The global Low Code Development Platform market is estimated to be valued at USD 7.61 billion in 2021 and is expected to exhibit a CAGR of 26.8% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Low Code Development Platform refers to a software development approach that enables the creation and delivery of applications with minimal coding, thereby allowing users to build applications through graphical user interfaces and configuration instead of traditional hand-coded computer programming. This platform provides a range of functionalities and tools to facilitate the development process and accelerate the time-to-market for applications.
B) Market Dynamics:
The Low Code Development Platform market is being driven by various factors, including the increasing demand for rapid application development and the need for cost-effective and efficient solutions.
One of the key drivers for the market is the rising demand for rapid application development. Low Code Development Platform enables organizations to quickly build and deploy applications, reducing the development time significantly. This approach provides a visual interface, drag-and-drop functionality, and pre-built components, enabling developers to build applications in a fraction of the time compared to traditional coding methods. Moreover, the platform offers ready-to-use templates and reusable components that further accelerate the development process.
Another driver for the market is the need for cost-effective and efficient solutions. Traditional application development requires a significant investment of time, resources, and skilled developers. Low Code Development Platform addresses these challenges by eliminating the need for extensive coding, reducing the dependency on highly skilled developers, and providing cost-effective alternatives. Organizations can leverage the platform to streamline their application development process, reduce development costs, and improve overall operational efficiency.
C) Segment Analysis:
The Low Code Development Platform market can be segmented based on deployment type, organization size, industry vertical, and region. Among these, the cloud deployment segment is expected to dominate the market due to its scalability, flexibility, and cost-efficiency. Cloud-based platforms enable easy access to the development environment, collaboration between teams, and seamless integration with other cloud services.
D) PEST Analysis:
– Political: The market is influenced by government regulations and policies regarding data security, privacy, and intellectual property rights.
– Economic: The increasing adoption of Low Code Development Platform contributes to economic growth as organizations benefit from reduced development costs and improved operational efficiency.
– Social: The rising demand for user-friendly applications that can be developed quickly and easily caters to the evolving needs and preferences of end-users.
– Technological: Advancements in cloud computing, artificial intelligence, and automation have significantly contributed to the growth of the Low Code Development Platform market.
E) Key Takeaways:
– The global Low Code Development Platform Market Growth is expected to witness high growth, exhibiting a CAGR of 26.8% over the forecast period, due to increasing demand for rapid application development.
– North America is expected to dominate the market, owing to the presence of major players, technological advancements, and high adoption of Low Code Development Platform.
– Key players operating in the global Low Code Development Platform market include 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., and Temenos AG.
The global Low Code Development Platform market is witnessing significant growth due to the increasing demand for rapid application development and cost-effective solutions. The market is dominated by cloud deployment, and North America is the fastest-growing and dominating region. Key players in the market are continually innovating and collaborating to meet the evolving needs of businesses in various industries.