July 19, 2024
Low Code Development Platform Market
Ict

Low Code Development Platform Market is Estimated To Witness High Growth Owing to Increase in Demand for Rapid Application Development

The Low Code Development Platform market is estimated to be valued at US$ 7.61 billion in 2021 and is expected to exhibit a CAGR of 26.8% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Low Code Development Platforms are software development platforms that enable businesses to create applications with minimal coding, using visual interfaces and drag-and-drop features. These platforms offer a simplified and accelerated application development process, allowing businesses to quickly build and deploy customized solutions.

Market Dynamics:
The Low Code Development Platform market is primarily driven by the increasing demand for rapid application development, as it provides organizations with an efficient way to develop and deploy applications in a short span of time. Additionally, the market is fueled by the opportunity posed by digital transformation initiatives, as businesses across various industries are implementing digital technologies to improve operational efficiency and customer experience.

Furthermore, the market is expected to witness significant growth due to factors such as the rising trend of citizen development, which allows non-technical users to create their applications, and the need for scalable and flexible application development solutions. However, challenges such as data security concerns and the need for skilled developers may hinder market growth to some extent.
Segment Analysis:

The low code development platform market can be segmented based on deployment type, organization size, and vertical. In terms of deployment type, the cloud segment is dominating the market. This is because cloud-based deployment provides flexibility, scalability, and cost-effectiveness to organizations. Additionally, it allows for rapid application development and deployment, making it a popular choice among businesses. The on-premises segment is also witnessing growth, particularly in industries that have strict data privacy and security requirements.

In terms of organization size, the market is dominated by the large enterprises segment. This is because large organizations have the resources and budget to invest in low code development platforms and can benefit from the increased efficiency and agility provided by these platforms. Small and medium-sized enterprises (SMEs) are also adopting low code development platforms, but at a slower pace due to limited resources and budget constraints.

In terms of vertical, the market is dominated by the IT and telecom industry. This is due to the increasing demand for application development and modernization in this sector. Other key verticals driving the market growth include banking, financial services, and insurance (BFSI), healthcare, retail, and manufacturing.

PEST Analysis:

Political: The political landscape has a significant impact on the low code development platform market. Government regulations regarding data privacy and security can affect the adoption of these platforms. Political stability and government support for digital transformation initiatives also play a role in the market growth.

Economic: The economic factors influencing the market include GDP growth, investment in IT infrastructure, and overall business sentiment. Economic downturns can lead to reduced IT spending, affecting the adoption of low code development platforms.

Social: Societal factors such as the increasing need for digital transformation, changing consumer behavior, and the demand for personalized user experiences drive the market growth. The growing millennial workforce’s preference for agile and easy-to-use software solutions also contributes to the adoption of low code development platforms.

Technological: Technological factors such as advancements in cloud computing, artificial intelligence (AI), and machine learning (ML) are driving the market growth. The integration of these technologies with low code development platforms enables organizations to build sophisticated applications quickly and easily.

Key Takeaways:

The global Low Code Development Platform Market Size is expected to witness high growth, exhibiting a CAGR of 26.8% over the forecast period. This growth can be attributed to the increasing demand for rapid application development, digital transformation initiatives, and the need for agile software solutions. The market is dominated by the IT and telecom industry, followed by BFSI, healthcare, retail, and manufacturing.

In terms of regional analysis, North America is the fastest-growing and dominating region in the low code development platform market. The presence of key market players, technological advancements, and early adoption of low code development platforms contribute to the region’s growth. Europe and Asia Pacific are also witnessing significant market growth due to increasing digitization initiatives and the growing adoption of cloud-based solutions.

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