Low code development platform Market is estimated to reach USD 142.5916243 Billion by 2032, registering a CAGR of 34.20% during the forecast period, 2023-2032.
In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years.
Low code development platform (LCDP) refers to the development of applications software utilizing graphical user interface (GUI) instead of the conventional process of computer programming. The platforms mainly concentrated on creating and developing business processes, and user interfaces such as web applications and database platforms. The low code development platform offers low or no coding techniques, which eventually reduces the time and cost for the development of the platform, which, in turn, are advantageous to the business processes.
The Global Low code development platform Market has been segmented based on Component, Type, Deployment, Organization Size and Vertical.
Based on Component, the low code development platform is sub-categorized by component into solution and services. Further, the solution segment has been bifurcated into mobile and web solutions. The services segment has been bifurcated into professional services, managed services. The solution segment accounted for the larger market share in 2020. The service segment is projected to register a higher CAGR of XX%.
Based on Type, the low code development platform market has been segmented into general-purpose platform, database app platform, process app platform, request handling platform, and others. General-purpose platforms construct almost any type of application that meets a wide range of demands and can be launched anywhere using a general-purpose platform.
Based on deployment, the market is segmented into on-premises and cloud. Further, based on On-cloud deployment market is segmented into public cloud, private cloud and hybrid cloud.
Based on organization size, the market is segmented into small and medium enterprise (SMEs) and large enterprises. Small and medium-sized businesses (SMEs) are likely to fuel market expansion, owing to the increased affordability of cloud-based solutions. Low code development platforms may also allow even untrained experts to produce apps cost-effectively, allowing SMEs in the space to reduce operational costs. The low code application development platform has been fully adopted by large organizations such as BFSI, IT and telecom, retail, manufacturing, government, and healthcare. The large enterprise segment accounted for the larger market share in 2020.
Based on vertical, the market has been segmented into retail and e-commerce, healthcare, media & entertainment, BFSI, IT & telecommunication, government, and others. IT & telecommunication contributes to major share, followed by BFSI.
The key players of the cloud manufacturing market include Microsoft, Salesforce.com, Mendix Technology BV, Appian, OutSystems, Pegasystems Inc., ServiceNow, AgilePoint, Caspio, Nintex UK Ltd, Netcall, Zoho Corporation Pvt. Ltd., Simplifier AG, WaveMaker, Inc. and Skyve. Among these below are top five key players in the global low code development platforms market who have contributed to the global market growth.
The regional analysis for the Low code development platform has been done for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Asia-Pacific dominates the low code development platform market. The existing infrastructure and major players in the region provide the regional market with ample opportunities for significant growth during the study period. Asia-Pacific accounted for the largest market share in 2020 and is expected to register the highest CAGR of XX% during the forecast period. Asia-Pacific’s overall market is expected to be driven by increasing industrialization and increased demand for strong solutions. Furthermore, with the rise of digital transformation, and organizational mobility, users can use the low code development platform to create a business application. The major contributors to the global low code development platform market are China, New Zealand, India, Southeast Asia, Japan, and Australia.
China is one of the leading countries in the low code development platform market. Government and defence, IT, healthcare, manufacturing, retail and eCommerce, and banking, financial services, and insurance (BFSI) are among the industries expected to adopt minimal code development platform solutions at the fastest rate in the industry. China accounted for the largest market share of 39.0% in 2020. The market in India is predicted to develop rapidly as large vendors move their emphasis and investments to the Indian market in response to strong demand, as well as the presence of many independent software suppliers and service providers in the country. India, the world's third largest software ecosystem, is home to a unicorn and other start-ups that provide no-code/low code software, as well as large international businesses. New Zealand, Australia, Southeast Asia, Taiwan, Pakistan, Sri Lanka, and Hong Kong has also larger contribution towards low code development platform market.