April 20, 2024
Ict

The Low Code Development Platform Market to Benefit from Accelerating Digital Transformation Initiatives

Low code development platforms have emerged as indispensable tools for business and IT teams to build applications rapidly without deep coding knowledge. By offering visual, drag-and-drop interfaces and model-driven logic, low code solutions enable organizations across industries to move more quickly in developing application solutions for improving business processes, customer experience and operations.

The low code development platform market is estimated to be valued at US$ 19.68 Bn in 2024 and is expected to exhibit a CAGR of 26% over the forecast period from 2024 to 2031.

Key Takeaways
Key players operating in the Low Code Development Platform Market are Salesforce.com Inc., Appian Corporation, Microsoft Corporation, Magic Software Enterprises Ltd, Pegasystems Inc., Oracle Corporation, ZOHO Corporation, Mendix Inc. (Siemens AG), AgilePoint Inc., QuickBase Inc., Clear Software LLC (Microsoft Corporation), ServiceNow Inc., Skuid Inc., Outsystems Inc., Temenos AG.
The market is witnessing significant opportunities from increasing demand for cloud-based low code platforms, rising investments in digital transformation projects, and growing adoption of low code solutions for enterprise application development. North America, Europe and Asia Pacific represent major markets for low code platform providers looking to expand their regional presence.

Market Drivers
The low code development platform market is estimated to witness high growth owing to accelerating digital transformation initiatives across industries. Low code platforms empower organizations to develop applications between 4-10x faster than traditional development approaches. This helps bridge delays and speed time to value. Furthermore, low code solutions allow business teams to take ownership of application development with the help of intuitive user interfaces and limited coding skills needed. As more business processes undergo digital evolution, demand for low code tools enabling quick solution prototyping and deployment will continue rising over the forecast period.

PEST Analysis

Political: Low code development platforms allow organizations to develop applications quickly with little coding, helping comply with changing regulations easily. However, privacy laws affect how customer data can be used.

Economic: A strong economy leads to more investment in technology. Low code speeds application development, helping organizations launch new services faster to gain competitive advantage. However, an economic slowdown could lower IT budgets.

Social: Younger workforce prefers visual tools over text-based coding. Low code meets this need, attracting new talent. Remote working trend accelerates need for tools enabling collaboration across locations.

Technological: Rapid pace of technological changes necessitates quick adaptation. Low code platforms help organizations develop and update applications seamlessly to integrate new techniques like AI, IoT, analytics etc. Security concerns around use of visual tools instead of traditional coding.

Geographical concentration

North America accounts for the largest share of the low code development platform market in terms of value, followed by Europe and Asia Pacific. Strong presence of vendors and tech-savvy organizations drive adoption.

Fastest growing region

Asia Pacific is expected low code development platform market to grow at the fastest rate during the forecast period, due to rapid digitalization across industries in developing economies like India and China. Increasing app deployment for e-commerce, finance etc. and government initiatives for smart cities and digital infrastructure are major factors.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it