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on July 2, 2024
The latest report by IMARC Group, titled “Low-Code Development Platform Market Report by Deployment Mode (Cloud-based, On-premises), Organization Size (Small and Medium-sized Enterprises, Large Enterprises), Application (Web-based, Mobile-based, Desktop and Server-based), Industry Vertical (BFSI, Retail and E-commerce, Government and Defense, Healthcare, Information Technology, Energy and Utilities, Manufacturing, and Others), and Region 2024-2032“, offers a comprehensive analysis of the industry, which comprises insights on the global low-code development platform market report. The global market size reached US$ 20.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 171.7 Billion by 2032, exhibiting a growth rate (CAGR) of 26.73% during 2024-2032.
Factors Affecting the Growth of the Low-Code Development Platform Industry:
- Rapid Application Development:
Low-code development platforms have increased in popularity due to their ability to accelerate the application development process. Traditional software development methods often involve lengthy coding processes, testing, and debugging, which can significantly extend project timelines. However, low-code platforms provide pre-built templates, drag-and-drop interfaces, and visual development tools that streamline the development cycle. By reducing the need for manual coding, developers can quickly prototype, iterate, and deploy applications, resulting in faster time-to-market and increased agility. These platforms empower both professional developers and citizen developers with varying levels of coding expertise to collaborate on projects efficiently. Citizen developers, who may lack extensive programming skills, can leverage low-code platforms to contribute to application development projects alongside experienced developers.
- Cost-Efficiency and Resource Optimization:
Another significant driver of the low-code development platform market is its potential to reduce development costs and optimize resource utilization. Traditional software development often requires substantial investments in skilled developers, infrastructure, and licensing fees for development tools and frameworks. In contrast, low-code platforms offer a cost-effective alternative by minimizing the need for extensive coding expertise and infrastructure investments. By leveraging visual development tools, reusable components, and pre-built integrations, organizations can significantly reduce development time and labor costs. Additionally, the scalability and flexibility of low-code platforms enable businesses to allocate resources more efficiently, optimizing workforce productivity and project delivery timelines.
- Increased Demand for Digital Transformation:
The growing demand for digital transformation initiatives across industries is a significant driver propelling the low-code development platform market forward. In this rapidly evolving business landscape, organizations face mounting pressure to modernize their processes, systems, and consumer experiences to stay competitive. Whether it is automating manual tasks, enhancing consumer engagement, or optimizing operational efficiency, digital transformation is essential for driving growth and innovation. Low-code development platforms play a pivotal role in enabling digital transformation initiatives by empowering organizations to build and deploy custom applications rapidly. With the flexibility to address diverse use cases, from legacy system modernization to IoT solutions, low-code platforms offer a versatile toolkit for driving innovation across the enterprise.
Competitive Landscape with Key Player:
- AgilePoint Inc.
- Appian Corporation
- Magic Software Enterprises Ltd.
- Mendix Technology BV (Siemens Aktiengesellschaft)
- Microsoft Corporation
- Netcall PLC
- Oracle Corporation
- Outsystems Inc.
- Pegasystems Inc.
- Salesforce Inc.
- ServiceNow Inc.
- Zoho Corporation
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/low-code-development-platform-market/requestsample
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Deployment Mode:
- Cloud-based
- On-premises
Cloud-based dominates the market due to its scalability, flexibility, and cost-effectiveness, allowing organizations to leverage the power of the cloud to rapidly deploy and scale low-code applications without the need for on-premises infrastructure.
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Large enterprises hold maximum number of shares due to their extensive resources, complex operational needs, and the scalability of low-code development platforms to support their diverse range of applications and business processes.
Breakup by Application:
- Web-based
- Mobile-based
- Desktop and Server-based
Web-based represent the largest segment due to the ubiquitous nature of web technologies, enabling seamless access to applications across various devices and platforms, driving widespread adoption.
Breakup by Industry Vertical:
- BFSI
- Retail and E-commerce
- Government and Defense
- Healthcare
- Information Technology
- Energy and Utilities
- Manufacturing
- Others
Information technology dominates the market due to the pervasive need for digital solutions and software applications across all sectors of the economy.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America's dominance in the low-code development market is attributed to its mature technology infrastructure, high adoption rates of digital solutions, and presence of major low-code platform vendors driving innovation and market growth.
Global Low-Code Development Platform Market Trends:
Another driving force behind the low-code development platform market is the emphasis on enhanced collaboration and the rise of citizen development. Low-code platforms facilitate collaboration between IT professionals, business users, and citizen developers by providing intuitive visual interfaces and simplified development processes. This collaborative approach fosters cross-functional teamwork, accelerates project delivery, and enables non-technical users to contribute to application development, expanding the talent pool and promoting innovation within organizations. Other than this, the market for low-code development platforms is propelled by the need to address the widening skills gap in the software development industry. With a shortage of skilled developers worldwide, organizations are turning to low-code platforms to bridge this gap and empower employees with varying levels of technical expertise to participate in application development.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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