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Low-Code Development Platform Market Size, Growth, Trends, Demand and Forecast 2024-2032

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:

  • Significant Growth in Financial Services:

Financial institutions such as banks, insurance companies, and fintech firms are relying on low-code platforms to enhance their service offerings and operational efficiency. These platforms enable rapid development and deployment of applications that cater to various aspects of the financial services industry, including customer service portals, loan processing systems, compliance tracking, and risk management tools. Additionally, by using low-code platforms, these organizations can swiftly adapt to regulatory changes, ensuring compliance while maintaining a competitive edge. This agility is essential in the fast-paced financial sector, where the ability to quickly roll out new features and services can significantly impact customer satisfaction and retention. Furthermore, low-code development reduces the need for extensive coding expertise, allowing financial institutions to reduce development costs and focus resources on innovation and customer service improvement.

  • Healthcare Expansion:

Healthcare organizations are adopting low-code platforms to streamline their operations and enhance patient care. These platforms facilitate the rapid development of applications for managing patient information, electronic health records (EHR), telemedicine, and health information exchange (HIE) platforms. Moreover, low-code platforms enable healthcare providers to improve operational efficiencies and patient outcomes by simplifying the creation and maintenance of these complex systems. They also help healthcare organizations meet stringent regulatory requirements more effectively by providing tools that are easy to update and adapt as laws evolve. Furthermore, the extensive use of low-code platforms in healthcare is transforming the sector by allowing providers to focus more on patient care and less on the technical complexities of software development, thereby improving the accessibility and quality of healthcare services.

  • Growing Retail and E-commerce Industry:

Low-code platforms have become instrumental in fostering innovation and improving customer experiences in the retail and e-commerce sectors. These platforms enable retailers to quickly develop and update customer-facing applications, manage inventories more efficiently, and enhance online storefronts. Additionally, they facilitate the creation of personalized marketing tools that cater to the unique preferences and behaviors of customers. The agility offered by low-code development allows retailers to respond swiftly to market trends and consumer demands, which is crucial in the dynamic retail environment. Moreover, the integration capabilities of low-code platforms ensure seamless interactions with various backend systems, enhancing the overall efficiency of operations. As a result, retailers and e-commerce businesses can offer more personalized and engaging shopping experiences, driving sales and customer loyalty.

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 represents the largest segment due to its scalability, flexibility, and cost-efficiency, aligning with modern IT strategies favoring remote accessibility and reduced infrastructure overhead.

Breakup by Organization Size:

  • Small and Medium-sized Enterprises
  • Large Enterprises

Large enterprises hold the largest market share owing to their substantial resources and complex operational needs that benefit most from streamlined development and deployment capabilities.

Breakup by Application:

  • Web-based
  • Mobile-based
  • Desktop and Server-based

Web-based dominates the market growth due to the increasing demand for accessible, cross-platform solutions that facilitate rapid deployment and user accessibility from any location.

Breakup by Industry Vertical:

  • BFSI
  • Retail and E-commerce
  • Government and Defense
  • Healthcare
  • Information Technology
  • Energy and Utilities
  • Manufacturing
  • Others

Information technology accounts for the largest market share as the sector spearheads innovation in digital transformation, requiring agile development tools to meet evolving technological 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 the early adoption of advanced technologies, robust IT infrastructure, and significant investments in digital initiatives across various sectors.

Global Low-Code Development Platform Market Trends:

There is a growing emphasis on improving the user experience of applications built using low-code platforms, with features such as customizable UI components and UX design tools.  Moreover, low-code platforms are being embraced by various industries such as finance, healthcare, retail, and manufacturing leveraging these platforms to accelerate application development. Besides this, a growing emphasis on the integration capabilities of low-code platforms with existing systems and applications. This includes robust APIs, connectors, and plugins that facilitate seamless integration with other enterprise systems.

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.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

Contact US

IMARC Group

134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
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