Low Code Development Platform Market Research Report—Global Forecast till 2030

Low Code Development Platform Market Research Report: Information by component (Solution, Service), Type (General-Purpose platform, Database app platform, Process app platform, Request handling platform), Deployment (On-premises, Cloud), Organization Size (Small and Medium, Large), Vertical (Retail and E-Commerce, Healthcare, Media & Entertainment, BFSI, IT & Telecommunication, Government, Others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast Till 2030

ID: MRFR/ICT/3912-CR | April 2022 | Region: Global | 178 Pages         

Low Code Development Platform Market

Low Code Development Platform Market is expected to reach USD 125.3 Million by 2030, at a CAGR of 43.20% during the forecast period.

Segmentation

By component Solution Service
By Type General Purpose Platform Database App Platform Process App Platform Request Handling Platform
By Deployment On Premises Cloud
By Organization Size Small Medium Large
By Vertical Retail And E Commerce Healthcare Media & Entertainment Bfsi It & Telecommunication Government

Key Players

  • Microsoft (US)
  • com Inc. (California)
  • Appian (US)
  • Pegasystems Inc. (US)
  • ServiceNow (California)

Drivers

  • Digital business acceleration driving application delivery
  • Increasing number of application programming interface(API)
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Low Code Development Platform Market Overview


The Global Low Code Development Platform Market has grown significantly; It is expected to reach USD 125.3 billion by 2030, growing at a CAGR of 34.20% between 2022-2030. Low code development platform (LCDP) 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. Overall, the market is expected to be driven by increasing industrialization and increased demand for strong solutions.


The global low code development platform market has been segmented into component, type, deployment, organization size, vertical, and region. Based on component, the low code development platform market has been bifurcated into solutions and services. Based on the 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. Based on deployment, the market has been split into on-premise and cloud. Based on the organization size, the market has been split into small and medium and large. Based on the vertical, the market has been split into retail and e-commerce, BFSI, IT & telecom, healthcare, media & entertainment, government, and others. Based on region, the low code development platform market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.



COVID-19 Analysis


The COVID-19 originated in early 2020 in Wuhan, China, and rapidly spread across the globe. The worldwide cases have surpassed 235 million and continue to rise. The pandemic forced lockdown situations across all major economies. It imposed numerous restrictions such as travel barriers, closure of shops and markets, work-from-home orders, import-export ban, and others. The COVID-19 outbreak has affected millions of people across the globe and has negatively impacted the global economy, causing global supply systems to collapse. Factory shutdowns throughout the world have impacted the industry's supply chains. The continuous spread of COVID-19 in 2020 has decreased the global GDP growth and trade volumes, lowering commodities prices. Furthermore, production units in the industries have closed down due to the restrictions placed, and there has been a sharp reduction in footfall, with a significant impact on sales. One of the most interesting aspects of the pandemic crisis is that, for several companies, the pandemic was more of an accelerator than an obstacle. Remote work, digital economy, supply chain enhancements, automation, and enhanced customer experience have changed the technology spending among organizations.


Market Dynamics


The growth of the global low code development platform market is driven by various factors, such as growing adoption of advanced technologies and continuous evolution of software. However, the market's growth is likely to be hindered by lack of tracking the security aspects of the built application.


Drivers



  • Digital business acceleration driving application delivery


The growing adoption of advanced technologies to create new customer experiences, business models, and internal capabilities has formed a huge base for digital businesses. The transformation of business with digital technologies, such as web designing, social media consulting, specializing in retailers, and business coaching, has increased over the past few years. The low code helps the developers and business users to create more flexible applications and get specific tasks done.



  • Increasing number of Application Programming Interface (API) offerings by the solution vendors


With the growing transformation and emergency of Web 2.0 and Web 3.0, there has been a rise in demand for the API-centric business model. This allowed the organizations to share their application information and functionality with external business partners, third-party developers, and internal departments.  This helped the organization's products and services to leverage data and functionality by communicating with each other through a documented interface.


Opportunity



  • Digitization in the IT industry


There has been a rising demand for digital transformation and the adoption of advanced technologies among different industries across the globe. Many organizations have adopted advanced solutions to leverage disruptive technologies and deliver customer value, thereby enhancing productivity and business growth. Further, businesses have started creating a digital presence to attract the audience with the changing consumer preferences.  


Restraints



  • Lack of visibility


The acceleration of digital transformation and the growing need for user customization among software companies has driven the low code development platform market. This technological development also includes risks associated with the rising trends. One of the biggest factors responsible for the restraint of the low code development platform market is the lack of visibility.


Market Segmentation


The Low code development platform Market has been segmented based on component, type, deployment, organization size, vertical, and region.


Based on component, the low code development platform market has been bifurcated into solutions and services. Further the Services is categorized into Professional services and Managed Services. Under Professional services Training and development, Integration, Support and Maintenance are included.


Based on deployment, the market has been split into on-premise and cloud.


Based on the 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.


Based on the organization size, the market has been split into small and medium and large.


Based on the vertical, the market has been split into retail and e-commerce, BFSI, IT & telecom, healthcare, media & entertainment, government, and others.


Based on region, the low code development platform market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.


Regional Analysis


Globally, the Low code development platform market has been categorized into four different regions— North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Asia-Pacific accounted for the largest market share in 2020, and it is expected to register the highest CAGR 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. The market for low code development platforms is booming in China. Europe region includes the UK, Germany, France, and the rest of Europe. Due to the increasing deployment of web and mobile applications for commercial operations and expanding internet penetration, this region's low code development platform market is predicted to grow rapidly. The Middle East & Africa and South America is projected to register a comparatively higher CAGR during the forecast period.


GLOBAL LOW CODE DEVELOPMENT PLATFORM MARKET, BY REGION, 2020 (% SHARE)
GLOBAL LOW CODE DEVELOPMENT PLATFORM MARKET, BY REGION, 2020 (% SHARE)
Source: Industry Expert, Secondary Research, and MRFR Analysis


Asia-Pacific Region to Bolster the Low code development platform Market


The market for low code development platform is dominated by Asia-Pacific. This region'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. The market for low code development platforms is booming in China.


Competitive Landscape


The global market for low code development platforms has witnessed significant growth over the forecast period due to the growing digital content. There are several domestic, regional, and global players operating in the low code development platforms market who continuously strive to gain a significant share of the overall market. During the study, MRFR has analyzed some of the major players in the global low code development platforms market who have contributed to the market growth. These 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, MRFR has analyzed five key players in the global low code development platforms market who have contributed to the global market growth.


Key Players



  • Microsoft (US)

  • com, Inc. (California)

  • Appian (US)

  • Pegasystems Inc. (US)

  • ServiceNow (California)


These players focus on expanding and enhancing their product portfolio and services to remain competitive and increase their customer base. Additionally, these players are focusing on partnerships & collaborations to expand their business and customer base to enhance their market position.


Recent Developments



  • In October 2021, ServiceNow acquired Denmark-based Gekkobrain to help customers modernize their systems of record. ServiceNow will extend the power of ServiceNow creator workflows, including App Engine, to help organizations identify and understand custom code in their ERP deployments and the business processes they support.

  • In September 2021, Appian announced the latest version of the Appian Low-Code Automation Platform. The new release makes building enterprise applications faster and more efficient through major enhancements in low-code data, complete automation functionality, user interface (UI) creation, and application deployment.

  • In June 2021, Salesforce introduced the next generation of Salesforce platforms, including a powerful set of low-code development tools that empower an organization, regardless of technical skill or role, to create and ship apps on a single platform.

  • In April 2021, Microsoft Corporation acquired Nuance Communications, Inc. Nuance is a pioneer and a leading provider of conversational AI and cloud-based ambient clinical intelligence for healthcare providers.


Report Overview


This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2018 to 2027. For this analysis, MRFR segmented the global low code development platform Market report-based on Component, Type, Deployment, Organization Size, Vertical and Region.


By Component



  • Solution

  • Service


By Type



  • Construction

  • General-Purpose platform

  • Database app platform

  • Process app platform

  • Request handling platform


By Deployment



  • On-premises

  • Cloud


By Organization Size



  • Small and Medium

  • Large


By Vertical



  • Retail and E-Commerce

  • Healthcare

  • Media & Entertainment

  • BFSI

  • IT & Telecommunication

  • Government

  • Others



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 125.3 Billion
  CAGR   34.20%
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units    Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   • by component (Solution, Service) • by type (General-Purpose platform, Database app platform, Process app platform, Request handling platform) • by deployment (On-premises, Cloud) • by organization Size (Small and Medium, Large) • by vertical (Retail and E-Commerce, Healthcare, Media & Entertainment, BFSI, IT & Telecommunication, Government, Others)
  Geographies Covered   • North America (US, Canada, and Mexico) • Europe (UK, Germany, France and Rest of Europe) • Asia-Pacific (China, Japan, India and Rest of Asia-Pacific) • Middle East & Africa • South America
  Key Vendors   • 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. • Skyve
  Key Market Opportunities   • Ongoing Trend for Digitization in the IT Industry
  Key Market Drivers   • Digital Business Acceleration Driving Application Delivery


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Frequently Asked Questions (FAQ) :

The global low code development platform market has been growing significantly over the past few years. It is expected to reach USD 125.3 billion by 2030.

The key contenders in the market are 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.

The segments in the market are offering Component, Type, Deployment, Organization Size, and Vertical

The Asia Pacific regional market is projected to be the major driver of the market.