The Low-Code Development Platform by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Low-Code Development Platform , The low-code development platform market size has grown exponentially in recent years. It will grow from $31.54 billion in 2023 to $40.41 billion in 2024 at a compound annual growth rate (CAGR) of 28.1%. The growth in the historic period can be attributed to increased demand for rapid application development, shortage of skilled developers, cost-efficiency in application development, agility and flexibility, empowerment of business users, user-friendly development environment, integration capabilities.
The low-code development platform market size is expected to see exponential growth in the next few years. It will grow to $116.91 billion in 2028 at a compound annual growth rate (CAGR) of 30.4%. The growth in the forecast period can be attributed to cross-platform development, increased focus on security, expansion of industry-specific solutions, evolving regulatory landscape, focus on scalability, open source low-code solutions.. Major trends in the forecast period include rapid adoption of low-code platforms, integration with devops practices, expansion of mobile app development, security enhancements in low-code solutions, ecosystem growth and marketplace integration, collaboration and team-based development, enhanced user experience and design tools, vendor partnerships and mergers.
The increase in demand for applications for business organizations is expected to propel the growth of the low-code development platform market over the coming years. Low code is a coding-based software that allows business unit optimized business processes users to create and manage applications quickly with less manual coding. According to the bureau of labor statistics, a US-based department of labor indicated there will be a shortage of engineers by 2026 by 1.2 million. Moreover, only 39.6% of candidates for IT job opportunities fulfill all of the employer’s standards. This will create a demand for low code platforms where tasks can be completed automatically with precision.
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The low-code development platform market covered in this report is segmented –
1) By Component: Platform, Services
2) By Application: Web-Based, Mobile-Based, Desktop And Server-Based
3) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
4) By Industry: Banking, Financial Services, And Insurance (BFSI), Retail And eCommerce, Government And Defense, Healthcare, IT, Energy And Utilities, Manufacturing
Technological advancements are shaping the low-code development platform market. Integration of AI provides an opportunity to use a low-code development platforms in various applications, such as solving complex functions, detecting content using keywords or colors, and inserting information in templates. Artificial intelligence is used to engineer a low-code development platform to integrate legacy systems by eliminating technical complexity. For instance, in May 2021, Zoho Corporation, an Indian web-based business tools company, launched Qntrl, which provides workflow solutions targeted at closing the growing gap in process management for contemporary, complicated processes that necessitate close collaboration among various stakeholders. It uses the technology of low-code or no-code to fulfil these tasks, along with artificial intelligence and machine learning.
The low-code development platform market report table of contents includes:
1. Executive Summary
2. Low-Code Development Platform Market Characteristics
3. Low-Code Development Platform Market Trends And Strategies
4. Low-Code Development Platform Market – Macro Economic Scenario
5. Global Low-Code Development Platform Market Size and Growth
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26. South America Low-Code Development Platform Market
27. Brazil Low-Code Development Platform Market
28. Middle East Low-Code Development Platform Market
29. Africa Low-Code Development Platform Market
30. Low-Code Development Platform Market Competitive Landscape And Company Profiles
Top Major Players:
- AgilePoint Inc
- Appian Corporation
- Caspio Inc
- Fujitsu RunMyProcess Inc
- Nintex Software Inc
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