April 23, 2024
Ict

Low Code Development Platform Market is Anticipated to Witness High Growth Owing to Rapid Increase in Automation

Market Overview:
Low code development platforms allow organizations to build application software through graphical user interfaces and visual drag-and-drop tools rather than traditional computer programming. These platforms enable business analysts and developers to create application software and databases for web and mobile applications without extensive coding knowledge. Low code platforms speed up app development, reduce costs, promote collaboration between teams, and democratize app creation across an organization. With rapid digital transformation across industries, there is increasing demand for custom mobile and web applications which is driving the adoption of low code development platforms.

The Global low code development platform market is estimated to be valued at US$ 19.68 Bn in 2024 and is expected to exhibit a CAGR of 26% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the Low Code Development Platform are Salesforce.com Inc., Appian Corporation, Microsoft Corporation, Magic Software Enterprises Ltd, Pegasystems Inc., Oracle Corporation, ZOHO Corporation, Mendix Inc. (Siemens AG), AgilePoint Inc., QuickBase Inc., Clear Software LLC (Microsoft Corporation), ServiceNow Inc., Skuid Inc., Outsystems Inc., Temenos AG. With growing demand for custom applications, low code development platforms offer significant opportunities for business process automation and digital transformation. Several players are focusing on strategic partnerships and expanding their product portfolio to gain market share. Global expansion through partnerships and acquisitions remain key priorities for major players to strengthen their presence and customer base across regions.

Market Drivers
Rapid digital transformation across industries is a major growth driver for the low code development platform market. There is a growing need for custom applications and mobile-first solutions which is increasing the demand for low code platforms. Reduced development time and costs as compared to traditional development methods are key factors promoting the adoption of low code platforms.

Market Restrains
Data security and integration issues pose significant challenges for the growth of the low code development platform market. Most solutions lack in-built security features leaving applications vulnerable to threats. Standard APIs are also required for easy integration with different systems, databases and programming languages. Lack of trained professionals with expertise in low code development acts as a restraint.

Segment Analysis
The Low Code Development Platform market is dominated by large enterprise segment as these organizations have large IT budgets and demand robust low code development platforms for managing complex IT landscapes and applications. The small and medium enterprise segment is also growing significantly as low code platforms provide an affordable way for SMEs to build and customize applications to meet their business needs without relying on costly custom software development. The cloud deployment segment is growing fastest within the Low Code Development Platform market as cloud-based platforms give enterprises the flexibility to build, deploy and manage applications from anywhere without infrastructure limitations.

Global Analysis
The North America region currently dominates the low code development platform market due to early adoption of low code technologies by established IT departments in US and Canada. However, the Asia Pacific region is projected to grow at the highest CAGR during the forecast period with increasing investments in digital transformation initiatives by enterprises across industries in countries like China, India and Australia. The availability of skilled workforce and lower development costs are driving organizations in Asia Pacific to leverage low code platforms. Europe is another major regional market led by presence of key vendors and demand from automotive, healthcare and other industries striving to enhance productivity through customized applications.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it