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According to a detailed look by MRFR, the global market for something called "low code development platforms" has been growing a lot in the past few years. They think it will reach a really big number – USD 73,820.4 Million – by the year 2027. The growth rate is said to be around 26.5%, which means it's increasing quite fast between 2021 and 2027.
Now, let's understand what this market is all about. It's divided into different parts. First, there are two main things – solutions and services. Think of solutions as the main tools or things that help with low code development. Services are like the extra help or support that people might need. Then, they split it into different types – like general-purpose platforms and others that have specific uses. It's a bit like having different tools for different jobs. They also look at how these platforms are set up – either on-premise, which means in a physical location, or in the cloud, which is like having everything online.
Next, they think about the size of the organizations that use these platforms. Some are small or medium, and others are large. It's like figuring out if these tools are helpful for businesses of different sizes. Then, they consider which areas or industries use these tools the most. This includes retail, finance, technology, healthcare, and more.
When we look at the map of the world, they've divided it into regions. The regions they're interested in are North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. In 2020, Asia-Pacific had the biggest share of this market – almost 35%. This is because there are many different types of businesses in Asia-Pacific, and they are using more and more digital tools. As industries grow and people want stronger solutions, this market is expected to keep growing.
So, in simple words, the global market for low code development platforms is like a big puzzle with different pieces. These platforms are tools that help businesses build things online faster and easier. Some are general, while others are more specific. They can be used by small, medium, and large businesses in various industries like retail and healthcare. Asia-Pacific is leading the way right now, using these tools the most, and it's expected to keep growing because more industries there are becoming digital.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | USD 13.5542billion Billion |
| Growth Rate | 34.20%(2023-2032) |
Low Code Development Platform Market Highlights:
Low Code Development Platform Market Overview
The Low Code Development Platform Market size is projected to grow from USD 18.1897364 Billion in 2024 to USD 142.5916243 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 29.36% during the forecast period (2024 - 2032). Additionally, the market size for Low Code Development Platform was valued at USD 13.5542 Billion in 2023.
Increased digital business acceleration driving application delivery and an Increasing number of application programming interfaces (API) are the major market drivers enhancing market growth.
Figure1: Low Code Development Platform Market Overview, 2023 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Low Code Development Platform Market Trends
Digital business acceleration driving application delivery is driving market growth.
The growing adoption of advanced technologies to create new customer experiences, business models, and internal capabilities has formed a huge base for digital businesses. The transformation of business with digital technologies, such as web designing, social media consulting, specializing in retailers, and business coaching, has increased over the past few years. The low code helps developers and business users create more flexible applications and accomplish specific tasks. This factor drives the market CAGR.
Additionally, with the growing transformation and emergency of Web 2.0 and Web 3.0, there has been a rise in demand for the API- centric business model. This allowed the organizations to share their application information and functionality with external business partners, third-party developers, and internal departments. Communicating through a documented interface helped the Organization's products and services leverage data and functionality. The increasing demand for digital transformation and advanced technologies has driven organizations to adopt disruptive solutions, boosting productivity and business growth. Businesses now prioritize their digital presence to align with changing consumer preferences and deliver enhanced customer value. Thus, driving the Low Code Development Platform market revenue.
Low Code Development Platform Market Segment Insights
Low Code Development Platform Component Insights
The Low Code Development Platform market segmentation, based on components, includes solutions and services. The solution segment dominated the market due to its ability to provide comprehensive tools and features that enable rapid application development with minimal coding. The solution offers a visual interface and pre-built modules, allowing users to create applications by dragging and dropping components quickly. This simplifies the development process, reduces the need for extensive coding expertise, and accelerates application delivery.
Figure 2: Low Code Development Platform Market, by component, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Low Code Development Platform Type Insights
Based on Type, the Low Code Development Platform market segmentation includes a General-Purpose platform, Database app platform, Process app platform, and Request handling platform. The general-purpose platform segment dominated the market; due to its versatility and wide application possibilities.
This platform's versatility and adaptability empower organizations to create diverse applications across industries. Its flexibility enables businesses to meet various needs and requirements, establishing their leadership in the market.
Low Code Development Platform Deployment Insights
Based on Deployment, the Low Code Development Platform market segmentation includes On-premises, Cloud. The cloud deployment segment dominates the low code development platform market. This is because cloud-based Deployment offers numerous advantages, such as scalability, flexibility, cost-effectiveness, and easy accessibility from anywhere. Organizations are increasingly adopting cloud-based solutions to leverage these benefits, driving the dominance of the cloud deployment segment in the market.
Low Code Development Platform Organization Size Insights
The Low Code Development Platform market segmentation, based on organization size, includes Small, Medium, and Large. The medium segment dominated the market; the medium-sized segment dominated the low-code development platform market. Medium-sized businesses often have the resources and requirements to adopt and implement low-code development platforms effectively. They can leverage the benefits of low-code platforms to streamline their development processes, improve efficiency, and accelerate application development.
Low Code Development Platform Vertical Insights
Based on Vertical, the Low Code Development Platform market segmentation includes Retail and E-Commerce, Healthcare, Media & Entertainment, BFSI, IT & Telecommunication, and Government. The IT & Telecommunication segment dominates the low code development platform market. The IT & telecommunication sector dominates the low code development platform market due to its strong emphasis on digital transformation and software development. This sector relies heavily on agile and efficient application development processes to meet evolving customer demands and stay competitive. Low code development platforms offer IT and telecommunication companies the capability to quickly build and deploy applications with minimal coding, resulting in accelerated time-to-market and improved productivity.
Low Code Development Platform Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American low code development platform market will dominate this market, owing to an increase in the number of persons affected by cardiovascular devices and obesity. In addition, the growing number of established health clubs and fitness facilities will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Low Code Development Platform Market Share By Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Low Code Development Platform market accounts for the second-largest market share due to the low cost of bariatric surgery and the rise in the number of diabetes people. Further, the German Low Code Development Platform market had the largest market share, and the UK Low Code Development Platform market was the fastest-growing market in the European Region.
The Asia-Pacific Low Code Development Platform Market is expected to grow fastest from 2023 to 2032. This is due to expanding awareness of a healthy lifestyle and nutrition and rising per capita disposable income. Moreover, the China’sLow Code Development Platform market held the largest market share, and the Indian low Code Development Platform market was the fastest-growing market in the Asia-Pacific region.
Low Code Development Platform Key Market Players& Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Low Code Development Platform market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Low Code Development Platform industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Low Code Development Platform industry to benefit clients and increase the market sector. In recent years, the Low Code Development Platform industry has offered some of the most significant advantages to medicine. Major players in the Low Code Development Platform market, including Microsoft, Appian Salesforce.com, Mendix, Pegasystems Inc. Service Now, AgilePoint, Caspio Nintex UK Ltd Netcall Zoho Corporation Pvt. Ltd., Simplifier AG WaveMaker, Inc., Skyve., and In order to stimulate market demand, several companies are investing in research and development activities.
SAP SE, a German multinational software company, specializes in developing enterprise software for managing business operations and customer relations. It is recognized as a leading vendor in the field of enterprise resource planning software. Recently, SAP has announced plans to enhance its low-code and no-code platform, Build, by introducing additional governance capabilities. These features will empower IT teams to monitor application usage, performance, and data access, providing better control over applications developed on the platform and accessed by users throughout the organization.
Microsoft Corporation is a prominent American multinational technology company. Widely recognized for its Windows operating system, Microsoft Office suite, and web browsers like Internet Explorer and Edge, the company continues to innovate. Recently, Microsoft made an exciting announcement regarding the expansion of generative AI to its Power Platform. Additionally, they launched Dynamics 365 Copilot, an AI-powered tool that benefits various business lines. These advancements provide users with enhanced access to complex AI tools, enabling them to assess technological risks and opportunities. By incorporating AI models into the Power Platform and Dynamics 365 applications, Microsoft empowers workers to increase productivity and efficiency.
Key Companies in the Low Code Development Platform market include
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Microsoft (US)
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Appian (US)
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Pegasystems Inc. (US)
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ServiceNow (California)
Low Code Development Platform Industry Developments
March 2023: Aurachain, a leading provider of low-code development platforms, has recently integrated AI technology into its platform to elevate the application development experience. By incorporating advanced AI-assisted capabilities, users of Aurachain's low-code platform can now create, optimize, and gain valuable insights into their applications and process activities. This integration marks a significant step towards ushering in a new era of workflow automation and efficiency.
March 2023: Microsoft has recently extended its generative AI capabilities to the Power Platform and introduced Dynamics 365 Copilot for multiple business sectors. This expansion offers users enhanced access to advanced AI tools and enables CIOs to evaluate technological risks and opportunities. By integrating AI models into the Power Platform's low-code developer tool and the Dynamics 365 applications, workers can significantly enhance their productivity.
Low Code Development Platform Market Segmentation
Low Code Development Platform Component Outlook
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Solution
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Service
Low Code Development Platform Type Outlook
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General-Purpose platform
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Database app platform
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Process app platform
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Request handling platform
Low Code Development Platform Deployment Outlook
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On-premises
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Cloud
Low Code Development Platform Organization Size Outlook
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Small
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Medium
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Large
Low Code Development Platform Vertical Outlook
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Retail and E-Commerce
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Healthcare
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Media & Entertainment
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BFSI
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IT & Telecommunication
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Government
Low Code Development Platform Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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