Categories: Market Research

Low-Code Development Platform Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Low-code development platform (LCDP) refers to a software development approach that uses a graphical user interface with simple features and logic. These platforms have enabled users to operate apps fluently and easily. It offers low or no coding techniques, which ultimately reduces the time and cost for the development of the platform, which, in turn, is useful to the business processes.

Sizing and Forecast
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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Segmentation & Regional Insights
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

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

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Major Driver Impacting Market Growth
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.

Key Industry Players
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.

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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31. Global Low-Code Development Platform Market Competitive Benchmarking

32. Global Low-Code Development Platform Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Low-Code Development Platform Market

34. Low-Code Development Platform Market Future Outlook and Potential Analysis

35. Appendix