The low-code development platform market was valued at US$ 12.35 Bn in 2021; registering at a CAGR of 27.6% between 2022 and 2028, according to a new research study conducted by The Insight Partners.
Rising Demand for Web and Mobile Applications Catalyzing Low-Code Development Platform Market
Low-Code Development Platform Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Solutions and Services), Deployment (On-Premises and Cloud), Application Type (Web-Based and Mobile), Organization Size (SMEs and Large Enterprises), Industry Vertical (BFSI, Government, Healthcare, Education, Retail, Media & Entertainment, It & Telecom, and Others), and Geography
Low-Code Development Platform Market SWOT Analysis by 2031
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Source: The Insight Partners Analysis
Low-code development platforms provide graphical user-interface-based development environments for application software. Such platforms can be used for developing operational applications and may require additional coding in certain situations. Low-code platforms can aid in reducing the time spent on developing business applications since it allows for the engagement of a large number of persons at the same time. This factor is primarily driving the development of these apps using low-code platforms, thus boosting low-code development platform market growth. It can also lower expenditure on setting up, training personnel, application deployment, and maintenance. The growing uptake of digital transformation has fueled the demand for various web and mobile applications. Such applications primarily enable organizations to adopt various modern technologies and integrate them into their daily routine.
The growing demand for applications has required developers to develop custom applications in a short time tailored to the needs of varied organizations. Low-code development platforms allow for rapid creation and usage of functional applications to address each enterprise's exact process and data requirements. Such advantages have been boosting the low-code development platform market. Moreover, low-code development platforms offer advantages, such as cancelation flexibility, the requirement for less technical capability, capability to develop multi-device applications, among others. It also offers drag-and-drop features and visualizes the application being developed. Such factors and advantages collectively have been driving the low-code development platform market significantly.
The solutions segment is anticipated to be the larger segment in the low-code development platform market, owing to advantageous features, such as drag-and-drop interface, automated workflow, pre-designed templates, and instant app development capabilities. Companies, such as Microsoft and Salesforce, have been integrating different features into their solutions, boosting their product demand. Salesforce introduced a low-code development platform in 2021, which allowed employees without technical; skills to access the same. Such innovations have been propelling the growth of the segment and, in turn, boosting the low-code development platform market.
In the low-code development platform market, both on-premise and cloud deployment are prevalent. However, due to the growing uptake of cloud infrastructure and services, across most enterprises, the cloud segment is anticipated to grow faster during the forecast period. There is a growing shift in adoption from on-premise to cloud, owing to higher scalability and flexibility. Such advantages have been fueling the demand for this segment, boosting the growth of the low-code development platform market.
Large enterprises primarily employ low-code development platforms to attain better agility and growth. With the aid of a low-code development platform, such enterprises can enhance the skill of their employees and aid professional coders to develop faster. These allow enterprises to provide apps to their customers in a shorter timeframe. However, during the forecast period, SMEs are expected to register a faster growth rate in the low-code development platform market.
The IT & telecommunication segment is expected to register the largest revenue share in the low-code development platform market during the forecast period. Business users and IT developers have collaborated on low-code development platforms, boosting the segment's growth. The healthcare sector is expected to garner one of the fastest growth rates during the forecast period.
Despite growing demand for low-code development platforms, the market is primarily restrained by the lack of certain parameters. For instance, not all low-code-based tools can be integrated into every software. Thus, developers are required to consider the same challenge while developing one application in the low-code development platform market.
Low-code development platforms offer less flexibility and customization capabilities, and only a limited number of developers can offer customized applications tailored to the customers’ requirements. With further enhancements in the platform, the impact of such restraints on the low-code development platform market growth is expected to become low by the end of the forecast period.
Salesforce, Inc.; Microsoft Corporation; Oracle Corporation; Appia Corporation; and Zoho Corporation Pvt. Ltd. are some key market players profiled in the study. Several other major market players were also studied and analyzed in this research study to get a holistic view of the low-code development platform market and its ecosystem.
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