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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
- January 2024: ServiceNow has teamed up with Visa to enhance the payment services industry. This partnership introduced ServiceNow Disputes Management, which has been built in conjunction with Visa and acts as a disputes handling platform for issuers and is low code and hence reliable.
- December 2023: Appian, together with EY, partners to enable businesses to thrive through digital transformation. The partnership allowed businesses to improve and digitize their business processes using modern technologies such as low code, AI, data fabric, and process automation. It paired Appian Platform’s low code capabilities and controls with EY’s industry insight.
- November 2023: Oracle Corporation announced on the App Exchange that Oracle APEX 23.2 is now available for general download. The new release made it possible for developers to create enterprise mobile applications, cloud applications, and SaaS applications on a low-code basis. Application builders enjoyed capabilities such as collaborative development, process automation and embedding new components into the user interface.
- October 2023: Mendix commenced the launching of Mendix 10.4, which is a low code platform that aims at reducing the time taken to complete an end-to-end development, for instance, through the use of AI and ML, adding more collaboration touch points, among others. A new version has features like enhanced logic editors that now support keyboard input, Logic Bot 2.0 – Beta, Data grid 2, and many others.
- August 2023: Working together with the World Economic Forum and developer advocates, the Portuguese company OutSystems has established a couple of low-code development schools to fill the demand-supply vacuum in the global developer pool. OutSystems helps developers in widening their scope in AI as well as in high-performance,low-code development.
- January 2024: Tropical Storms introduced new solutions for application development in enterprises across various industries as part of their partnership with KPS AG, a consulting company focusing on customer engagements. Neptune develops a low-code application and process development platform, and this opens up new frontiers to digitalization and process improvement, especially in the SAP sphere. It enables rapid verticalization of SAP solutions and quick prototyping of unique ones. Thanks to the partnership of KPS AG and Neptune Software, a new era of business processes restructuring in a fast and cheap way has come. Neptune’s low code approach worked.
- In September 2023, Salesforce introduced Einstein AI and Data Cloud with an impressive inclusive update in the Apple launched the Einstein 1 platform framework. Such innovations are backed by the company`s solid metadata framework. The Salesforce Einstein 1 Platform is termed a multi-purpose artificial intelligence (AI) platform for customer-focused companies. Einstein's philosophy raises that platform when companies can collaboratively consolidate various types of data sets and deploy applications driven by AI without an extensive programming effort.
- In May 2023 Appian pursued an aggressive stance on low-code by launching a new generation of AI-powered process automations. The company moved closer to the vision of the Appian Platform by integrating the required components of artificial intelligence (AI) into its total technology offering.
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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