Low-Code Development Platform Market Size, Share, Trends and Report 2024-2032

 The latest report by IMARC Group, titled “Low-Code Development Platform Market Report by Deployment Mode (Cloud-based, On-premises), Organization Size (Small and Medium-sized Enterprises, Large Enterprises), Application (Web-based, Mobile-based, Desktop and Server-based), Industry Vertical (BFSI, Retail and E-commerce, Government and Defense, Healthcare, Information Technology, Energy and Utilities, Manufacturing, and Others), and Region 2024-2032“, The global low-code development platform market size reached US$ 20.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 171.7 Billion by 2032, exhibiting a growth rate (CAGR) of 26.73% during 2024-2032.

Factors Affecting the Growth of the Low-Code Development Platform Industry:

• Increasing Demand for Rapid Application Development

The growing need for rapid application development is a major driver of the low-code development platform market. Organizations across various industries are under pressure to deliver digital solutions quickly to stay competitive in today's fast-paced business environment. Low-code platforms enable developers and citizen developers to build applications faster by providing pre-built components and visual development tools that reduce the amount of manual coding required. This allows companies to respond more agilely to changing market demands and customer needs. Additionally, low-code platforms help organizations address IT resource constraints by empowering non-technical employees to participate in the application development process. As the pace of digital transformation accelerates, there has been a rise in demand for low-code solutions that facilitate rapid prototyping and deployment.

• Shift Toward Citizen Development and Democratization of IT

Another key factor driving the growth of the low-code development platform industry is the shift towards citizen development and the democratization of IT. Low-code platforms make it possible for business users with little to no coding experience to build applications tailored to their specific needs. This democratization of application development enables organizations to harness the creativity and domain expertise of employees across departments, leading to more innovative solutions. Citizen developers can quickly build and iterate on applications using low-code tools, reducing the burden on IT teams and accelerating time-to-value. As more organizations recognize the benefits of empowering citizen developers, the adoption of low-code platforms will increase. This trend is particularly relevant in the context of digital transformation, where business agility and the ability to rapidly adapt to change are critical success factors.

• Integration of Emerging Technologies and AI

The integration of emerging technologies, such as artificial intelligence (AI) and machine learning (ML), is another factor driving the growth of the low-code development platform industry. Low-code platforms are increasingly incorporating AI and ML capabilities to enhance application development and deployment. For example, AI-powered low-code platforms can automatically generate code, suggest design patterns, and identify potential issues, further accelerating the development process. Additionally, AI can be used to optimize application performance, personalize user experiences, and automate repetitive tasks. As organizations seek to leverage the power of AI and ML to drive innovation and efficiency, there has been a heightened demand for low-code platforms that seamlessly integrate these technologies. The ability to build AI-powered applications without extensive coding knowledge is a major advantage of low-code platforms, making them an attractive option for organizations looking to adopt emerging technologies.

Competitive Landscape with Key Player:

• AgilePoint Inc.
• Appian Corporation
• Magic Software Enterprises Ltd.
• Mendix Technology BV (Siemens Aktiengesellschaft)
• Microsoft Corporation
• Netcall PLC
• Oracle Corporation
• Outsystems Inc.
• Pegasystems Inc.
• Salesforce Inc.
• ServiceNow Inc.
• Zoho Corporation

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Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Deployment Mode:

• Cloud-based
• On-premises

Cloud-based dominates the market as cloud platforms offer greater flexibility, scalability, and cost-effectiveness compared to on-premises solutions, enabling organizations to rapidly develop and deploy applications without significant upfront investments in infrastructure.

Breakup by Organization Size:

• Small and Medium-sized Enterprises
• Large Enterprises

Large enterprises account for the largest market share as they have the resources and complex application requirements to fully leverage the benefits of low-code platforms, such as accelerated development, improved agility, and reduced reliance on scarce IT skills.

Breakup by Application:

• Web-based
• Mobile-based
• Desktop and Server-based

Web-based represents the largest segment as web applications are critical for digital transformation and low-code platforms enable rapid development of user-friendly web applications with minimal coding, empowering both technical and non-technical users.

Breakup by Industry Vertical:

• BFSI
• Retail and E-commerce
• Government and Defense
• Healthcare
• Information Technology
• Energy and Utilities
• Manufacturing
• Others

Information technology holds the largest share as IT companies are at the forefront of digital innovation and are early adopters of low-code platforms to quickly build applications that streamline operations and enhance customer experiences.

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America's dominance in the low-code development platform market is attributed to the presence of major low-code platform vendors, a well-developed IT infrastructure, and a high degree of digital maturity among enterprises seeking to accelerate their application development and digital transformation initiatives.

Global Low-Code Development Platform Market Trends:

The global low-code development platform market is primarily driven by the increasing emphasis on digital transformation across various industries. Organizations are leveraging low-code platforms to accelerate the development of applications, enabling them to respond swiftly to market demands and streamline their operations. This shift allows businesses to enhance efficiency and reduce time-to-market for new solutions. Another major growth-inducing factor is the heightening adoption of low-code platforms by small and medium enterprises (SMEs). These businesses recognize the cost-effectiveness and accessibility of low-code tools, which empower non-technical users to create applications without extensive coding knowledge, thus alleviating the burden on IT departments. Additionally, the integration of artificial intelligence (AI) and automation capabilities into low-code platforms is enhancing their functionality, enabling users to automate workflows and improve application performance, further driving the market expansion.

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