Low-Code Development Platform Global Market Report 2024

A Low-code development platform (LCDP) refers to a software development approach that utilizes a graphical user interface with simplified features and logic. These platforms empower users to operate applications fluently and easily. They offer low or no coding techniques, ultimately reducing the time and cost associated with platform development, which proves beneficial for business processes.

The main types of low-code development platforms include platforms and services. A platform is a collection of technologies that serves as a foundation for the development of additional applications, processes, or technologies. Low-code development platforms find applications in web-based, mobile-based, desktop, and server-based environments and are utilized by organizations of various sizes, including small and medium-sized enterprises (SMEs) and large enterprises. Industries utilizing low-code development platforms span BFSI, retail and ecommerce, government and defense, healthcare, IT, energy and utilities, and manufacturing.

The low-code development platform market research report is one of a series of new reports that provides low-code development platform market statistics, including low-code development platform industry global market size, regional shares, competitors with a low-code development platform market share, detailed low-code development platform market segments, market trends and opportunities, and any further data you may need to thrive in the low-code development platform industry. This low-code development platform market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The low-code development platform market size has grown exponentially in recent years. It will grow from $31.54 billion in 2023 to $40.41 billion in 2024 at a compound annual growth rate (CAGR) of 28.1%. The growth observed during the historic period can be attributed to several factors, including increased demand for rapid application development, a shortage of skilled developers, cost-efficiency in application development, enhanced agility and flexibility, empowerment of business users, the availability of a user-friendly development environment, and integration capabilities.

The low-code development platform market size is expected to see exponential growth in the next few years. It will grow to $116.91 billion in 2028 at a compound annual growth rate (CAGR) of 30.4%. The anticipated growth in the forecast period can be attributed to factors such as cross-platform development, an increased focus on security, the expansion of industry-specific solutions, changes in the regulatory landscape, a heightened emphasis on scalability, and the rise of open-source low-code solutions. Major trends expected in the forecast period include the rapid adoption of low-code platforms, integration with DevOps practices, an expansion of mobile app development, security enhancements in low-code solutions, ecosystem growth and marketplace integration, collaboration and team-based development, enhanced user experience and design tools, as well as vendor partnerships and mergers.

The growth of the low-code development platform market is anticipated to be propelled by the increasing demand for applications within business organizations. Low code represents coding-based software that enables users in business units to swiftly create and manage applications with minimal manual coding, optimizing business processes. The US-based Department of Labor's Bureau of Labor Statistics has indicated a projected shortage of engineers by 2026, reaching 1.2 million. Furthermore, only 39.6% of candidates for IT job opportunities meet all of the employer's standards. This scenario is expected to drive the demand for low-code platforms, where tasks can be automated with precision.

The surge in digital transformation is poised to drive the growth of the low-code development platforms market. Digital transformation involves leveraging digital technologies, strategies, and tools to fundamentally alter how organizations operate, deliver value to customers, and engage with stakeholders. Low-code development platforms play a pivotal role in digital transformation by accelerating the creation of digital solutions. They empower organizations to rapidly design, build, and deploy applications, facilitating the automation of business processes, enhancing customer experiences, and improving operational efficiency. These platforms are crucial for fostering agility, enabling businesses to adapt to changing market dynamics, reduce development costs, and address the IT skills gap. For instance, a report by the USA-based online recruitment services company Zippia in November 2022 highlighted that global spending on digital transformation reached $1.5 trillion in 2021 and is expected to reach $6.8 trillion by 2023. Thus, the increase in low-code development platforms is driving the cloud orchestration market.

Technological advancements are shaping the low-code development platform market, with the integration of AI offering opportunities to use these platforms in various applications. AI integration enhances the capabilities of low-code development platforms, enabling them to solve complex functions, detect content using keywords or colors, and insert information into templates. The use of artificial intelligence streamlines the integration of legacy systems by eliminating technical complexities. For example, in May 2021, Zoho Corporation, an Indian web-based business tools company, launched Qntrl, a workflow solution that addresses the growing gap in process management for complex processes. Leveraging low-code or no-code technology along with artificial intelligence and machine learning, Qntrl aims to fulfill tasks efficiently and collaboratively.

Major companies in the low-code development platforms market are introducing innovative platforms to maintain their market position. These platforms empower users to swiftly create and customize applications with minimal coding, streamlining and enhancing software development processes. For instance, in October 2023, Rasa, a US-based AI software company, launched the Rasa Platform, a conversational AI platform that combines pro-code and low-code development for maximum productivity. The platform, utilizing cutting-edge AI technology, improves user experience and engagement in conversational AI. In sectors like banking, insurance, and telecoms, emphasis is placed on providing exceptional conversational customer experiences. Rasa's platform facilitates communication between technical and business teams, allowing them to focus on creating outstanding user experiences and reducing time-to-value.

In January 2022, Jitterbit, a US-based API transformation company, acquired PrimeApps for an undisclosed amount. Through this acquisition, Jitterbit aims to provide the first end-to-end platform that allows non-technical individuals to effortlessly develop and deploy enterprise-grade business apps connecting to any system, all through a low-code, bespoke design interface. PrimeApps is a Turkey-based low-code application development service.

Major companies operating in the in the low-code development platform market report are AgilePoint Inc., Appian Corporation, Caspio Inc., Fujitsu RunMyProcess Inc., Nintex Software Inc., K2 Software Inc., LANSA Inc., Magic Software Enterprises Ltd., MatsSoft Limited, Mendix Technology Inc., Microsoft Corporation, Netcall Ltd., Oracle Corporation, OutSystems Inc., Pegasystems Inc., QuickBase Inc., Salesforce. com Inc., ServiceNow Inc., WaveMaker Inc., Zoho Corporation Pvt. Ltd., Alphabet Inc., Google LLC, TrackVia Inc., Bizagi Process Automation Inc., Boomi Inc., Bubble Group Inc., DronaHQ (Deltecs InfoTech Pvt. Ltd. ), G Suite (UMS Tech Labs. ), HCL Domino, Intuit QuickBase, KiSSFLOW Inc.

North America was the largest region in the low-code development platform market in 2023. The regions covered in the low-code development platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the low-code development platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The low-code development platform market includes revenues earned by entities by providing services such as visual modelling tools, out-of-the-box functionality, drag-and-drop interface, security, and scalability. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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