Low Code Development Platform Market, By Deployment Mode (Cloud and On-premise), By Enterprise Size (Large Enterprises and Small and Medium-sized Enterprises), By Application Type (Web-based Application, Mobile-based Application, and Desktop and Server-based Application), By Industry Vertical (BFSI, IT and Telecom, Manufacturing, Healthcare, Retail and E-commerce, Government, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : May 2024

Code : CMI5222

Pages :172

Formats :

Excel and PDF

Industry : Smart Technologies

Low Code Development Platform Market Size and Trends

The Low Code Development Platform Market is estimated to be valued at US$ 15.63 billion in 2024 and is expected to reach US$ 94.81 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 29.4% from 2024 to 2031.

Low Code Development Platform Market Key Factors

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The adoption of low code development platforms is growing exponentially owing to increasing demand for complex application development and limited expertise in traditional programming languages. Enterprises are increasingly relying on low code platforms to build applications faster and enable citizen development. The rising need for digital transformation across industries is further propelling the demand for low code solutions. Additionally, low code platforms offer benefits such as low development cost, shorter time to market, and easy maintenance which has boosted their adoption in recent years. The market is expected to continue its rapid growth in the coming years as both large enterprises and SMEs increasingly turn to low code tools to meet today’s dynamic business needs.

The need for agility and faster development cycles

With the pace of digital transformation and technological changes increasing exponentially, organizations need to have the agility to quickly respond to market needs and develop applications at a much faster pace. The traditional, manual coding approach makes it very challenging for businesses to develop and deploy applications in short iterative cycles. Using low code platforms, organizations can significantly reduce the time taken to develop applications while empowering more individuals beyond developers to contribute to the development process. Citizens developers with domain expertise but no coding experience can now build applications by just configuring and connecting existing modules and components. This allows even small and mid-sized businesses to develop powerful applications that can help automate processes, improve customer experience, and adapt to changing business conditions without major delays.

For instance, in December 2022, Salesforce, Inc. unveiled a novel service within its infrastructure: the low-code DevOps Center. This center provides developers with a curated platform for crafting customized applications. It enables development teams to manage and implement changes to bespoke elements within Salesforce, Inc.'s platform as task items, seamlessly integrating with other tools in Salesforce Flows, the firm's suite of process management solutions.

Low Code Development Platform Market Concentration By Players

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Demand to maximize existing IT investments and the need for integration

With a low code platform, enterprises can leverage existing APIs or build application programming interfaces (APIs) to seamlessly integrate these heterogeneous systems and break down data and process silos across departments and business units.

For instance, in May 2021, Appian Corporation introduced AI-tools capability in its low-code tools, facilitating the orchestration of work, bots, data, and artificial intelligence (AI) for enhanced workflow. This AI-powered developer collaboration tool represents a significant update to the Appian Low-code Automation Platform.