At +26.1% CAGR, Low-code Development Platform Market size is Expected to reach 65.15 Billion by 2027, says Brandessence Market Research (2024)

PUNE, India, March 9, 2021 /PRNewswire/ -- The increasing demand for software development to perform the IT operations in fast-changing environments and growing need for rapid customization and scalability are the key drivers of Global Low-Code Development Platform (LCDP) Market.

Global Low-Code Development Platform Marketis valued at USD 12.85 Billion in 2020 and expected to reach USD 65.15 Billion by 2027 with a CAGR of 26.1% over the forecast period.

Key Players for Global Low-Code Development Platform Industry Report: Some major key players for global Low-Code development platform market are Salesforce, Microsoft, Appian, Oracle, Pegasystems, Magic Software Enterprises, Agile Point, OutSystems, Zoho, Quick Base, LANSA, Fujitsu RunMyProcess, Netcall, WaveMaker, and others.

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Scope of Global Low-Code Development Platform Market Report:

Low-Code development platform (LCDP) refers to the event of applications software by the means of graphical interface (GUI) rather than the standard process of programming. The platforms mainly focused on creation and development of business processes, a user interfaces like web applications and database platforms. The Low-Code development offers low or no coding techniques, which eventually reduces the time and value for the event of the platform, which, in turn, are advantageous to the business processes. LCDPs are being deployed as a way of facilitating the fast production and usage of functional software which will meet the information needs and also the unique process of the enterprise. The microcomputer revolution has allowed mass integration of business operations using customized software, as businesses have distributed required devices extensively around their employees' bases. This has enabled the software developers to form tailored systems to the particular needs of organizations, in quantity.

The ongoing outbreak of COVID-19 has positively impacted the market, because the restrictions on the movement of individuals have encouraged the businesses to have interaction with their customers and clients over the web, that an array of applications (either mobile or online) are being developed. Also, governments across the planet are creating applications to coach people with COVID-related alerts and notifications. In such regard, LCDPs allow developers to form, develop, and deploy changes rather quickly.

Global Low-Code development platform (LCDP) market report is segmented on the basis of component, deployment, size of enterprise, application and region & country level. Based ontype, the Low-Code development platform is classified into database app platform, process app platform, general purpose platform, and request handling platform. Onthe basis of the component, the market isdivided into solution and services.On the basis of deployment, Low-Code development market is categorized into mobile solutions and web solutions. Based on deployment, the market is classified into on-premises and on the cloud. Onthe organization size, the market is classified into small & medium enterprises,and large enterprises.

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News-Siemens Bringing Low-Code Company to China

January 21^st, 2021; Low-Code platform Mendix announced thatit'dbe making its firstinvadeChinadue toits parent company Siemens, which has long hada positionwithin theChinese market. Siemens business and global leader in low-code application development for the enterprise, has announced the introduction of its world-class platform to the Chinese market. The Mendix low-code platform brings tremendous advantages to Chinese enterprises seeking to accelerate its digital transformation in response to competitive pressures and new ways of doing business, both of whichareaccelerated bythe worldwidepandemic. Siemens' longstanding, extensive presence in China will give Mendix significant advantages in access to customers, resources, and expertisebecause itbrings its platform intoone amongstthe world's top technology markets.

IncreasingDemand for Software Development to Perform the IT Operations in Fast-Changing Environments and Growing Need for Rapid Customization and Scalability are the Major Factors Driving the Market Growth

One of the major factors driving the growth of global Low-Code development platform (LCDP) market is increasing demand for software development to perform the IT operations in fast-changing environments. According to a report by "Deloitte" 65% of all application development will be done with low-code platforms, and that 66% of large firms will use at least four different low-code application building platforms. Organizations are adopting mobile-based apps to form their operations efficient, convenient, and profitable. In addition, growing need for rapid customization and scalability is another major factor fostering the growth of this market. The mobile-based apps augment business capabilities and help business owners to explore novel possibilities and transform operational process to achieve more profit. The platforms employ visual, declarative techniques and help to develop software model-based over the normal writing of software code. The increasing number of application programming interface (API) offerings by the answer vendors, is also accelerating the demand. The growing trend of digitization across the various industrial sectors will create lucrative opportunities for the low-code development platform market.

However, the limited integration capability and better cost related to the platform furthermore due to the growing concerns of organizations associated with data confidentiality, may limit the market growth. In spite of that, the rising demand for innovative applications and software automation can provide various opportunities for the further growth of the market.

North America is Expected to Dominate the Global Low-Code Development Platform Market

North America is expected to dominate the global Low-Code development platform market due to the high IT expenditure, increasing mobile application usage and therefore the presence of the massive and small& medium scale enterprises in this region. In addition, rising adoption of the smartphone applications for the various purposes like online purchasing, banking, online gaming and messaging is also expected to drive the market growth in this region. Asia Pacific region is expected to witness a significant growth this market due to the increasing internet penetration and rapid development of the IT infrastructure in this region. The region is most preferred destination for IT outsourcing. The rapid expansion of the IT infrastructure is one amongst the key drivers for the regional growth. Additionally, the increasing number of smartphone users is also supplementing the market growth.

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Key Benefits for Global Low-Code Development Platform Industry Report–

Global Low-Code Development Platform Marketreport covers in-depth historical and forecast analysis.
Global Low-Code Development Platform Marketresearch report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
Global Low-Code Development Platform Marketreport helps to identify opportunities in marketplace.
Global Low-Code Development Platform Marketreport covers extensive analysis of emerging trends and competitive landscape.

Global Low-Code Development Platform Industry Segmentation:

FAQs

What is the CAGR of the low-code market? ›

Low Code Development Market Outlook (2024 to 2034)

The global low code development market is estimated to have a value of US$ 22.5 billion in 2024 and is calculated to increase at a CAGR of 26.8% to reach US$ 241.9 billion by the end of 2034.

How big is the low-code no code market in 2030? ›

The low-code development platform industry will reach a value of USD 167.0 billion in 2030. The market for low-code development platform will reach a value of USD 32.4 billion in 2024. The industry for low-code development platform is very fragmented in nature, with the existence of some major players.

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What is the forecast for low-code? ›

The global low-code platform market revenue is valued at almost 22.5 billion U.S. dollars in 2022 and is forecast to reach approximately 32 billion U.S. dollars in 2024. The market is projected to grow with a CAGR of 26.1 percent over this period.

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How big is the low-code no code market? ›

KEY MARKET INSIGHTS

The global low code development platform market size was valued at USD 22.25 billion in 2023 and is projected to grow from USD 28.75 billion in 2024 to USD 264.40 billion by 2032, exhibiting a CAGR of 32.0% during the forecast period (2024-2032).

Is it better to have a high or low CAGR? ›

For example, if a company grew by 25% in an industry with an average CAGR closer to 30%, then its results might seem lackluster by comparison. But if the industry-wide growth rates were lower, such as 10% or 15%, then its CAGR might be very impressive. In general, a higher CAGR is better.

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What is a good CAGR number? ›

For large-cap companies, a CAGR in sales of 5-12% is good. Similarly, for small companies, a CAGR between 15% to 30% is good. On the other hand, start-up companies have a CAGR ranging between 100% to 500%. Also, such high growth rates in the early stages are not completely abnormal.

Is low-code really the future? ›

Predictions that low-code will comprise over 65% of application development by 2024 meaning you can't discard low-code altogether, especially as these simplifications enhance the power and time that experts can dedicate to advanced programming elsewhere.

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How much is the low-code market worth? ›

As of 2022, the global Low-Code Development Platform market was estimated at USD 25000.94 million, and it's anticipated to reach USD 138515.41 million in 2028, with a CAGR of 33.02% during the forecast years.

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How many companies use low-code platforms? ›

Low-code is now in use in 77% of organizations. Low code development tools will be responsible for more than 65% of application development activity by 2024. 75% of large enterprises will use at least four low code development tools for both IT application development and citizen development initiatives.

Is low-code in demand? ›

To meet the demand, more developers are adding low-code platforms to their skillsets. IDC predicts that between 2021 and 2025, the global population of low-code developers will grow at 3x the rate of the general developer population.

What is Gartner predicting about low-code by 2025? ›

Gartner analysis shows that an average of 41% of non-IT workers are currently customizing or developing data or application solutions. Interestingly, by the end of 2025, half of all new low-code customers will come from corporate clients outside of IT.

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What is the #1 low-code platform? ›

The #1 Low-Code Platform. Uniting design, code, and deployment, OutSystems delivers the high-performance needed for innovation to flourish.

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Is Shopify a low-code no-code platform? ›

A good example is Shopify's store builder, which enables merchants to feasibly design and build a basic storefront with no coding experience. In short, no-code makes it much easier to assign non-developer team members to tasks to produce the desired result.

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Who uses low-code no-code? ›

A low-code platform is most often used by IT professionals with some coding skills to create custom applications, while no-code platforms typically allow business users without any knowledge of how coding works to address their own development needs.

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What is the CAGR of the big data market? ›

The projected CAGR of big data market during the analysis period of 2022 to 2030 is 12.7%.

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Is 15% a good CAGR? ›

CAGR is used to forecast the growth potential of a company. For a Company with a track record of over five years, you may consider a CAGR of 10%-20% to be good for sales.

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What is CAGR in market size? ›

What Is CAGR? CAGR stands for Compound Annual Growth Rate. It is a way to measure how an investment or business has grown over a specific period of time. It takes into account the effect of compounding, which means that the growth builds upon itself.

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