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The low code development platform market is providing an easy and quicker way to develop application with limited coding. With low code development platforms, organizations can develop application three to ten times faster than traditional coding. The platforms offer drag-and-drop interfaces, visual canvas and simple programming languages to create application. It allows non-technical users like business analysts to develop application components while reducing dependency on developers. Key industries adopting low code development platforms are Healthcare, BFSI, Telecom and IT & ITeS among others to build workflow applications, web and mobile apps, databases and others.
The Global low code development platform market is estimated to be valued at US$ 19.68 Bn in 2024 and is expected to exhibit a CAGR of 26% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the low code development platform are 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., Temenos AG.
The key opportunities in the market include growing demand for custom application development, digital transformation initiatives across industries and rising mobile-first approach. With low code platforms, organizations can develop powerful custom applications without much coding to address specific business needs.
On the technology front, platforms are integrating advanced technologies like AI, automation, analytics to offer low code solutions for more complex enterprise applications. Features like model-driven development, process automation, robotic process automation and intelligent bots are gaining traction.
Market Drivers
The growing demand for applications to support digital transformation strategies across industry verticals is a key driver for the low code development platform market. With low code tools, organizations can rapidly build web and mobile applications to engage customers, optimize business processes and improve productivity. The rise of cloud-based platforms and easy availability of no-code/low-code tools on the cloud are also supporting the adoption of low code platforms.
Current challenges in Low Code Development Platform Market
The adoption of low code development platform is growing at a very fast pace. However, there are still few challenges which are restricting its mass adoption. One major challenge is the security concerns related to low code platforms. Since these platforms allow business users to build applications without writing code, there are higher security risks as compared to traditional custom software development. Another challenge is the lack of technical skills. Though low code platforms reduce the need for coding skills, there is still a need for technical expertise to manage the platform, deployment, integration etc. Finding developers with both business and technical skills can be difficult. The complexity of some applications also makes it difficult for no-code tools. Migration of existing applications to low code platform is also not very straight forward. Ensuring data governance and regulatory compliances for applications built on low code also poses challenges.
SWOT Analysis
Strength: It allows faster development of applications without extensive coding. Cost of development and time to market is significantly lower compared to traditional development.
Weakness: Dependence on platform vendor for updates and version control. Limited customization capabilities for complex requirements.
Opportunity: Growing need for digital transformation is driving demand for agile application development. Low code is well suited for rapid prototyping and minimizing development cycle time.
Threats: Security vulnerabilities due to lack of in-depth coding. Difficulty finding resources with both business and technical skills.
North America accounts for the largest share in the global low code development platform market, both in terms of value and volume. This is mainly due to higher technology adoption, presence of major players, and growing need for digital transformation across industries in the region. The Asia Pacific region is expected to grow at the fastest rate during the forecast period. Rapid economic growth, expanding internet penetration, and focus on enhancing customer experience are some factors driving demand in countries like China, India.
The low code development platform market sees highest concentration of value in the Banking, Financial Services and Insurance (BFSI) vertical. This is because BFSI organizations aim to provide enhanced customer experience through continuous application development and need to comply with dynamic regulations. Healthcare vertical is emerging as the fastest growing segment owing to increasing use of mobile solutions and demand for maintaining digital healthcare records.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
