Low-Code Development Platform Market Size Was Valued at USD 16 Billion in 2021 and Will Achieve USD 159 Billion by 2030 growing at 28.8% CAGR Owing to the Growing Need to Accelerate Digital Transformation- Exclusive Report by Acumen Research and Consulting
Acumen Research and Consulting
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Acumen Research and Consulting
Acumen Research and Consulting recently published report titled “Low-Code Development Platform Market Size, Share, Analysis Report and Region Forecast, 2022 - 2030”
TOKYO, Aug. 01, 2022 (GLOBE NEWSWIRE) -- The Global Low-Code Development Platform Market Size is valued at USD 16 Billion in 2021 and is projected to reach a market size of USD 159 Billion by 2030; growing at a CAGR of 28.8%.
As digital transformation accelerates, data volumes grow, and industrial facilities become smarter, there will be an even greater need to rely on non-developer workers to handle business applications without involving IT departments. Because of its simplicity and speed, using a low-code platform makes uplifting the citizen developer much easier to implement. In fact, 70 percent of low code users with no prior experience with low code platforms managed to learn low code in less than a month, according to results. The rapid adoption of digitization across varied industries is one of the trends in the low-code development platform market that supports industry growth. Additionally, the surging need for rapid customization and scalability is driving the low-code development platform market revenue.
COVID-19 Impact on the Global Low-Code Development Platform Market Value
Despite ongoing cost-cutting campaigns, the surge in remote production throughout the COVID-19 pandemic will fuel low-code adoption. The expansion of low code as a general social and technological phenomenon is expected. The global market's instability and volatility as a result of temporary and permanent closures of businesses due to the COVID-19 pandemic have resulted in a significant demand for remote tools for software development globally. In addition, the increasing pressure on organizations to augment their digital capabilities during the pandemic pushed IT professionals to incorporate new and faster software development methods. As a result, the COVID-19 pandemic had a positive impact on the low-code development platform industry, which is expected to grow in the coming years.
Low-Code Development Platform Market Dynamics
The emergence of industry 4.0 is supporting the low-code development platform market growth. Facilities are adapting quickly to the ever-changing industry 4.0 landscapes, and their data flows reflect this. In today's industry 4.0 scenarios, factories can be a data minefield, and this will only get worse. The simplest and most effective way to monitor all activity in sync is to ensure centralized orchestration, especially for enterprises with different locations situated in various countries, each with multiple process areas and personalized IT setups. Centralized orchestration combined with a hybrid integration framework is the ideal combination for the industry. This is common with low-code platforms.
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Reduced costs and scalability are two other factors driving the industry's expansion. Low-code development platforms can save billions of dollars in project backlog costs. It significantly reduces backlogs by assisting the development team in completing more tasks in less time. Furthermore, the primary goal of low-code development frameworks is to create cost-effective, flexible, and rapid applications that are adaptable to enhancements and less complex in terms of maintenance.
The advantage to build applications with minimum cost and resources is one of the aspects that have opened up new growth opportunities for the market in the coming years. Businesses can create mobile and web applications using low-code. Workspace applications, legacy modernization applications, and operation improvement applications are the most common types of low-code applications. However, the lack of customization in these platforms may prevent the market from growing between 2022 and 2030.
Low-Code Development Platform Market Segmentation
The global market has been segmented into five categories: component, application type, organization size, industry vertical, and region.
Based on the component, the market is split into platforms and services. In 2021, the platform sub-segment acquired a significant share, whereas the services sub-segment is projected to witness a substantial growth rate.
By application type, the market is divided into mobile-based, web-based, and desktop/server-based. Among them, mobile-based accounted for the majority of the share in 2021 and is expected to do so in the coming years. On the other hand, web-based applications are likely to register a notable growth rate from 2022 to 2030.
Large enterprises and small and medium enterprises are the two sub-segments considered under the organization size segment. According to our low-code development platform market forecast, the large enterprises segment will occupy a considerable market share from 2022 to 2030.
Furthermore, BFSI, retail, education, IT & telecom, transportation & logistics, automotive & manufacturing, and others are the segmentation of industry verticals. According to our low-code development platform industry analysis, BFSI is one of the lucrative sub-segments that is driving the industry growth.
Low-Code Development Platform Market Regional Outlook
North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa are the regional classification of the global low-code development platform market. North America is a leading region in the global market due to the existence of numerous prominent players in the U.S. and Canada. The early adoption of technologies and widespread application of enterprise software such as ERP, CRM, custom applications, and databases are some of the factors that are supporting the North America low-code development platform market.
Asia-Pacific is anticipated to register the fastest growth rate (CAGR) throughout the forecasted period from 2022 to 2030. The implementation of industry 4.0, IoT, AI, big data analytics, and rapidly rising automotive and manufacturing industries are driving the Asia-Pacific low-code development platform market.
Some prominent low-code development platform companies covered in the industry are Salesforce, Inc., Appian, Microsoft, Mendix Technology BV, Creatio, Out Systems, Pegasystems Inc., Oracle, Service Now, Quickbase, LANSA, and Zoho Corporation Pvt. Ltd.
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