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“, The global low-code development platform 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:
- Increased Demand for Rapid Application Development:
The demand for rapid application development (RAD) is a primary driver in the global low-code development platform market. In the fast-paced business environment today, organizations are under constant pressure to innovate and deploy new applications quickly. Traditional development methods, which often require extensive coding, testing, and debugging, can be time-consuming and resource-intensive. Low-code platforms streamline this process by providing pre-built templates, drag-and-drop interfaces, and automated backend processes, significantly reducing the time required to develop and deploy applications. This rapid development capability is crucial for businesses looking to stay competitive, as it allows them to respond swiftly to market changes, consumer demands, and technological advancements. Moreover, it enables organizations to launch new products and services faster, leading to increased agility and improved business outcomes.
- Shortage of Skilled Developers:
Another significant factor driving the adoption of low-code development platforms is the global shortage of skilled developers. The demand for software developers has been outpacing supply, creating a skills gap that poses a challenge for many organizations. Low-code platforms mitigate this issue by enabling non-technical users, often referred to as “citizen developers,” to create applications without deep programming knowledge. This democratization of app development allows organizations to leverage their existing workforce to build and maintain applications, reducing the dependency on scarce and expensive developer talent. Furthermore, low-code platforms often include features such as guided tutorials, community support, and built-in best practices, making it easier for novice users to learn and contribute. By empowering a broader range of employees to participate in the development process, organizations can accelerate their digital transformation initiatives and reduce the bottlenecks associated with developer shortages.
- Cost Efficiency and Budget Constraints:
Cost efficiency is a critical driver for the adoption of low-code development platforms, particularly in an era where many organizations face budget constraints. Traditional software development involves significant costs, including salaries for skilled developers, expenses for development tools and infrastructure, and costs associated with lengthy development cycles and maintenance. Low-code platforms, on the other hand, offer a more cost-effective solution by reducing the need for extensive coding and testing, minimizing errors, and speeding up the deployment process. These platforms often operate on a subscription-based model, which can be more manageable and predictable for budgeting purposes compared to the upfront and ongoing costs of traditional development. Additionally, the automation and simplification provided by low-code platforms decrease the overall development time, which directly translates to cost savings. Organizations can allocate these savings to other critical areas such as innovation, marketing, or consumer support, further enhancing their competitive edge.
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 dominates the market due to its scalability, flexibility, cost-efficiency, and the growing trend of digital transformation, which drives organizations to adopt cloud solutions for easier maintenance, updates, and remote accessibility.
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Large enterprises hold maximum number of shares due to their substantial resources and complex requirements, which drive the adoption of scalable and efficient development solutions to accelerate innovation and maintain competitive advantage.
Breakup by Application:
- Web-based
- Mobile-based
- Desktop and Server-based
Web-based represents the largest segment as they offer ubiquitous accessibility, cross-platform compatibility, and easier maintenance and updates, making them highly attractive for businesses and users alike.
Breakup by Industry Vertical:
- BFSI
- Retail and E-commerce
- Government and Defense
- Healthcare
- Information Technology
- Energy and Utilities
- Manufacturing
- Others
Information technology dominates the market due to its inherent need for continuous innovation, rapid application deployment, and the ability to leverage low-code platforms to address the persistent shortage of skilled developers and escalating project 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 its advanced technological infrastructure, high adoption rate of digital transformation initiatives among enterprises, and significant presence of key market players.
Global Low-Code Development Platform Market Trends:
The growing demand for customizable solutions is significantly driving the global low-code development platform market. Businesses today require applications that can be tailored to meet specific organizational needs and industry requirements. Low-code platforms provide the flexibility to customize applications without extensive coding, allowing for more personalized solutions that align closely with business processes and objectives. This customization capability is particularly valuable for industries with unique workflows or regulatory requirements, such as healthcare, finance, and manufacturing. By enabling organizations to create bespoke applications quickly and efficiently, low-code platforms help enhance operational efficiency, improve user satisfaction, and provide a competitive edge. Additionally, the ease of customization supports continuous improvement and scalability, allowing businesses to adapt applications as needs evolve over time.
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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