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; growing at a CAGR of 28.8%.
As digital transformation accelerates, data volumes grow, and industrial facilities become smarter, there will be a greater need to rely on non-developer workers to manage business applications without involving IT departments . Because of its simplicity and speed, using a low-code platform makes citizen developer stimulation easier to implement. In fact, 70 percent of low-code users with no prior experience with low-code platforms were able to learn low-code in less than a month, according to the results. The rapid adoption of digitization in various industries is one of the trends in the low-code development platform market that is supporting the growth of the industry. Additionally, increasing demand for rapid customization and scalability is driving the low-code development platform market revenue.
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Report Scope:
| Market | Low-Code Development Platform Market | |
| Market Size 2021 | USD 16 Billion | |
| Market Forecast 2030 | USD 159 Billion | |
| CAGR During 2022 – 2030 | 28.8% | |
| Review Period | 2018 – 2030 | |
| Base Year | 2021 | |
| Forecast Data | 2022 – 2030 | |
| Segment Coverage | By Component, By Application Type, By Organization Size, By Industry Vertical, And By Geography | |
| Regional Coverage | North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa | |
| Key Companies Profiled | Salesforce, Inc., Appian, Microsoft, Mendix Technology BV, Creatio, OutSystems, Pegasystems Inc., Oracle, ServiceNow, Quickbase, LANSA, and Zoho Corporation Pvt. Ltd. | |
| Report Scope | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis | |
| Scope of Customization | 10 hours of free customization and expert consultation | |
Impact of COVID-19 on Global Low-Code Development Platform Market Value
Despite ongoing cost-cutting campaigns, the surge in 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 of the global market as a result of the temporary and permanent closure of businesses due to the COVID-19 pandemic has resulted in a huge demand for remote software development tools worldwide. In addition, increasing pressure on organizations to increase their digital capabilities during the pandemic has pushed IT professionals to incorporate new and 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 supports the growth of the low-code development platform market. Facilities are quickly adapting to ever-changing industry 4.0 landscapes, and their data flows reflect this. In today’s industry 4.0 scenarios, factories can become data minefields, and it will only get worse. The simplest and most effective way to keep track of all activities in sync is to ensure centralized orchestration, especially for businesses with different locations in different countries, each with multiple process areas and personalized IT setups. Centralized orchestration combined with a hybrid integration framework is the perfect combination for the industry. This is common on low-code platforms.
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Reduced costs and scalability are two other factors driving industry expansion. Low-code development platforms can save billions of dollars in project backlog costs. This significantly reduces backlogs by helping the development team complete more tasks in less time. Furthermore, the main goal of low-code development frameworks is to create cost-effective, flexible, and fast applications that are amenable to improvements and less complex in terms of maintenance.
The advantage to develop applications with minimum cost and resources is one of the aspects that has opened up new growth opportunities for the market in the coming years. Businesses can create mobile and web applications using low code. Workspace applications, legacy modernization applications, and operation improvement applications are the most common types of low-code applications. However, the lack of customization in these platforms may restrain the growth of the market between 2022 and 2030.
Market Segmentation in Low-Code Development Platforms
The global market is segmented into five categories: segment, application type, organization size, industry vertical, and region.
Based on segment, the market is segmented into platforms and services. In 2021, the platform sub-segment has gained a major share, whereas the services sub-segment is expected to witness a significant growth rate.
By application type, the market is segmented into mobile-based, web-based, and desktop/server-based. Among these, mobile-based accounted for the majority share in 2021 and is expected to do so in the coming years. On the other hand, web-based applications are likely to register a remarkable 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 low-code development platform market forecast, the large enterprise segment will occupy a major share of the market from 2022 to 2030.
Furthermore, BFSI, retail, education, IT and telecom, transport and logistics, automotive and manufacturing, and others are the segmentation of industry verticals. According to our low-code development platform industry analysis, BFSI is one of the profitable sub-segments driving the growth of the industry.
Regional Market Outlook of the Low-Code Development Platform Market
North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa are the regional classification of the global low-code development platform market. North America is a leading region in the global market due to the presence of many prominent players in the US 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 North America low-code development platform market.
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, big data analytics, and rapidly rising automotive and manufacturing industries is driving the Asia-Pacific low-code development platform market.
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Low-Code Development Platform Market Players
Some notable 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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