The low-code development platform market size is projected to reach US$ 141.31 billion by 2031 from US$ 20.11 billion in 2023. The market is expected to register a CAGR of 27.6% during 2023–2031. Limited specialized experience and increased productivity & efficiency are likely to remain key trends in the market.
A low-code development platform provides an environment for programmers to create application software using GUI and configuration instead of traditional programming. The ongoing trend for digitization across the IT industry is creating lucrative business opportunities for companies operating in the low-code development platform market to gain a strong customer base and generate more revenues. The low code development platform market is highly competitive, with an increasing number of new entrants penetrating the market rapidly and creating challenges for the existing players.
Low-code development offers a streamlined approach to app development, enabling companies to drive their digital transformation without heavy reliance on traditional programming. These platforms, also known as low-code application platforms, simplify the development process through features such as drag-and-drop functionality and visual guidance. This accessibility allows individuals across the company, regardless of their technical background, to create low-code apps, thereby relieving some of the burden on the IT department. Unlike professional developers, business users may not possess in-depth coding knowledge or formal programming training, yet they can still construct applications using low-code platforms. By streamlining the app-building process, low code empowers users to create efficient apps without requiring advanced coding expertise. This empowerment not only enables business users to contribute to app development but also frees up IT and development resources to focus on more intricate projects. Furthermore, low-code platforms cater to the increasing demand for sophisticated internal workflow applications, time-saving automation, enhanced customer experiences, and seamless integrations. Additionally, these platforms facilitate faster app development for professional developers, eliminating the need for manual code composition.
Executing digital transformation involves a complex process that necessitates fresh methods and tools. Low-code platforms have the potential to significantly impact digital transformation by cutting down on the resources required for developing applications. They enable individuals without a development background to engage in app development by leveraging their expertise in operational challenges. There is currently a high demand for organizations to be able to adapt quickly, and low-code technology makes it possible to achieve this.
Low-code tools greatly lessen the reliance on main development teams. Organizations wanting to integrate digital workflows no longer need to seek approvals from their developers. Using low-code tools enables business users to quickly create applications to automate their procedures. Therefore, the main IT team can concentrate on bigger business issues within a context and develop solutions for them.
Key segments that contributed to the derivation of the low-code development platform market analysis are component, deployment, application type, organization size, and industry vertical.
The geographic scope of the low-code development platform market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Companies are collaborating to stay ahead in the market in North America. For instance, In September 2023, Global IT services provider FPT Software and OutSystems signed a new partnership agreement focused on providing services and solutions in the US and Canada. FPT Software is the newest addition to the North American partner ecosystem, poised to expose immense value for enterprises across the US and Canada. FPT Software's rich track record in global digital transformation initiatives, paired with the power of the OutSystems high-performance low-code platform, will help customers accelerate innovation and deliver significant value to their businesses. A partnership such as this is expected to boost the market growth in North America.
The regional trends and factors influencing the Low-Code Development Platform Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Low-Code Development Platform Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 25.66 billion |
| Market Size by 2031 | US$ 141.31 billion |
| Global CAGR (2025 - 2031) | 27.6% |
| Historical Data | 2021-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Low-Code Development Platform Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Low-Code Development Platform Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The low-code development platform market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the low-code development platform market are listed below:
(Source: ServiceNow, Press Release, May 2024)
(Source: Nintex UK Ltd, Press Release, January 2024)
The “Low-Code Development Platform Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: