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The use of fancy technologies is making businesses go digital, creating new ways for customers to experience their products and services. This includes things like making websites, using social media, and giving advice to businesses. Over the past few years, businesses have been changing a lot with these digital technologies. One important tool they use is called "low code." This helps both the people who create apps (developers) and the business folks to make applications that can do specific tasks and be more flexible.
For digital businesses, it's like being in a race to keep up with the latest trends and give customers the best products and services. They need to keep updating and improving what they offer to stay competitive. The main aim for these businesses is to make apps that can do things automatically, organize digital tasks, and handle a lot of information. But building these apps takes a long time and needs highly skilled app developers. This is where the low code development platform comes in handy. It helps businesses quickly use and combine new tools and technologies, allowing them to focus on what customers want and stay ahead of what's popular.
The low code development platform also makes it easier for people to create new processes and design apps in less time compared to the traditional way of programming. It's like a shortcut that makes software development ten times faster than before. It comes with features like pre-built user interfaces (how an app looks), models for business processes, a drag-and-drop function, and models for data. All these features help digital businesses speed up the process of creating and delivering new apps and software. This means they can bring new and improved things to customers more quickly, without spending too much time on complicated processes.
In simple words, digital businesses are using cool technologies to stay up-to-date and give customers the best experience. The low code development platform is like a magic tool that helps them create apps faster and more easily, making their products and services better and keeping them ahead in the competition. This tool is expected to make digital businesses grow even faster as they work to deliver new and improved apps by the end of the forecast period.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Ongoing Trends for Digitization in the IT Industry |
| Market Dynamics | Digital Business Acceleration Driving Application Delivery |
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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