The global low code development platform market size is anticipated to reach USD 83.5 billion by 2028. Adoption of intelligent communication designs, remarkable growth in data traffic, and advancements in technologies are some of the key factors anticipated to boost the industry growth in the coming years. The need for digital integration and modern business process solutions imposes demands on software developers to create tailored systems in quantity, tailoring them to the specific needs of organizations. Low-code technology systems have been and are being developed as a way of facilitating the fast production and usage of functional software that can meet the unique process and data needs of the enterprise.
Niche platforms are designed to meet specific business requirements, such as management of business processes and event management, as well as customer relations (CRM). Low-code is not a promotional bid but a feature for these products. The platforms provide a scaled-down IDE visual output that enables applications to be built which function within the software's framework and architecture.
These solutions are intended for a particular case of use and good for what they were produced, but not for the whole range of digital transformation applications in the business. BFSI industry requires business tools and solutions on a wide scale as this industry generates a huge amount of data. As customer service is an important factor responsible for customer acquisition in the BFSI industry, multiple organizations have adopted low-code development platforms and services to enhance automation in the customer service business functions.
Low Code Development Platform Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 83.5 billion|
|Growth Rate||CAGR of 36% during 2021-2028|
|Segment Covered||Types, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Salesforce.com Inc., Caspio Inc., Microsoft Corporation, Alphabet Inc., AgilePoint Inc., Appian Corporation, ServiceNow Inc., Oracle Corporation, Outsystems Inc., MatsSoft Limited, Kony Inc., Mendix Technology B.V., and others.|
Key Segments of the Global Low Code Development Platform Market
Type Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
- Aerospace & Defense
- Automotive & Transportation
- Consumer Products & Retail
- Electronics & Semiconductors
- Energy & Utilities
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Low Code Development Platform market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global Low Code Development Platform market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Low Code Development Platform industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on Type, organization size, deployment, and application. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global Low Code Development Platform market. The report will benefit:
- Every stakeholder is involved in the Low Code Development Platform market.
- Managers within the Tech companies looking to publish recent and forecasted statistics about the global Low Code Development Platform market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global Low Code Development Platform market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
The growth of the global low-cost development platform market is rapidly rising owing to the increasing adoption of low-code development platforms across all verticals to reduce operational costs for the long term. As with citizen developers, businesses are not forced to employ app developers to save significant running costs. Low-code technology systems for major companies have dramatically larger budgets to produce vast numbers of new applications with less time for their operations. For example, the low-code production framework for Genpact Limited and Yahoo, have already been implemented for improved performance.
Nonetheless, as demand for numerous web and smartphone apps grew, the pandemic had a very positive impact on the low-code software platform industry. With the closing of shops and restrictions on the movement of people, companies are engaging with their customers and clients over the internet, for which an array of mobile and web applications are being developed.
The segment of the cloud is projected to rise rapidly in the low-code technology platform sector during the forecast era. This is partly because most players in the industry offer a low-code production environment through the cloud. Cloud-based delivery also promises enhanced scalability, 24/7 support, high-speed and improved technology creation management capability. As a result, the market for cloud computing is projected to rise in the following years due to low IT network cost coupled with high scalability.
In 2019, the consumer products & retail accumulated the greatest share of the low-code market and is still projected to continue its rise in the immediate future. Retail companies are building a wide variety of smartphones, online, and other third-party solutions. These businesses also face backlogs of rising requests by various customers for new applications and bundled solutions from third parties.
The geographically global low code development platform market is segmented into North America, Europe, APAC, South America, and the Middle East & Africa. North America has a range of leading industry players supplying all end consumers in the country with low code production and services. The United States and Canada now have good economic conditions which are projected to add significantly to the development of the low-code market. The regional reach, major R&D operations, alliances, acquisitions, and mergers are the key factors that lead to the introduction of low-code technology services. Besides, APAC countries are the preferred IT outsourcing destination. As a result, IT firms earn significant orders for the production of software, which further boosts the industry advance.
The major players of the global low code development platform market are Salesforce.com Inc., Caspio Inc., Microsoft Corporation, Alphabet Inc., AgilePoint Inc., Appian Corporation, ServiceNow Inc., Oracle Corporation, Outsystems Inc., MatsSoft Limited, Kony Inc., Mendix Technology B.V., and others.