Maximize Market Research a leading Electronics research firm has published a market intelligence report on the Global Low-Code Development Platform Market. As per the report, the total market opportunity by 2030 is expected to be USD 156.84 Bn. The total market was valued at USD 28.16 Bn. in 2023 and it is expected to grow at a CAGR of 27.8 percent during the forecast period.
Market Size in 2023: USD 28.16 Billion
Market Size in 2030: USD 156.84 Billion
CAGR: 27.8 percent
Forecast Period: 2024-2030
Base Year: 2023
Number of Pages: 225
No. of Tables: 138
No. of Charts and Figures: 193
Segment Covered: By Component, Deployment Mode, Application Type, Organization Size, and Industry
Regional Scope: North America, Europe, Asia Pacific, Middle East and Africa, South America
Report Coverage: Market Share, Size and Forecast by Revenue | 2023−2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.
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Low-Code Development Platform Market Report Scope and Research Methodology
The research methodology for the Low-Code Development Platform Market has a main part, ensuring that the analysis is complete and correct. It starts with setting limits and goals for the study; which involves deciding which regions or areas to look at, what parts of applications need to consider, as well as identifying the market forces driving demand. The other step includes collecting data from primary and secondary sources meticulously. Primary research is the process of gathering information directly from industry experts, important people in the project, and those who are lively in the market. It is done using methods such as surveys, interviews, focus groups, etc.
Secondary research, on the other hand, is about data that already exists. This is done by observing company websites, industry reports, and official publications from the government or academic journals. In the competitive analysis of the Low-Code Development Platform Market, a competitive matrix covers the market leaders and new entrants. The report presents an overview of each company along with important takeaways based on the revenue generated, financial health, recent developments, mergers and acquisitions, technological advancements, joint ventures, alliances, and marketing tactics.
Low-Code Development Platform Market Overview
Low code, which is an advancement in the field of application development using visual methods, follows the principle of abstraction. This involves low-code platforms that have simple visual builders, pre-written code pieces or snippets, form and report templates along built-in connections. These features enable quicker creation of applications and make it possible for a larger group of people to innovate more readily. The simplification of complex activities has been made possible by the introduction of technology and visual aids. The stage that we are currently in is characterized by low-code and no-code technologies, which allow anyone to design application software thanks to graphical user interfaces and declarative programming.
Low-Code Development Platform Market Dynamics
Automation of manual and paper-based procedures to enhance precision and quality, as well as decrease expenses. The development of applications for capturing information is made easy by Low Code (LC) platforms, featuring ready-made connections that link these applications into core systems. Workflow automation is often part of LC systems. Workflow tools make it possible for people who understand the company best, like business analysts, to create the procedures and basic touchpoints needed in regular customer and employee actions. Therefore, this attracts organizations to use it and increases the demand for LC organizations which leads to market growth. The tools offer easy-to-use graphical user interfaces for modeling processes, and some have APIs and pre-built connectors that can be utilized in a wider variety of situations. This makes sure workflows are fully connected with both internal and external systems. But these solutions only provide part of the answer, they might not be able to change how users experience them completely; more efforts are needed towards complete automation or interaction with other systems.
Low-Code Development Platform Market Regional Insights
North America had the largest market share for the Low-Code Development Platform market in the year 2023 with about 35% and it is expected to keep this dominance even at the end of the forecast period. The significant presence of various leading regional organizations, mainly concentrated on creating inventive products and services, is boosting the growth of this market. The US and Canada both have robust economic situations which are likely to play a major role in driving up demand for low-code development platforms. The main reasons for the deployment of low-code development platforms and services are geographical presence, significant Research and Development (R&D) activities, partnerships as well as acquisitions or mergers.
The market for low code in the Asia Pacific region is predicted to grow at a considerable CAGR throughout the forecast period. The IT developers of China are being pushed to use low-code platforms for an effective workflow process. The MMR Survey shows that 9% of IT professionals have given their approval to the platform. The expectation is for India’s growth to be substantial due to the ongoing Atmanirbhar Bharat program.
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Low-Code Development Platform Market Segmentation
By Component
- Solution
- Services
By Deployment Mode
- On-Premises
- Cloud
By Application Type
- Web-Based
- Mobile-Based
By Organization Size
- Small And Medium-Sized Enterprises (SMEs)
- Large Enterprises
By Industry
- Banking, Financial Services, And Insurance (BFSI)
- Telecom And IT
- Government
- Energy And Utilities
- Manufacturing
- Healthcare And Life Sciences
- Retail And E-commerce
- Media And Entertainment
- Education
- Others (Travel, Tourism, Transportation, and Logistics)
The BFSI segment dominated the market and was at the top with a revenue share of more than 30%. The growing demand for digitalizing financial services like origination, onboarding of clients, self-servicing back office operations, etc. They are getting more attracted to low-code development platforms for enhancing user experiences reducing operational expenses promoting company agility as well as shortening time to market.
The changes in value creation for customers, workers, and stakeholders brought about by the different technology generations have greatly impacted financial service (FS) organizations. The need to continuously innovate, keep up with regulatory requirements, and solve issues faster than ever before is increasing demand for apps and software solutions. There has been a rise in the utilization of minimal-code platforms by financial services businesses for quick application development that comes at a low cost.
Low-Code Development Platform Market Key Competitors include:
- Caspio (US)
- OutSystems (US)
- Appian (US)
- Salesforce (US)
- Quickbase, Inc. (US)
- LANSA INC (US)
- ServiceNow (US)
- AgilePoint, Inc. (US)
- Bizagi (US)
- Microsoft Corporation (US)
- Oracle Corporation (US)
- Pegasystems Inc (US)
- KissFlow (US)
- Blazedpath (US)
- Mendix Technology BV (Netherlands)
- Appsemble BV. (Netherlands)
- Novulo (Netherlands)
- Smart Shaped SRL (Italy)
- Aurachain (Romania)
- Zoho Corporation (India)
- Magic Software Enterprises Ltd (Israel)
Key questions answered in the Global Low-Code Development Platform Market are:
- What is the expected CAGR of the Low-Code Development Platform Market during the forecast period?
- What was the Low-Code Development Platform Market Size in 2023?
- What is the expected Low-Code Development Platform Market size in 2030?
- What are the global trends in the Low-Code Development Platform Market?
- What are the upcoming industry applications and trends for the Low-Code Development Platform Market?
- What recent industry trends can be implemented to generate additional revenue streams for the Low-Code Development Platform Market?
- What growth strategies are the players considering to increase their presence in the Low-Code Development Platform Market?
- What major challenges could the Low-Code Development Platform Market face in the future?
- Who held the largest market share in the Low-Code Development Platform Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2023)
- Past Pricing and price curve by region (2018 to 2023)
- Market Size, Share, Size & Forecast by Different Segment | 2023−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by Component, Deployment Mode, Application Type, Organization Size, and Industry.
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Information Technology & Telecommunication research firm, has also published the following reports:
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