Low Code Development Platform Market

Low-Code Development Platform Market was estimated at USD 27.4 Billion in 2022 and is expected to touch USD 192.7 Billion in 2030 and is predicted to grow at a 27.6% CAGR during the forecast period.

Low-Code Development Platform Market Overview

A low code development platform is an offering of a coding environment, which allows the developers with varying levels of expertise to develop applications by using a dynamic graphical user interface and configuration injunction with the model-driven logic, instead of traditional hand-coded computer programming. LCDP reduces the amount of conventional hand-coding, which enables accelerated delivery of business applications.

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Major Low-Code Development Platform Market Drivers

The major factor propelling the growth of the global low code development platform is the rapid increase in the demand for digitalization and a strong digital ecosystem. Low code development platforms are being implemented as a way of facilitating the usage and fast production of functional software that is capable of meeting the data needs and the unique process of the enterprise. Moreover, it is capable of developing more applications in less time, which further leads to low-cost investment. Furthermore, the increasing demand for innovative applications, software automation, and the ease of deployment are some other factors, which are significantly contributing to the growth of the global low code development platform market.

Impact of COVID-19 on the Low Code Development Platform Market

The widespread outbreak of the coronavirus has positively impacted the increasing demand of the global low code development platform market. This is majorly due to the restrictions on the movement of people, which has encouraged companies to involve with their clients and customers over the internet. Moreover, governments across the globe have been creating applications to educate people with COVID-related notifications and alerts for which LCDPs enable developers to develop, create, and deploy changes. These factors have bolstered the growth of the global low code development platform market.

Restraint in the Low Code Development Platform Market

Platform-related shortcomings and customization are some factors that might restrain the growth of the market. Moreover, the toolkits available in the market are not sufficient enough to resolve and analyze the customization issues in applications. This is another factor that is hampering the growth of the global low code development market.

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Application – Segment Analysis

Based on the application, the web-based segment is expected to grow at a higher CAGR over the forecast period. The web-based application enables enterprises to roll out user-defined web-based applications in real-time. Moreover, it allows employees with less development experience to create sophisticated applications instead of writing the programming language for the development of web-based applications. In addition, it facilitates the daily work chores for employees with relevant experience and helps them to develop more custom web-based applications by collaborating already existing digital ecosystems. These factors are likely to boost the growth of the web-based segment in the global low code development platform market.

Industry – Segment Analysis

On the basis of the industry, the BFSI segment is anticipated to grow at a faster CAGR over the forecast period. The BFSI industry needs market services and platforms on a large-scale due to voluminous information produced across these organizations. Organizations have deployed LCDPs to enhance the automation in the customer service business functions, as customer service is one of the core factors responsible for customer retention and acquisition in the BFSI sector. The BFSI sector keeps on introducing innovative and enhanced financial products and services to improve its business operations. These factors are surging the growth of the BFSI segment in the global low code development platform market.

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Region – Segment Analysis

Based on the region, the North America region is projected to grow at a higher CAGR during the forecast period. This is mainly attributed to the presence of various prominent players that offer low code development platforms and services to all end-users in the region, which include Microsoft, Appian, Oracle, among others. Furthermore, continuous increase in the number of internet users and advancement of mobile and web applications for the business organization is substantially boosting the growth of the market. Moreover, significant research & development activities, acquisitions, mergers, and partnerships, are some other factors, which play a crucial role in supplementing the growth of the low code development platform in North America. For instance, in 2020, Microsoft announced the acquisition of Softomotive, a world-leading provider of robotic process automation (RPA). This partnership aims to democratize RPA and allow everyone to develop bots to automate manual business processes. 

Top Market Players

Various notable players operating in the market include Salesforce.com Inc., Microsoft, Oracle, Appian, Pegasystems Inc., AgilePoint, ZOHO Corporation, OutSystems, Mendix Tech BV, Quickbase, among others.

Key Developments:

• • In 2020, Microsoft announced the development of Microsoft Dataflex, which is a low code development platform capable of delivering native collaboration between Microsoft Power Platform tools and Teams.
  • In 2020, Appian announced the launch of the latest version of the Low Code Automation Platform. The new version streamlines the implementation of full-stack automation through bundled deployment of robotic processes. 

Segments covered in the Report:

The global low code development platform market has been segmented on the basis of component, application, deployment type, end-use vertical and regions. Based on component, the market is segmented into platform and services. Based on application, the market is segmented Web-Based, Mobile-Based, and Desktop & Server-Based. Based on deployment type, the market is segmented into on-premise and cloud. Based on end-use vertical the market is segmented into BFSI, retail & eCommerce, government & defense, healthcare, information technology, energy & utilities, manufacturing, and others. 

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Market Segmentation

Global Low Code Development Platform Market by Component

• • Platform
  • Services

Global Low Code Development Platform Market by Application

• • Web-Based
  • Mobile-Based
  • Desktop & Server-Based

Global Low Code Development Platform Market by Deployment Type

• • On-Premise
  • Cloud

Global Low Code Development Platform Market by End-Use Vertical

• • BFSI
  • Retail & eCommerce
  • Government & Defense
  • Healthcare
  • Information Technology
  • Energy & Utilities
  • Manufacturing
  • Others

Global Low Code Development Platform Market by Region

• • North America Low Code Development Platform Market (Option 1: As a part of the free 25% customization)

    • By Component
    • By Application
    • By Deployment Type
    • By End-Use Vertical
    • US Market All-Up
    • Canada Market All-Up

  • Europe Low Code Development Platform Market (Option 2: As a part of the free 25% customization)

    • By Component
    • By Application
    • By Deployment Type
    • By End-Use Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Low Code Development Platform Market (Option 3: As a part of the free 25% customization)

    • By Component
    • By Application
    • By Deployment Type
    • By End-Use Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Low Code Development Platform Market (Option 4: As a part of the free 25% customization)

    • By Component
    • By Application
    • By Deployment Type
    • By End-Use Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Low Code Development Platform (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • com Inc.
  • Microsoft
  • Oracle
  • Appian
  • Pegasystems Inc.
  • AgilePoint
  • ZOHO Corporation
  • OutSystems
  • Mendix Tech BV
  • Quickbase