Low-Code Development Platform Market Outlook By Size, Demand Status Of Type, Applications And Future Forecast

A number of factors such as the booming demand for business digitization, growing requirement for less dependence on information technology (IT) professionals, and rising number of stringent government regulations will drive the low-code development platform market at a CAGR of 31.1% during the forecast period (2020–2030). The market generated a revenue of $10.3 billion in 2019 and it is expected to reach $187.0 billion revenue by 2030. In recent years, the surging preference for cloud-based low-code development platforms has become a prominent market trend, due to the rising shift from on-premises set-up to cloud-based systems.

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The demand for low-code development platforms is primarily driven by the soaring demand for business digitization. Digital transformation of companies operating in the banking, financial services, and insurance (BFSI), oil and gas, manufacturing, and automotive industries has led to the large-scale adoption of such platforms as they help in reducing the time and resources required by such companies. Furthermore, the booming demand for business applications across industries will also fuel the adoption of such development platforms, as they play a vital role in enabling quick digitization of sales and accounting and finance operations of enterprises.

According to P&S Intelligence, the North American low-code development platform market generated the highest revenue during the historical period (2014–2019). This was due to the presence of a technologically literate population, early adoption of novel technologies, hefty IT expenditure, and vast disposable income of people in the region. Additionally, the strong presence of low-code development platform providers also contributes to the market growth in North America. Besides, the increasing use of online purchasing, online gaming, messaging, banking, and social media mobile applications also boosts the market growth in the region.

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Whereas, Asia-Pacific (APAC) is expected to register the fastest growth in the low-code development platform market during the forecast period. This will be due to the growing internet penetration, mounting smartphone demand, and expanding IT service industry in the region. Moreover, the rapid economic growth of many APAC nations will also support the regional market growth in the forecast years. Besides, the escalating disposal income of people in several developing countries will also drive the demand for low-code development platforms in the foreseeable future.

Thus, the surging need for business digitization and lesser dependence on IT professionals will supplement the market growth in the forthcoming years.

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