SAN FRANCISCO, July 6, 2022 / PRNewswire/ – The size of the global low-code development platform market is expected to reach USD 35.2 billion by 2030, registering a CAGR of 22.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growth can be primarily attributed to the growing interest of organizations, especially in the midst of the COVID-19 pandemic, towards digital transformation of their business processes. The growing demand for solutions that can accelerate application development and automate business processes has created greater scope for the adoption of low-code development platforms, and is thus favored. the expansion of the market.
Key Industry Insights and Findings from the report:
The web-based application segment is expected to witness a CAGR of more than 22.0% from 2022 to 2030 due to increasing demand for low-code development platforms as they help develop applications using similar resources as traditional development process.
The SMEs segment is expected to witness a significant growth rate of almost 24.0% from 2022 to 2030 along with the growing need to develop software applications with the lowest operational and workforce costs.
The IT and Telecom segment gained revenue share close to 21.0% in 2021 with increasing demand in these sectors to automate their operations and speed up the application development process.
Sa North Americathe market is worth almost USD 1.7 billion in 2021 due to the strong presence of various major market players in the region and the introduction of innovative low-code development platforms offered by these players.
Read the 171-page market research report, “Low-code Development Platform Market Size, Share & Trends Analysis Report By Application Type (Web-based, Mobile-based), By Deployment Type (Cloud, On- Premise), By Organization Size, By End -use, By Region, And Segment Forecasts, 2022 – 2030 ”, published by Grand View Research.
Low-Code Development Platform Market Growth and Trends
Market growth is largely driven by the continuous development of technology introduced by industry players. For example, in September 2021, Mendix Technology BV introduced artificial intelligence and other advanced features to its low-code development platform to allow companies to develop software more efficiently. The company named the AI feature Page Bot which provides recommendations to software teams on how to design the user interface of a new application.
Market Segmentation in the Low-Code Development Platform
Grand View Research divided the global low-code development platform market based on application type, deployment type, organization size, end-use, and region:
Low -code Development Platform Market – Outlook Application Type (Revenue, USD Million, 2018 – 2030)
Low -code Development Platform Market – Deployment Type Outlook (Revenue, USD Million, 2018 – 2030)
Low -code Development Platform Market – Outlook Size of Organization (Revenue, USD Million, 2018 – 2030)
Low -code Development Platform Market – End -use Outlook (Revenue, USD Million, 2018 – 2030)
Low -code Development Platform Market – Regional Outlook (Revenue, USD Million, 2018 – 2030)
Middle East at Africa
List of Key Players of the Low-Code Development Platform Market
See more related studies published by Grand View Research:
Low-Code Application Development Platform Market – Expected to reach the global low code application development platform market size USD 86.92 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 22.7% during the forecast period. Increasing demand for rapid customization and scalability, elimination of IT backlogs, enhancing digital transformation, and need for robust solutions are the key driving factors for market growth.
Multiexperience Development Platforms Market – The global multiexperience development platforms market size is expected to reach USD 24.64 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to register a CAGR of 18.2% during the forecast period.
Application Development Software Market – The global application development software market is expected to reach USD 733.5 billion by 2028, expanding at a CAGR of 24.3% from 2021 to 2028, according to research conducted by Grand View Research, Inc. The growing trend of cloud-based solutions, along with the increase in the use of Internet of Things (IoT) technology, is expected to push the market during the forecast period.
Browse Grand View Research’s Next Generation Technology Industry Research Reports.
About Grand View Research
Grand View Research, a US-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered with California and is headquartered in San Francisco, the company is comprised of over 425 analysts and consultants, adds more than 1200 market research reports to its extensive database each year. These reports offer in-depth analysis on 46 industries in 25 major countries around the world. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and measure the opportunities that await in the future.
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Source Grand View Research, Inc.