Dublin, Dec. 02, 2024 (GLOBE NEWSWIRE) -- The "Low Code Development Platform - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Low Code Development Platform was estimated at US$41.0 Billion in 2023 and is projected to reach US$388.6 Billion by 2030, growing at a CAGR of 37.9% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the low code development platform market is driven by several factors, including the global shortage of skilled developers, increasing demand for agile application development, and the rise of digital transformation initiatives. Businesses seeking to reduce development costs and accelerate deployment timelines are embracing low code as a viable solution.
Additionally, advancements in AI and cloud technology have expanded low code's potential, making it suitable for more complex applications. With the pressure to innovate and respond to market changes faster, low code development platforms are seeing increased adoption, further fueling the market's expansion.
Why Is the Demand for Low Code Platforms Rising?
Low code development platforms have become essential tools for businesses looking to expedite their digital transformation efforts by enabling rapid application development with minimal coding. These platforms allow non-developers and IT teams alike to create applications using intuitive drag-and-drop interfaces, fostering collaboration between business and technical teams. With the rise in demand for custom applications and a global shortage of skilled software developers, low code platforms present an effective solution for organizations seeking agile development and reduced time-to-market.
What Technological Innovations Are Enhancing Low Code Platforms?
Recent advancements in artificial intelligence and cloud technology have significantly expanded the capabilities of low code development platforms. By integrating AI-powered features like predictive analytics, process automation, and natural language processing, these platforms now offer enhanced functionality and usability. Furthermore, cloud-based low code solutions provide scalable, flexible deployment options that meet the needs of both small businesses and large enterprises. Integration with other enterprise systems and third-party applications has also improved, enabling seamless data exchange and functionality extension across different organizational platforms.
How Are Different Sectors Adopting Low Code Solutions?
The adoption of low code platforms spans various sectors, with financial services, healthcare, and manufacturing leading the charge. In the financial sector, low code is used to develop customer-facing applications, enhance process automation, and strengthen regulatory compliance through quick modifications. Healthcare providers benefit from low code's capacity to create patient management systems and telehealth solutions, improving patient engagement. Meanwhile, manufacturing firms use low code platforms to streamline supply chain management and develop maintenance scheduling applications. These examples highlight how low code is becoming a strategic asset across industries.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Low Code Development Platform Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Low Code Development Platform Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Scope of the Study
- The report analyzes the Low Code Development Platform market, presented in terms of market value (US$ Million). The analysis covers the key segments and geographic regions outlined below.
- Application (Web-Based, Mobile); Deployment (Cloud, On-premise); Organization Size (Small and Medium-Sized Enterprises, Large Enterprises)
- World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Web-Based Application segment, which is expected to reach US$157.9 Billion by 2030 with a CAGR of a 36.5%. The Mobile Application segment is also set to grow at 39.0% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $12.2 Billion in 2023, and China, forecasted to grow at an impressive 35.3% CAGR to reach $52.4 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players in the Global Low Code Development Platform Market such as Agilepoint, Inc., Appian Corporation, Caspio, Inc., MatsSoft Ltd., Mendix Inc. and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 192 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $41 Billion |
| Forecasted Market Value (USD) by 2030 | $388.6 Billion |
| Compound Annual Growth Rate | 37.9% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of COVID-19 and a Looming Global Recession
- Low Code Development Platform - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Rising Demand for Rapid Application Development in Enterprises
- Increased Adoption of Low-code Platforms for Digital Transformation
- Expansion of Low-code Solutions in Small and Medium-sized Businesses
- Enhanced Focus on Reducing Development Costs and Time
- Growth in Use of Low-code Platforms for Automation and Workflow Management
- Increased Adoption in IT Departments for Customizable Solutions
- Surge in Citizen Development for Non-technical Users
- Expansion of Low-code in Integration with Legacy Systems
- Growth of AI-powered Low-code Tools for Predictive Analytics
- Increased Demand for Multi-device and Cross-platform Application Development
- Enhanced Focus on Security and Compliance in Low-code Platforms
- Growth in Ecosystem and Partner Integrations with Low-code Providers
FOCUS ON SELECT PLAYERS:Some of the 38 companies featured in this Global Low Code Development Platform Market report
- Agilepoint, Inc.
- Appian Corporation
- Caspio, Inc.
- MatsSoft Ltd.
- Mendix Inc.
- Outsystems
- Salesforce.com, Inc.
- ServiceNow, Inc.
- SourceCode Technology Holdings, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ihre27
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