Low Code Development Platform Market Size

Low Code Development Platform Market Growth Projections and Opportunities

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.