Low code development platform companies offer tools and platforms that simplify application development by minimizing the need for manual coding. These platforms empower business users and developers to create applications and software with visual interfaces and pre-built components. Low code platforms accelerate application development, reduce costs, and enhance agility for businesses.
Competitive Landscape of the Low-Code Development Platform Market:
The global low-code development platform (LCDP) market is projected to experience significant growth in the coming years, driven by factors such as the increasing demand for rapid application development, shortage of skilled developers, and digital transformation initiatives across industries. This surge in popularity has attracted a diverse range of players, creating a dynamic and competitive landscape.
Key Players:
Strategies Adopted:
Market Share Analysis:
New and Emerging Companies:
Current Company Investment Trends:
Latest Company Updates:
October 2023 - OutSystems has unveiled GenAI for the low code development. The company is advancing in the high-performance, low-code application development through generative AI significantly. This leading application development firm announced novel updates & a developer cloud which will make it hassle-free for companies in driving ROI with a low code.
September 2023 - ServiceNow has lately unveiled the latest version of their low-code platform that has been designed for improving workflow productivity and offering latest automation tools to strengthen governance and security. This update has also integrated comprehensive solutions to automate crucial finance, healthcare, & talent transformation functions. The current release enables organizations in streamlining operations, improving efficiency, and driving innovation. With the latest automation features, businesses may effectively scale the digital transformation initiatives and adapting to the ever-growing global landscape. In fact, this development marks an important milestone in the company’s pledge for promoting digital innovation and delivering excellent user experience for their esteemed clients. By enhancing user experience and streamlining processes, ServiceNow aims in creating a highly effective environment for businesses. Above all, the approach will lead to significant cost reductions and time savings, reinforcing their commitment further to their client’s growth and success.
March 2023 - SAP will soon be adding novel governance feature for apps made on their no-code and low-code platform Build. The governance features in Build are intended for the IT teams for having control over apps created on their low-code platform as these will be accessed through multiple number of users in the organization.
Low Code Development Platform Market Size was valued at USD 10.1 billion in 2022. The Low Code Development Platform market industry is projected to grow from USD13.5542 Billion in 2023 to USD 142.5916243 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 34.20% during the forecast period (2023 - 2032). Increased digital business acceleration driving application delivery and an Increasing number of application programming interfaces (API) are the major market drivers enhancing market growth.
Figure: Low Code Development Platform Market Overview, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
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 developers and business users create more flexible applications and accomplish specific tasks. This factor drives the market CAGR.
Additionally, 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. Communicating through a documented interface helped the Organization's products and services leverage data and functionality. The increasing demand for digital transformation and advanced technologies has driven organizations to adopt disruptive solutions, boosting productivity and business growth. Businesses now prioritize their digital presence to align with changing consumer preferences and deliver enhanced customer value. Thus, driving the Low Code Development Platform market revenue.
The Low Code Development Platform market segmentation, based on components, includes solutions and services. The solution segment dominated the market due to its ability to provide comprehensive tools and features that enable rapid application development with minimal coding. The solution offers a visual interface and pre-built modules, allowing users to create applications by dragging and dropping components quickly. This simplifies the development process, reduces the need for extensive coding expertise, and accelerates application delivery.
Figure 2: Low Code Development Platform Market, by component, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Based on Type, the Low Code Development Platform market segmentation includes a General-Purpose platform, Database app platform, Process app platform, and Request handling platform. The general-purpose platform segment dominated the market; due to its versatility and wide application possibilities.
This platform's versatility and adaptability empower organizations to create diverse applications across industries. Its flexibility enables businesses to meet various needs and requirements, establishing their leadership in the market.
Based on Deployment, the Low Code Development Platform market segmentation includes On-premises, Cloud. The cloud deployment segment dominates the low code development platform market. This is because cloud-based Deployment offers numerous advantages, such as scalability, flexibility, cost-effectiveness, and easy accessibility from anywhere. Organizations are increasingly adopting cloud-based solutions to leverage these benefits, driving the dominance of the cloud deployment segment in the market.
The Low Code Development Platform market segmentation, based on organization size, includes Small, Medium, and Large. The medium segment dominated the market; the medium-sized segment dominated the low-code development platform market. Medium-sized businesses often have the resources and requirements to adopt and implement low-code development platforms effectively. They can leverage the benefits of low-code platforms to streamline their development processes, improve efficiency, and accelerate application development.
Based on Vertical, the Low Code Development Platform market segmentation includes Retail and E-Commerce, Healthcare, Media & Entertainment, BFSI, IT & Telecommunication, and Government. The IT & Telecommunication segment dominates the low code development platform market. The IT & telecommunication sector dominates the low code development platform market due to its strong emphasis on digital transformation and software development. This sector relies heavily on agile and efficient application development processes to meet evolving customer demands and stay competitive. Low code development platforms offer IT and telecommunication companies the capability to quickly build and deploy applications with minimal coding, resulting in accelerated time-to-market and improved productivity.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American low code development platform market will dominate this market, owing to an increase in the number of persons affected by cardiovascular devices and obesity. In addition, the growing number of established health clubs and fitness facilities will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Low Code Development Platform Market Share By Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Low Code Development Platform market accounts for the second-largest market share due to the low cost of bariatric surgery and the rise in the number of diabetes people. Further, the German Low Code Development Platform market had the largest market share, and the UK Low Code Development Platform market was the fastest-growing market in the European Region.
The Asia-Pacific Low Code Development Platform Market is expected to grow fastest from 2023 to 2032. This is due to expanding awareness of a healthy lifestyle and nutrition and rising per capita disposable income. Moreover, the China’sLow Code Development Platform market held the largest market share, and the Indian low Code Development Platform market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Low Code Development Platform market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Low Code Development Platform industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Low Code Development Platform industry to benefit clients and increase the market sector. In recent years, the Low Code Development Platform industry has offered some of the most significant advantages to medicine. Major players in the Low Code Development Platform market, including Microsoft, Appian Salesforce.com, Mendix, Pegasystems Inc. Service Now, AgilePoint, Caspio Nintex UK Ltd Netcall Zoho Corporation Pvt. Ltd., Simplifier AG WaveMaker, Inc., Skyve., and In order to stimulate market demand, several companies are investing in research and development activities.
SAP SE, a German multinational software company, specializes in developing enterprise software for managing business operations and customer relations. It is recognized as a leading vendor in the field of enterprise resource planning software. Recently, SAP has announced plans to enhance its low-code and no-code platform, Build, by introducing additional governance capabilities. These features will empower IT teams to monitor application usage, performance, and data access, providing better control over applications developed on the platform and accessed by users throughout the organization.
Microsoft Corporation is a prominent American multinational technology company. Widely recognized for its Windows operating system, Microsoft Office suite, and web browsers like Internet Explorer and Edge, the company continues to innovate. Recently, Microsoft made an exciting announcement regarding the expansion of generative AI to its Power Platform. Additionally, they launched Dynamics 365 Copilot, an AI-powered tool that benefits various business lines. These advancements provide users with enhanced access to complex AI tools, enabling them to assess technological risks and opportunities. By incorporating AI models into the Power Platform and Dynamics 365 applications, Microsoft empowers workers to increase productivity and efficiency.
Microsoft (US)
Appian (US)
Pegasystems Inc. (US)
ServiceNow (California)
March 2023: Aurachain, a leading provider of low-code development platforms, has recently integrated AI technology into its platform to elevate the application development experience. By incorporating advanced AI-assisted capabilities, users of Aurachain's low-code platform can now create, optimize, and gain valuable insights into their applications and process activities. This integration marks a significant step towards ushering in a new era of workflow automation and efficiency.
March 2023: Microsoft has recently extended its generative AI capabilities to the Power Platform and introduced Dynamics 365 Copilot for multiple business sectors. This expansion offers users enhanced access to advanced AI tools and enables CIOs to evaluate technological risks and opportunities. By integrating AI models into the Power Platform's low-code developer tool and the Dynamics 365 applications, workers can significantly enhance their productivity.
Solution
Service
General-Purpose platform
Database app platform
Process app platform
Request handling platform
On-premises
Cloud
Small
Medium
Large
Retail and E-Commerce
Healthcare
Media & Entertainment
BFSI
IT & Telecommunication
Government
US
Canada
Germany
France
UK
Italy
Spain
Rest of Europe
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Middle East
Africa
Latin America
Low Code Development Platform Market Highlights:
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)