The latest report by IMARC Group, titled “Low-Code Development Platform Market Report by Deployment Mode (Cloud-based, On-premises), Organization Size (Small and Medium-sized Enterprises, Large Enterprises), Application (Web-based, Mobile-based, Desktop and Server-based), Industry Vertical (BFSI, Retail and E-commerce, Government and Defense, Healthcare, Information Technology, Energy and Utilities, Manufacturing, and Others), and Region 2024-2032“, offers a comprehensive analysis of the industry, which comprises insights on the global low-code development platform market growth. The global market size reached US$ 20.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 171.7 Billion by 2032, exhibiting a growth rate (CAGR) of 26.73% during 2024-2032.
Factors Affecting the Growth of the Low-Code Development Platform Industry:
- Increasing Demand for Digital Transformation:
The push for digital transformation across industries is a significant driver of the low-code development platform market. Organizations are seeking to streamline operations, enhance customer experiences, and launch new digital services quickly. Low-code platforms empower businesses to develop applications rapidly with less dependency on highly skilled IT professionals. This democratization of development tasks allows for quicker innovation cycles and the ability to adapt to market changes efficiently, thereby accelerating the adoption of low-code solutions. This helps the market to grow faster.
- Expansion of Enterprise Applications:
As enterprises continue to expand and diversify their digital ecosystems, there is a growing need for customized solutions that low-code platforms can provide efficiently. These platforms support the development of a wide array of business applications, from internal process automation to customer-facing apps. The versatility of low-code tools in integrating with existing enterprise systems and managing complex workflows without extensive custom coding drives their increased adoption in large-scale organizations. This leads to the advancement and expansion of the market and continuous growth.
- Technological Advancements:
Advancements in technology, especially the integration of artificial intelligence and machine learning, enhance the capabilities of low-code development platforms, making them more appealing to businesses. These technologies facilitate more sophisticated applications, such as predictive analytics and automated decision-making processes, within the low-code environment. Additionally, the continuous improvement in cloud computing has enabled these platforms to offer more scalable and secure solutions, which are critical for handling sensitive data and ensuring robust application performance across various industries which paves the way for the market success.
Competitive Landscape with Key Player:
- AgilePoint Inc.
- Appian Corporation
- Magic Software Enterprises Ltd.
- Mendix Technology BV (Siemens Aktiengesellschaft)
- Microsoft Corporation
- Netcall PLC
- Oracle Corporation
- Outsystems Inc.
- Pegasystems Inc.
- Salesforce Inc.
- ServiceNow Inc.
- Zoho Corporation
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/low-code-development-platform-market/requestsample
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Deployment Mode:
- Cloud-based
- On-premises
Cloud-based deployment mode dominates the market as it offers scalability, flexibility, and cost-effectiveness, appealing to businesses eager to embrace digital transformation without significant upfront investment in hardware infrastructure.
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Large enterprises account for the largest market share as they have the resources to invest in low-code platforms to streamline their extensive, complex operations and accelerate digital transformation across multiple departments.
Breakup by Application:
- Web-based
- Mobile-based
- Desktop and Server-based
Web-based applications represent the largest segment due to the widespread need for accessible, platform-independent solutions that can be easily updated and maintained through a central server, reducing operational complexities.
Breakup by Industry Vertical:
- BFSI
- Retail and E-commerce
- Government and Defense
- Healthcare
- Information Technology
- Energy and Utilities
- Manufacturing
- Others
The information technology industry holds the largest share as IT companies are at the forefront of adopting innovative technologies like low-code platforms to develop software solutions more efficiently and meet the rapidly changing technology demands.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America’s dominance in the low-code development platform market is attributed to substantial investment in research and development (R&D), leading to advanced technological developments in this field.
Global Low-Code Development Platform Market Trends:
The global low-code development platform market is experiencing rapid growth, driven by the need for faster digital transformation and the simplification of the software development process. These platforms enable users with minimal coding expertise to build applications using graphical user interfaces and pre-built templates, significantly reducing development time and cost. The adoption of low-code platforms is particularly strong among businesses seeking to automate processes and enhance customer engagement without the overhead of traditional software development teams. Additionally, the rise of AI enhancements in low-code platforms is further boosting their capabilities, making them a valuable tool for a wide range of business applications.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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