Low-Code Development Platform
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What Will the Low-Code Development Platform Industry Market Size Be by 2025?
The market size of the low-code development platform has seen a substantial increase in the past few years. It is projected to rise from a value of $39.64 billion in 2024 and attain a value of $50.31 billion in 2025, following a compound annual growth rate (CAGR) of 26.9%. The historic growth of this market can be linked with several factors, including an increased requirement for quick application development, the scarcity of proficient developers, cost-effectiveness in the development of applications, improved agility and flexibility, the empowerment of business users, a user-friendly development setting, and efficient integration potential.
What’s the Long-Term Growth Forecast for the Low-Code Development Platform Market Size Through 2029?
The market size for low-code development platforms is predicted to witness remarkable growth in the upcoming years. The market is expected to reach $157.66 billion by 2029, growing at a compound annual growth rate of 33.0%. This projected surge over the forecast period can be attributed to the development of cross-platforms, heightened emphasis on security, the proliferation of industry-specific solutions, changes in regulatory environments, focus on achieving scalability, and the emergence of open-source low-code solutions. Major forecast trends, including the rapid acceptance of low-code platforms, the integration of devops practices, expansion in mobile app development, security improvements in low-code solutions, ecosystem and marketplace integration, collaboration and group-based development, enhanced user experience, design tools, and mergers and collaborations with vendors, also contribute to this growth.
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What Are the Key Growth Drivers Fueling the Low-Code Development Platform Market Expansion?
The surging demand for applications in business enterprises is likely to boost the expansion of the low-code development platform market in future years. Low code is a software grounded in coding, designed to permit business units to hastily fashion and oversee applications with reduced manual coding. The US-based bureau of labor statistics, a part of the labor department, has predicted that there will be a deficiency of engineers by 2026, to the tune of 1.2 million. Furthermore, a mere 39.6% of prospective applicants for IT roles meet all of the employer’s prerequisites. This situation is expected to lead to an increased demand for low code platforms that have the ability to carry out tasks automatically and accurately.
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What Are the Key Trends Driving Low-Code Development Platform Market Growth?
Innovations in technology are transforming the low-code development platform market. The incorporation of AI opens up opportunities for the application of low-code development platforms in numerous areas, such as resolving intricate functions, identifying content through keywords or colors, and integrating data into templates. Artificial intelligence is employed to craft a low-code development platform that merges legacy systems by reducing technical intricacy. For example, in November 2023, the Switzerland-based firm, Aurachain, known for their blockchain-based business process management platform, debuted their AI Powered low-code platform. This novel feature emphasizes Aurachain’s commitment to providing an outstanding experience for both proficient and amateur developers. It heightens the productivity of low-code development, notably excelling in managing complex and tailored processes and applications.
How Is the Low-Code Development Platform Market Segmented?
The low-code development platform market covered in this report is segmented –
1) By Component: Platform, Services
2) By Application: Web-Based, Mobile-Based, Desktop And Server-Based
3) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
4) By Industry: Banking, Financial Services, And Insurance (BFSI), Retail And eCommerce, Government And Defense, Healthcare, IT, Energy And Utilities, Manufacturing
Subsegments:
1) By Platform: Development Tools, Integration Tools, Deployment Tools
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services
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Which Companies Are Leading the Charge in Low-Code Development Platform Market Innovation?
Major companies operating in the low-code development platform market include AgilePoint Inc., Appian Corporation, Caspio Inc., Fujitsu RunMyProcess Inc., Nintex Software Inc., LANSA Inc., Magic Software Enterprises Ltd., MatsSoft Limited, Mendix Technology Inc., Microsoft Corporation, Netcall Ltd., Oracle Corporation, OutSystems Inc., Pegasystems Inc., QuickBase Inc., Salesforce. com Inc., ServiceNow Inc., WaveMaker Inc., Zoho Corporation Pvt. Ltd., Google LLC, TrackVia Inc., Bizagi Process Automation Inc., Boomi Inc., Bubble Group Inc., DronaHQ (Deltecs InfoTech Pvt. Ltd. ), HCL Domino, Intuit QuickBase, KiSSFLOW Inc.
Which Regions Are Leading the Global Low-Code Development Platform Market in Revenue?
North America was the largest region in the low-code development platform market in 2024. The regions covered in the low-code development platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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