The adoption of the Low Code Development platform is expected to increase at a CAGR of 28.4% during the forecast period. The Low Code Development Platform market size is anticipated to rise from USD 21,363.5 Million in 2023 to USD 259,922.1 Million in 2033.
Digital transformation across a number of industrial verticals continues to be the primary market force driving the use of low-code development platforms. The key value proposition of the low-code development platforms, which includes providing a foundation for digital transformation initiatives, accelerating digital transformation projects, improving operational efficiency, addressing the issues related to the shortage of qualified developers, removing operational bottlenecks, and removing the need for significant customization for legacy systems is what is causing the market to grow across all geographic markets and industry segments.
Despite the fact that low-code solutions are not new, demand for the technology has increased significantly over the past two years as businesses struggled to keep up with stakeholder demands for increased digital transformation.
By delivering business applications more quickly, low-code tools enable businesses to expand their efforts in digital transformation. Low-code tools also significantly shorten the time needed for innovation.
The fact that not all low-code-based tools and platforms interface with every program raises concerns within the industry. Therefore, in order to prevent future complications, the developer and designer must take the limited integration capacity into consideration when developing the product.
| Attribute | Details |
|---|---|
| Low Code Development Platform Market Estimated Size (2023) | USD 21,363.5 Million |
| Low Code Development Platform Market CAGR (2023 to 2033) | 28.4% |
| Low Code Development Platform Market Forecasted Size (2033) | USD 259,922.1 Million |
The adoption of digital solutions by enterprises for streamlining and improving business operations has been accelerated by increasing internet usage, cloud computing, mobile, and other technologies.
Additionally, the need for low-code development platforms is anticipated to rise significantly in the upcoming years due to the growing impact of consumer-originated technologies on organizations and the adoption of DevOps.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Intervention of AI technologies are stimulating market growth
The incorporation of AI is expanding across all industries. Strategically, businesses have emphasized AI in their initiatives to transform business. The idea of low-code artificial intelligence is revolutionary in terms of AI technology for software and application development. The platform attracts investment from many businesses due to its wide application and potential advantages. Businesses can profit from improved data analytics, user experience, cost savings, quick development, and more. As a result, it is projected that the market for low-code development platforms would continue to increase due to the growing trend of low-code AI.
Numerous market opportunities are created by the low-code applications in the healthcare sector
A minimal code development platform is used in the healthcare sector to speed up the data integration process, increase workflow effectiveness, and improve the patient experience. By allowing healthcare professionals to study patient histories and provide better care, low code development cloud technology can greatly help in integrating patient data across several systems, supporting industry growth.
The development of mobile-friendly apps that can support virtual consultations is made easier by low-code application platforms. These platforms also offer a secure network for encrypted communication. As a result, the benefits of low code development technology are hastening the market's growth in the healthcare sector.
Principal Consultant
By lowering the entrance hurdle for those without a background in programming, low-code, and no-code platforms are revolutionizing the development of apps and software. Users can build specialized solutions for their business needs using a simple interface with drag-and-drop capabilities.
Enterprises employ technologies like robotic process automation (RPA), artificial intelligence (AI), and low-code application platforms to boost productivity, reduce costs, and improve workflow (LCAP). With the latter, staff members can build custom applications that enable data collection, management, and interchange between businesses.
Low-code platforms are becoming an important part of existing web-based platforms in many organizations, allowing them to improve their strategy while reducing cost and complexity. Mendix on IBM Cloud, App Maker on Google Cloud Platforms, and PowerApps on Microsoft are some well-known low-code platforms from major web-based service providers.
According to the analysis, small enterprises account for 26.4% of the low code development platform market.
This can be attributed to rising consumer demand for high-quality digital applications, which puts pressure on small businesses to develop applications quickly and improve time to value. As a result, small enterprises are becoming more interested in low-code development platforms, which enable non-IT employees to create applications quickly and at a low cost. These platforms are typically available as subscription services, allowing them to pay only for the services that they use.
Due to the growing need to digitize services like origination, customer onboarding, self-servicing, and back-office operations, the services segment accounted for a sizable revenue share of over 29.3% in 2021. They are becoming more interested in low-code development platforms in order to enhance customer experiences, cut costs, increase company agility, and shorten time to market.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
North America dominates the global low-code development platform market, accounting for nearly 32.6% of revenue in 2021. The significant presence of several prominent regional organizations primarily focused on the development of innovative products and services is driving the market growth. Both the United States and Canada have strong economies and are anticipated to be major contributors to the expansion of the low-code development platform market.
The increased emphasis on BFSI, retail, healthcare, and education for efficient application development is expected to drive growth in Europe. The United Kingdom and Germany are expected to demonstrate potential opportunities for regional business development. Brexit and the Covid outbreak in the United Kingdom are critical market growth considerations.
With the increasing incorporation of low-code platforms in the region, particularly in China, Asia Pacific is expected to record the highest CAGR of more than 26.8%. Several local vendors across all major verticals are utilizing these platforms to speed up application delivery, expand developer task forces, reduce operating costs, and boost innovation.
To keep up with the ever-advancing technologies, industries all over the world are jumping on the digital transformation bandwagon. As more and more people buy and sell on the internet, the e-commerce industry is undergoing a transformation.
While other industries suffered during the 2019 pandemic, e-commerce businesses thrived as people were confined to their homes with only their electronic devices. This has, however, resulted in e-commerce market saturation, with businesses struggling to find a competitive advantage.
E-commerce businesses are constantly looking for ways to increase sales while remaining cost-effective. Low-code and no-code platforms have proven to be useful tools for managing the e-commerce ecosystem on a budget. These technologies are becoming increasingly popular in the digital ecosystem.
The low-code development platform industry is moderately fragmented, with a large number of participants, a considerable legislative framework worldwide, and smaller vendors collectively controlling a big portion of the market. Market players with substantial financial resources are actively engaged in strategic M&A activities, while smaller businesses focus on product innovation methods to increase market share.
Digital Transformation
Recent experiences, particularly those related to the pandemic, show that the demand for new technological solutions is increasing among organizations across industries. To put it another way, digital transformation has become critical. And its primary goal is to enable non-technical people to build apps or websites in a short period of time.
Low-code and no-code tools appear to be the best option for small and medium-sized businesses outside of IT. It is especially relevant for users who want to achieve their business objectives quickly, efficiently, and affordably by utilizing modern technology.
As the application becomes more progressive, a suitable level of technical background will be required. This means that time is required to educate and become acquainted with the low-code software. As a result, there is an increased demand for low-code specialists.
As an example of an application complexification process, consider the SQL language. It was designed to be an approachable solution for everyone to help with database management. However, it evolved into its own programming language over time. A typical user cannot comprehend or write complex SQL queries. They must learn SQL in order to comprehend the database's structure.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 28.4% from 2023 to 2033 |
| Base Year of Estimation | 2023 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million and Volume in Units and F-CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends, and Pricing Analysis |
| Key Segments Covered | By Deployment, By Solution, By Enterprise Size, By Industry, By Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Middle East & Africa; Oceania |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, Italy, France, United Kingdom, Spain, Russia, China, Japan, India, GCC Countries, Australia |
| Key Companies Profiled | Salesforce; Appian; Mendix; Microsoft; Pegasystems; Zoho; OutSystems; Oracle Corporation; ServiceNow; TrackVia; and K2. |
| Customization & Pricing | Available upon Request |
The global Low Code Development Platform market is estimated to be valued at USd 21,363.5 Million in 2023.
The Low Code Development Platform market is likely to grow at a CAGR of 28.4% from 2023 to 2033.
The Low Code Development Platform market is projected to reach a valuation of USd 259,922.1 Million by 2033.
North America is projected to lead the global Low Code Development Platform market by 2033.
1. Executive Summary Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Component 5.1. Platform 5.2. Services 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 6.1. Web-based 6.2. Mobile-based 6.3. Desktop and Server-based 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Organization Size 7.1. Small and Medium-sized Enterprises 7.2. Large Enterprises 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Industry 8.1. BFSI 8.2. Retail and eCommerce 8.3. Government and Defense 8.4. Healthcare 8.5. IT 8.6. Energy and Utilities 8.7. Manufacturing 8.8. Others - Education, Transportation, and Logistics, Media, and Entertainment 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. Middle East and Africa (MEA) 10. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Salesforce 17.2. Microsoft 17.3. Appian 17.4. Oracle 17.5. Pegasystems 17.6. Magic Software Enterprises 17.7. Agilepoint 17.8. Outsystems 17.9. Mendix 17.10. Zoho 17.11. Quickbase 17.12. Lansa 18. Assumptions & Acronyms Used 19. Research Methodology
Explore Technology Insights
View Reports
Low Code Development Platform Market
