| Status : Published | Published On : Mar, 2024 | Report Code : VRICT5131 | Industry : ICT & Media | Available Format :
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Page : 202 |
Global Low-Code Development Platform Market – Analysis and Forecast (2025-2030)
Industry Insights by Offering (Solution [General Purpose, Mobile-First App, Database App, Process App, Request Handling], Service [Professional, Managed]), by Deployment Type (On-Premises, Cloud-Based), by Enterprise Size (Small & Medium Enterprise, Large Enterprise), by Vertical (Government, Healthcare, Education, Media and Entertainment, Retail, Energy and Utilities, Manufacturing, IT, BFSI, Others)
Industry Overview
From USD 14.1 billion in 2023, the global low-code development platform market will reach USD 55.0 billion by 2030, witnessing a CAGR of 30.5% during the forecast period.
Ideally, the low-code platforms provide developers with a better coding environment compared to traditional coding methods. It helps in building better apps by using better Graphical User Interfaces GUIs. Anyone with little technical knowledge and no coding skills can use this platform to build applications. As a result, a lot of non-technical employees can now get involved in developing corporate applications for design, concept generation, implementation, and deployment.
Typically, these platforms have contributed to the digital revolution in specific sectors, such as BFSI, healthcare, education, retail, and others to improve their operational efficiency and increase customer engagement. It has also helped in organizing and managing data, creating an opportunity for the global low-code development platform market to grow significantly.
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Market Segmentation
Insight by Offering
According to the offering, the global low-code development platform market is divided into solutions and services. The solution segment is further divided into general-purpose, mobile-first apps, database apps, process apps, and request handling. On the other hand, the service segment is further divided into managed and professional services.
Out of these, the solution segment is expected to continue to contribute a larger share to the global low-code development platform market due to higher adoption across all industry verticals with an intent to curb IT expenditure and cope with ever-growing digitalization.
However, the services category is expected to contribute the fastest revenue during the analysis period due to the significant rise in demand for technical knowledge and timely platform updates.
Insight by Deployment Type
According to the deployment type, the global low-code development platform market is divided into on-premises and cloud-based categories.
Out of these two categories, the cloud-based category contributes the higher revenue because several companies are providing such platforms. It also provides more scalability, high speed, round-the-clock service, and better management capabilities.
Insight by Enterprise Size
According to the size of the enterprise, the global low-code development platform market is divided into Small & Medium Enterprises (SMEs) and large enterprises.
Of the two, the SME segment is expected to grow at a higher CAGR during the forecast period due to the flexibility offered in developing tailored applications with minimal coding and at a low cost. This segment will also grow significantly since more SMEs will use these platforms to make their ideas a reality. The growing awareness about process automation, government emphasis on digital transformation, and business expansion by global vendors will also influence the growth of this market segment.
Insight by Vertical
According to the vertical, the global low-code development platform market is divided into government, healthcare, education, media and entertainment, retail, energy and utilities, manufacturing, IT, BFSI, and more.
Out of them all, the BFSI segment is expected to have a higher CAGR during the forecast period because it will ease the development processes, enhance automation in customer service, improve business functions, help in document management, and offer greater scalability.
Global Low-Code Development Platform Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
|
Base Year Considered |
2024 |
|
Forecast Period |
2025 - 2030 |
|
Market Size in 2023 |
U.S.D. 14.1 Billion |
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Revenue Forecast in 2030 |
U.S.D. 55.0 Billion |
|
Growth Rate |
30.5% |
|
Segments Covered in the Report |
By Offering, By Deployment Type, By Enterprise Size, and By Vertical |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Trends
One of the most significant trends noticed in the global low-code development platform market is that the major players are putting their best efforts into increasing the revenue for the platforms despite their limited resources. This continual effort to optimize Time-to-Market (TTM) will involve more customers in using new apps.
There are a few specific types of apps, such as the Power Apps of Microsoft Power Platform that enable building customized business apps. The pp integrates other products and services of Microsoft seamlessly making it more efficient and a favored choice for those users who already use the Microsoft ecosystem.
Growth Drivers
Two of the most significant growth drivers of the global low-code development platform market are speedy customization and higher demand for digitalization. Moreover, the growth will be fueled more when there are more such digital platforms.
The growing need for faster application delivery and time to value creates immense pressure on IT leaders, which is an effect of the acceleration of digital business. Users need customized software solutions to help in digital transformation which has created citizen developers outside the IT sector. This has also influenced the growth of the global low-code development platforms and the market.
A few other factors that influence the growth are higher adoption in Hyper Automation and SaaS, maturity of agile DevOps practices, enhanced user experiences, upgraded key systems, and low-cost automation processes.
Most importantly, these platforms offer more scalability and allow businesses to use cutting-edge technologies across different departments. As a result, they use it as their alternative course of action to deal with the shortage of software developers.
So, the benefits that these platforms offer, such as lower TTM, reduced backlogs, quick generation of value, and lower cost also propel the global low-code development platform market growth.
Restraints
The growing concern regarding data security and the acceptance of alternatives may hamper the growth of the global low-code development platform market. However, things are looking quite promising with the continual development.
Geography Insight
North America is the largest contributor to the global low-code development platform market due to the higher adoption of these platforms by information technology services and substantial technological development such as AI and IoT. Moreover, the large number of major IT players in the region influences the growth.
However, the Asia-Pacific region is expected to grow at a faster rate during the forecast period due to notable economic growth in developing economies, higher disposable income among the large population, increased internet penetration, growth of the IT service industry, and the proliferation of smartphones.
Competitive Insight
Owing to the robust development of digital technologies like artificial intelligence (AI), machine learning, and predictive analytics, as well as the digital transformation of verticals, the low-code development platform industry is extremely consolidated. In order to gain a substantial position in the industry, players have been forming partnerships, M&A, upgrading existing platforms, and launching new products in recent years.
Salesforce is a prominent leader in CRM software. Salesforce has leveraged its CRM knowledge to create a sophisticated, metadata-driven low-code application development environment that is completely cloud-based. Regardless of their level of coding expertise, the Salesforce platform gives customers the advanced tools they need to create any apps they want. The Salesforce platform's visual interface and simple drag-and-drop capabilities entice nontechnical business users, while those who are experienced with coding languages may go deeper into the building blocks of their applications.
Some of the key industry players operating in the global low-code development platform market are Oracle Corporation, Salesforce.com Inc, Alphabet Inc, Caspio Inc, Kony Inc, Appian Corporation, Mendix Technology B.V., Outsystems Inc, AgilePoint Inc., Microsoft Corporation, MatsSoft Limited, and ServiceNow Inc.
Recent Development by Kay Players
Microsoft has joinds hands with an equity investment in Gurgaon-headquartered software development platform Builder.ai to make software development accessible to the next set of non-tech users.
The Low-Code Development Platform Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
- By Offering
- Solution
- General Purpose
- Mobile-First App
- Database App
- Process App
- Request Handling
- Service
- Professional
- Managed
- Solution
- By Deployment Type
- On-Premises
- Cloud-Based
- By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
- By Vertical
- Government
- Healthcare
- Education
- Media and Entertainment
- Retail
- Energy and Utilities
- Manufacturing
- IT
- BFSI
- Others
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Low-Code Development Platform Market