Low-Code Development Platform Global Market Expected Reach $116.91 billion in 2028 at a compound annual growth rate (CAGR) of 30.4%

Low Code Development Platform Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –
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..

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Scope Of Low Code Development Platform Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Market Drivers –
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.

Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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

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Regional Insights –
North America was the largest region in the low-code development platform market in 2023. The regions covered in the low-code development platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Key Companies –
Major companies operating in the low-code development platform market report are AgilePoint Inc., Appian Corporation, Caspio Inc., Fujitsu RunMyProcess Inc., Nintex Software Inc., K2 Software Inc., LANSA Inc., Magic Software Enterprises Ltd., MatsSoft Limited, Mendix Technology Inc., Microsoft Corporation, Netcall Ltd., Oracle Corporation, OutSystems Inc., Pegasystems Inc., QuickBase Inc., Salesforce. com Inc., ServiceNow Inc., WaveMaker Inc., Zoho Corporation Pvt. Ltd., Alphabet Inc., Google LLC, TrackVia Inc., Bizagi Process Automation Inc., Boomi Inc., Bubble Group Inc., DronaHQ (Deltecs InfoTech Pvt. Ltd. ), G Suite (UMS Tech Labs. ), HCL Domino, Intuit QuickBase, KiSSFLOW Inc.

Table of Contents
1. Executive Summary
2. Low Code Development Platform Market Report Structure
3. Low Code Development Platform Market Trends And Strategies
4. Low Code Development Platform Market – Macro Economic Scenario
5. Low Code Development Platform Market Size And Growth
…..
27. Low Code Development Platform Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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