April 14, 2024
Low Code Development Platform Market

Low Code Development Platform Market: Increasing Demand for Rapid Application Development Drives Market Growth

The global Low Code Development Platform Market is estimated to be valued at USD 7.61 billion in 2021, growing at a CAGR of 26.8% during the forecast period (incorporate given forecast period), according to a report published by Coherent Market Insights.

Market Overview:

The Low Code Development Platform Market offers a platform for rapid application development and customization, allowing businesses to build and deploy applications with minimal coding effort. This enables faster time-to-market, reduced development costs, and enhanced flexibility. The need for such platforms is driven by the increasing demand for digital transformation and the growing emphasis on agile development methodologies. Low code platforms provide a visual interface that allows users to drag and drop components and configure workflows, making it easier for both technical and non-technical users to create and modify applications.

Market Key Trends:

One key trend in the Low Code Development Platform Market is the rising adoption of low code platforms by enterprises to expedite digital transformation initiatives. Low code platforms enable organizations to quickly design, develop, and deploy applications without relying on traditional coding methods. This significantly reduces the development time and resources required, allowing businesses to accelerate their digital transformation efforts and stay ahead of the competition. Additionally, these platforms also offer pre-built templates, integrations, and automation capabilities, further enhancing their appeal to enterprises seeking faster and more efficient application development solutions.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the low code development platform market is low. This is due to the high barriers to entry, including the need for significant technological expertise and established customer bases. Additionally, the market is already dominated by major players, making it challenging for new entrants to gain market share.

Bargaining power of buyers: The bargaining power of buyers in the low code development platform market is moderate. While there are numerous players in the market, buyers have the power to compare and choose from a range of platforms. However, the high switching costs associated with migrating to a new platform can limit the bargaining power of buyers to some extent.

Bargaining power of suppliers: The bargaining power of suppliers in the low code development platform market is moderate. The major suppliers in this market are software development companies that provide platforms and tools. While there are several suppliers to choose from, the concentration of key players can give them some leverage in negotiations.

Threat of new substitutes: The threat of new substitutes in the low code development platform market is low. Low code development platforms provide a unique and efficient solution for businesses to accelerate application development. The availability of alternatives that can provide the same level of speed and efficiency is limited, reducing the threat of substitutes.

Competitive rivalry: The competitive rivalry in the low code development platform market is high. The market is characterized by intense competition among key players, each striving to expand their market share. This has led to frequent product innovations, acquisitions, and partnerships to gain a competitive edge.

Key Takeaways

The global Low Code Development Platform Market Size is expected to witness high growth, exhibiting a CAGR of 26.8% over the forecast period. This growth is driven by the increasing demand for rapid application development and the need for automation solutions across various industries. Businesses are adopting low code development platforms to streamline their application development processes and reduce time-to-market.

In terms of regional analysis, North America is the fastest-growing and dominating region in the low code development platform market. This can be attributed to the presence of major players and a well-established technology ecosystem. Additionally, the region’s high adoption of digital technologies and focus on innovation further contribute to its market dominance.

Key players operating in the 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. These players have a strong market presence and are continuously innovating to stay ahead in the competitive landscape.

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