Low-Code Development Platform market size was valued at USD

TOKYO, Aug. 01, 2022 (GLOBE NEWSWIRE) — The Global Low-Code Development Platform Market The size is valued at USD 16 billion in 2021 and is expected to reach a market size of USD 159 billion by 2030; with a CAGR of 28.8%.

As digital transformation accelerates, data volumes increase, and industrial facilities become smarter, there will be an even greater need to rely on non-developer workers to manage business applications without involving IT departments. Due to its simplicity and speed, using a low-code platform makes it much easier to implement citizen developer improvement. In fact, 70% of low code users with no previous experience with low code platforms managed to learn low code in less than a month, according to the results. Rapid adoption of digitization across various industries is one of the low-code development platform market trends supporting the growth of the industry. Additionally, the growing need for rapid customization and scalability is driving the low-code development platform market revenue.

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Report cover:

Market Low-Code Development Platform Market
Market size 2021 $16 billion
Market Forecast 2030 $159 billion
CAGR from 2022 to 2030 28.8%
Analysis period 2018 – 2030
Year of reference 2021
Forecast data 2022 – 2030
Segments Covered By component, by application type, by organization size, by vertical, and by geography
Regional scope North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
Profiled Key Companies Salesforce, Inc., Appian, Microsoft, Mendix Technology BV, Creatio, OutSystems, Pegasystems Inc., Oracle, ServiceNow, Quickbase, LANSA and Zoho Corporation Pvt. ltd.
Report cover Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis
Scope of customization 10 a.m. free customization and expert advice

Impact of COVID-19 on the Market Value of Global Low-Code Development Platform

Despite ongoing cost-cutting campaigns, increased remote production throughout the COVID-19 pandemic will fuel low-code adoption. The expansion of low code as a general social and technological phenomenon is expected. The instability and volatility in the global market due to temporary and permanent business shutdowns due to the COVID-19 pandemic has resulted in a large demand for remote tools for software development globally. Additionally, the growing pressure on organizations to increase their digital capabilities during the pandemic has pushed IT professionals to incorporate new, faster software development methods. As a result, the COVID-19 pandemic has had a positive impact on the low-code development platform industry, which is expected to grow in the coming years.

Low-Code Development Platform Market Dynamics

The emergence of Industry 4.0 is supporting the growth of the low-code development platform market. Facilities are rapidly adapting to the ever-changing landscapes of Industry 4.0, and their data flows reflect this. In current Industry 4.0 scenarios, factories can be a data minefield, and it will only get worse. The easiest and most efficient way to monitor all activities in sync is with centralized orchestration, especially for companies with different sites located in different countries, each with multiple process areas and custom IT configurations. Centralized orchestration combined with a hybrid integration framework is the ideal combination for the industry. This is common with low-code platforms.

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Cost reduction and scalability are two other factors driving the expansion of the industry. Low-code development platforms can save billions of dollars in project delay costs. It significantly reduces backlogs by helping the development team complete more tasks in less time. Moreover, the main objective of low-code development frameworks is to create cost-effective applications that are flexible and fast, adaptable to improvements and less complex in terms of maintenance.

The advantage of building applications with minimum cost and resources is one of the aspects that has opened new growth opportunities for the market in the coming years. Businesses can build mobile and web apps using low-code. Workspace apps, legacy modernization apps, and operations improvement apps are the most common types of low-code apps. However, the lack of customization of these platforms may prevent the market from growing between 2022 and 2030.

Low-Code Development Platform Market Segmentation

The global market has been segmented into five categories: component, application type, organization size, industry vertical, and region.

Based on component, the market is divided into platforms and services. In 2021, the platform sub-segment has acquired a large share, while the service sub-segment is expected to witness a substantial growth rate.

By application type, the market is split into mobile, web, and desktop/server. Among them, mobile accounted for the majority share in 2021 and is expected to do so in the coming years. On the other hand, web applications are expected to register a notable growth rate from 2022 to 2030.

Large enterprises and small and medium enterprises are the two sub-segments considered under the organization size segment. According to our market forecast for low-code development platforms, the large enterprise segment will occupy a considerable market share from 2022 to 2030.

Additionally, BFSI, Retail, Education, IT & Telecom, Transportation & Logistics, Automotive & Manufacturing, and others are the segmentation of industry verticals. According to our analysis of the low-code development platform industry, BFSI is one of the lucrative sub-segments driving the growth of the industry.

Low Code Development Platform Market Regional Outlook

North America, Asia-Pacific, Europe, Latin America, Middle East and Africa is the regional classification of the global low-code development platform market. North America is a leading region in the global market due to the existence of many prominent players in the United States and Canada. Early adoption of technologies and widespread application of enterprise software such as ERP, CRM, custom applications and databases are some of the factors supporting the low development platform market. -code in North America.

Asia-Pacific is expected to register the fastest growth rate (CAGR) throughout the forecast period from 2022 to 2030. The implementation of Industry 4.0, IoT, AI, of big data analytics and the rapid growth of automotive and manufacturing industries are driving Asia-Pacific. low-code development platform market.

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Low-Code Development Platform Market Players

Some of the major low-code development platform companies covered in the industry are Salesforce, Inc., Appian, Microsoft, Mendix Technology BV, Creatio, Out Systems, Pegasystems Inc., Oracle, Service Now, Quickbase, LANSA, and Zoho Corporation Pvt. ltd.

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