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“, The global low-code development platform 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:
- Growing Demand for Rapid Application Development:
There is a rising demand for rapid application development solutions due to the increasing need for businesses to expedite their digital transformation endeavors. Low-code platforms are emerging as instrumental tools in achieving this goal. These platforms enable developers to create and deploy applications more swiftly compared to traditional coding methods. Additionally, low-code platforms streamline the development process, allowing businesses to bring new applications to market faster by leveraging visual interfaces and pre-built components. This acceleration in application development significantly contributes to the growth of the industry, as organizations across sectors recognize the importance of agility and innovation in staying competitive in the fast-paced digital market.
- Increased Demand for Digital Transformation:
Businesses worldwide are embracing digital transformation initiatives to remain relevant and competitive in their respective markets. These initiatives aim to enhance customer experiences, optimize operational processes, and leverage data-driven insights for informed decision-making. Low-code development platforms play a crucial role in facilitating digital transformation by offering a faster and more agile approach to application development. Additionally, with low-code platforms, organizations can rapidly prototype, iterate, and deploy applications, enabling them to adapt quickly to changing business needs and market dynamics. As the demand for digital transformation continues to grow, so does the adoption of low-code development platforms, driving industry expansion and innovation.
- Rising Security and Compliance:
In enterprise application development, ensuring security and compliance with regulatory requirements is influencing the market growth. Low-code platforms must adhere to industry standards and best practices for security, data privacy, and regulatory compliance to mitigate risks and build trust with enterprise customers. Additionally, platforms that offer robust security features, such as role-based access controls, encryption, and audit trails, instill confidence in organizations regarding the protection of sensitive data and intellectual property. Moreover, obtaining certifications and compliance validations demonstrates a commitment to meeting stringent security and regulatory standards. As businesses prioritize security and compliance in their IT strategies, low-code platforms that prioritize these aspects are poised to gain traction and drive adoption among enterprises seeking to accelerate their digital transformation journeys.
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 represents the largest segment due to its scalability, accessibility, and cost-effectiveness for businesses seeking flexible development solutions.
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Large enterprises account for the largest market share, driven by their greater resources and complex requirements for customized application development.
Breakup by Application:
- Web-based
- Mobile-based
- Desktop and Server-based
Web-based solutions dominate the market as businesses are prioritizing online presence and customer engagement.
Breakup by Industry Vertical:
- BFSI
- Retail and E-commerce
- Government and Defense
- Healthcare
- Information Technology
- Energy and Utilities
- Manufacturing
- Others
Information technology holds the largest market share due to the sector’s inherent reliance on innovative software solutions for operational efficiency and digital transformation initiatives.
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 platform market is attributed to its technological advancement, widespread adoption rates of digital solutions, and strong presence of leading software vendors in the region.
Global Low-Code Development Platform Market Trends:
At present, low-code platforms empower business users, often referred to as citizen developers, to participate in the application development process alongside IT professionals. It allows non-technical users to create and customize applications to meet specific business needs, reducing reliance on IT departments and accelerating time-to-market for new applications. Moreover, organizations are adopting hybrid and multi-cloud strategies to leverage the benefits of cloud computing while maintaining flexibility and control over their IT infrastructure. Low-code development platforms that support deployment across multiple cloud providers, and on-premises environments, are becoming increasingly popular to accommodate diverse deployment needs and avoid vendor lock-in.
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.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
Contact US
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145