SAN FRANCISCO, July 6, 2022 /PRNewswire/ -- The global low-code development platform market size is expected to reach USD 35.2 billion by 2030, registering a CAGR of 22.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growth can be majorly attributed to the growing interest of organizations, especially amid the COVID-19 pandemic, toward the digital transformation of their business processes. The growing demand for solutions that can expedite the application development and automation of business processes has created wider scope for the adoption of low-code development platforms, thereby favoring the market expansion.
Key Industry Insights & Findings from the report:
- Web-based application segment is expected to witness a CAGR of over 22.0% from 2022 to 2030 owing to increasing demand for low-code development platforms as they help in developing applications using the similar resources as the traditional development process.
- The SMEs segment is expected to witness a significant growth rate of nearly 24.0% from 2022 to 2030 with the growing need to develop software applications with minimum operational cost and workforce.
- The IT and Telecom segment accounted for a revenue share of close to 21.0% in 2021 with the increasing need among these sectors to automate their operations and expedite the application development process.
- In North America, the market was valued at nearly USD 1.7 billion in 2021 owing to the strong presence of various major market players in the region and the introduction of innovative low-code development platform offerings by these players.
Read 171-page market research report, "Low-code Development Platform Market Size, Share & Trends Analysis Report By Application Type (Web-based, Mobile-based), By Deployment Type (Cloud, On-Premise), By Organization Size , By End-use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Low-Code Development Platform Market Growth & Trends
The market growth is being further driven by the continuous technological developments introduced by the industry players. For instance, in September 2021, Mendix Technology BV introduced artificial intelligence and other advanced features to its low-code development platform to allow companies to develop software more efficiently. The company has named the AI feature Page Bot which provides recommendations to the software teams about how to design a new application's user interface.
Low-Code Development Platform Market Segmentation
Grand View Research has segmented the global low-code development platform market based on application type, deployment type, organization size, end-use, and region:
Low-code Development Platform Market - Application Type Outlook (Revenue, USD Million, 2018 - 2030)
- Web-based
- Mobile-based
Low-code Development Platform Market - Deployment Type Outlook (Revenue, USD Million, 2018 - 2030)
- Cloud
- On-premise
Low-code Development Platform Market - Organization Size Outlook (Revenue, USD Million, 2018 - 2030)
- SME
- Large Enterprise
Low-code Development Platform Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)
- BFSI
- Automotive & Manufacturing
- Retail
- Education
- IT & Telecom
- Transportation & Logistics
- Others
Low-code Development Platform Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Mexico
- Middle East & Africa
List of Key Players of the Low-Code Development Platform Market
- Appian
- Creatio
- LANSA
- Mendix Technology BV
- Microsoft
- Oracle
- OutSystems
- Pegasystems Inc.
- Quickbase
- Salesforce, Inc.
- Servicenow
- Zoho Corporation Pvt. Ltd.
Check out more related studies published by Grand View Research:
- Low-Code Application Development Platform Market - The global low code application development platform market size is expected to reach USD 86.92 billion by 2027, according to a new report by Grand View Research, Inc. The market is projected to register a CAGR of 22.7% during the forecast period. The increasing need for rapid customization and scalability, elimination of IT backlogs, enhancing digital transformation, and demand for robust solutions are the key driving factors for the market growth.
- Multiexperience Development Platforms Market- The global multiexperience development platforms market size is expected to reach USD 24.64 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 18.2% over the forecast period.
- Application Development Software Market- The global application development software market is anticipated to reach USD 733.5 billion by 2028, expanding at a CAGR of 24.3% from 2021 to 2028, as per the research conducted by Grand View Research, Inc. The growing trend of cloud-based solutions, coupled with an increase in the usage of the Internet of Things (IoT) technology, is anticipated to propel the market over the forecast period.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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