Low code development platforms enable organizations to build and deploy application solutions without writing lines of code through drag-and-drop features and visual objects. The solutions offer advantages such as agility, cost-effectiveness, and accelerated delivery of applications. The growing need for scalability, automation, and data-driven custom applications is propelling the demand for low code development platforms across industries. The global Low Code Development Platform Market is estimated to be valued at US$ 31.5 billion in 2023 and is expected to exhibit a CAGR of 26% over the forecast period 2023-2024, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The surging adoption of cloud-based solutions has been one of the major trends accelerating the growth of the low code development platform market. Organizations are increasingly adopting cloud-based low code development platforms due to benefits such as flexibility, scalability, reduced IT expenses, and seamless integration with other platforms. The cloud-based platforms enable businesses to build and deploy applications remotely without installing and running software locally. Several platform providers are focusing on enhancing their offerings for cloud-based solutions, especially SaaS-based platforms, to gain more customers migrating to the cloud. This growing preference for cloud-based platforms among organizations developing mobile as well as web-based applications is expected to continue propelling the demand during the forecast period.
The global low code development platform market is dominated by the large enterprise segment. Large enterprises are finding low-code platforms useful for developing internal tools and applications faster to drive productivity and improve their workflow processes. Moreover, low-code platforms enable large enterprises to easily modify or upgrade existing applications according to changing business requirements without depending on expensive custom development efforts by professional coders or programmers. This has significantly boosted the adoption of low-code tools among large enterprises.
The global low code development platform market is expected to witness high growth over the forecast period till 2024. The market is projected to grow at a CAGR of around 26% during this period.
Regional analysis: North America currently dominates the market with the largest share. This is due to early adoption of advanced technologies like low-code platforms by businesses across industries in the US and Canada. However, the Asia Pacific region is likely to emerge as the fastest growing market for low-code development platforms. Considerable growth in digitalization initiatives being undertaken by enterprises in countries like China, India aim to drive productivity is supporting the increasing uptake of low-code solutions in the region.
Key players operating in the low code development platform market are Appian, Microsoft, Salesforce, Servicenow, Agilepoint, Bizagi, Caspio, MatsSoft, Mendix, and OutSystems.
- Source: Coherent Market Insights, Public sources, Desk research
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