCDPs cater to this demand by providing user-friendly interfaces and drag-and-drop functionality, making them accessible to a broader range of users.

The European Region is Expected to Grow at a Significant CAGR in the Global Low-code Development Platform Market

The European region is projected to experience significant growth at a substantial CAGR throughout the projected period, driven by several factors. The incorporation of AI capabilities by vendors is transforming the LCDP landscape in Europe, enabling intelligent automation, predictive analytics, and enhanced user experiences. AI-powered LCDPs can automate repetitive tasks, provide real-time insights, and adapt to user behavior, enhancing their value proposition for organizations. Additionally, European venture capital firms are actively investing in LCDP startups, providing them with the necessary resources and support to drive innovation and expansion, further fueling growth and development in the European LCDP market.

European organizations are becoming increasingly aware of the benefits of LCDPs, including faster application development, reduced costs, improved agility, and increased innovation. This growing awareness is driving demand for LCDP solutions across industries. European governments are actively promoting digitalization initiatives across various industries, recognizing the importance of technology adoption for economic growth and competitiveness. This support creates a favorable environment for the adoption of LCDPs, as organizations seek to align with government digitalization goals.

Market Players Outlook

The major companies serving the low-code development platform market include Appian Corp. Inc., Mendix Technology BV, Microsoft, OutSystems, Salesforce, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in March 2022 Zoho launched the upgraded version of its Low-Code Platform named Zoho Creator. With this update the platform combined application development, business intelligence and analytics, and process automation among others into one single platform, while simultaneously helping IT teams to manage security, compliance, and governance.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global low-code development platform market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.