Low-Code Development Platform Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031

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.

Low-Code Development Platform Market Analysis

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 Platform Market Overview

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.

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Low-Code Development Platform Market: Strategic Insights

Low-Code Development Platform Market

• Market Size 2023
  US$ 20.11 billion
• Market Size 2031
  US$ 141.31 billion

Market Dynamics

GROWTH DRIVERS

• Contribution Towards Digital Transformation

FUTURE TRENDS

• Growing Demand for Low Code AI

OPPORTUNITIES

• Less Dependence on Core Development Team

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Component

• Solutions and Services

Deployment

• On-Premises and Cloud

Application Type

• Web-Based and Mobile

Organization Size

• SMEs and Large Enterprises

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Low-Code Development Platform Market Drivers and Opportunities

Contribution Towards Digital Transformation to Favor Market

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.

Less Dependence on Core Development Team

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.

Low-Code Development Platform Market Report Segmentation Analysis

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.

• Based on component, the market is bifurcated into solutions and services. The solutions segment held a significant market share in 2023.
• In terms of deployment, the market is divided into on-premises and cloud. The on-premises segment held a substantial share of the market in 2023.
• Based on application type, the market is segmented into web-based and mobile. The web-based segment held a substantial share of the market in 2023.
• Based on organization size, the market is segmented into SMEs and large enterprises. The large enterprises segment held a substantial share of the market in 2023.
• In terms of industry vertical, the market is divided into BFSI, government, healthcare, education, retail, media & entertainment, IT & telecom, and others. The BFSI segment held a substantial share of the market in 2023.

Low-Code Development Platform Market Share Analysis by Geography

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.

Low-Code Development Platform Market Market Report Scope

Low-Code Development Platform Market News and Recent Developments

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:

• Today, at ServiceNow’s annual customer and partner event, Knowledge 2024, ServiceNow (NYSE: NOW), the AI platform for business transformation, introduced a new no‑code development studio and new automation capabilities to accelerate and scale digital transformation across the enterprise. New Creator Studio – available with ServiceNow App Engine – extends existing low‑code leadership with an intuitive, no‑code experience that empowers every employee to build applications. In addition, updates to Automation Engine – part of ServiceNow’s intelligent automation offering – provide a more comprehensive view of automation and simplify robotic process automation (RPA) deployments. These new solutions and tools further complement ServiceNow’s growing Now Assist for Creator generative AI capabilities.

(Source: ServiceNow, Press Release, May 2024)

• Nintex, a leader in process intelligence and automation, announced it had closed its acquisition of low-code cloud platform Skuid following the deal agreement announcement on December 12, 2023.

(Source: Nintex UK Ltd, Press Release, January 2024)

Low-Code Development Platform Market Report Coverage and Deliverables

The “Low-Code Development Platform Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Low-code development platform market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Low-code development platform market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Low-code development platform market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the low-code development platform market
• Detailed company profiles