Pune, India, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The global low code development platform market size was valued at USD 10.82 billion in 2020 and is projected to reach USD 94.75 billion by 2028, exhibiting a CAGR of 31.6% during the forecast period. Fortune Business Insights™ publishes this information in a report titled, Low Code Development Platform Market Forecast, 2023-2028.
The market is expected to grow in the coming years, owing to increase in demand for technological advancements for business digitalizationLow code development platform provides simplified and seamless techniques for professional business developments to build an effective business application. Several industries are expanding their business through technological advancements, which is expected to fuel the market growth. These platforms are majorly used for developing applications for small-scale and large-scale businesses.
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Industry Developments:
ServiceNow, Inc. announced a strategic partnership with Celonis, Inc. to support the digital transformation of enterprises with enhanced customer satisfaction, revenue generation, and cash flow. The companies are combining the low-code workflow platform of ServiceNow with Celonis Execution Management System to offer real-time execution processes and optimize digitalization.
Key Takeaways
- Business Digitalization Promotes Market Growth During Pandemic
- Developing Client Based Apps to Fuel Market Growth
- Increasing Demand for Low Code Artificial Intelligence to Accelerate Market Expansion
- Growing Digital Transformation to Drive Market Growth
- By Deployment Analysis: Real-time Access to Development Tools to Fuel Cloud-based Deployment
Discover the Leading Players Featured in the Report:
“Companies leading the Low Code Development Platform Market share are Appian Corporation (Virginia, U.S.), Microsoft Corporation (Washington, U.S.), Salesforce.com, Inc. (California, U.S.), OutSystems Inc. (Massachusetts, U.S.), Mendix Technology BV (Rotterdam, Netherlands), Oracle Corporation (California, U.S.), Pegasystems Inc. (Massachusetts, U.S.), Betty Blocks (North Holland, Netherlands), ServiceNow Inc. (California, U.S.), Zoho Corporation Pvt. Ltd. (Tamil Nadu, India)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 31.6% |
| 2028 Value Projection | USD 94.75 Billion |
| Base Year | 2020 |
| Low Code Development Platform Market Size in 2020 | USD 10.82 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 150 |
| Segments covered | Component, Deployment, Enterprise Size, Industry and Geography |
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https://www.fortunebusinessinsights.com/low-code-development-platform-market-102972
Drivers & Restraints:
Technological Advancements to Propel Market Growth
The market is expected to witness growth in the coming years owing to the rising demand for business digitalization and accelerated sales rate of small & large enterprises. Technological advancements in the developing and developed nations are likely to adopt the platforms to build a client-based application and promote significant market growth. These factors are expected to ensure the low code development platform market growth during the forecast period.
However, limited customization and software integration capabilities may hinder the market growth.
Segments:
By Component
- Platform
- Services
By Deployment
- On-premises
- Cloud
By Enterprise Size
- SMEs
- Large Enterprise
By Industry
- BFSI
- Healthcare
- Education
- IT and Telecommunication
- Media and Entertainment
- Manufacturing
- Government
- Retail
- Others
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
Regional Insights:
North America Holds Lion's Share Globally Due to Rising Technological Advancements
North America dominates the global low code development platform market share due to small enterprises' rising adoption of technological advancements. According to the State of Low Code Report 2021, in the U.S., 77% of the companies implement low code platforms and 3 out of 5 employees utilize these platforms to develop business applications.
Asia Pacific holds the second-largest global market position and is expected to witness a significant growth rate during the forecast period. According to 2020 Software Survey of Asia Pacific, more than 50% of the companies implement low-code platforms.
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Competitive Landscape:
Strategic Partnerships Allow Key Players to Expand Business Globally
Key players in the industry focus on implementing business development strategies with the supporting companies to expand their business globally. These strategies are partnerships, mergers, acquisitions, and strategic alliances. Also, implementing innovation strategies allows the key players to enhance their product portfolio to satisfy customer needs and acquire high market share.
FAQ’s
How big is the Low Code Development Platform Market?
Low Code Development Platform Market size was USD 10.82 billion in 2020.
How fast is the Low Code Development Platform Market Growing?
The Low Code Development Platform Market will exhibit a CAGR of 31.6% during the forecast period, 2021-2028.
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