Low-Code Development Platform Market Size, Share, Scope and Comprehensive Analysis

The global low-code development platform market revenue stood at $12,500.6 million in 2020 and it is predicted to surge to $190,792.6 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 31.3% from 2020 to 2030 (forecast period). The market is being propelled by the burgeoning requirement for business digitization, less reliance on information technology (IT) professionals, enactment of strict government regulations, rising requirement for automation in business operations, and surging adoption of low-code development tools that minimize the issue of ‘shadow IT’.

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The rapid digital transformation and digitization of business operations, owing to the growing penetration of the internet, are driving the demand for low-code development platforms. As per the World Economic Forum, many industries, such as manufacturing, retail, and banking, financial services, and insurance (BFSI), allocated nearly $1.7 trillion for digitizing operations in 2020, registering a Y-o-Y increment of 23%. This funding is predicted to rise to $2.4 trillion by 2022. With the mushrooming requirement for business applications in various industries, the demand for low-code development platform is soaring.

This is because this platform plays a critical role in facilitating the rapid digitization of several business processes, such as accounting, operations, finance, and sales. Besides, the rising need for automation of workflows is also propelling the low-code development platform market. Enterprises with the lowest tolerance for data loss and downtime and the greatest requirement for independent security certification and regular audits are rapidly adopting applications developed with the help of low-code development platforms. Additionally, these platforms assist in the development of customizable applications that achieve certain objectives.

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Globally, North America contributed the highest revenue to the low-code development platform market in the past, and this trend is expected to continue in the upcoming years as well. This is credited to the presence of a well-developed information technology (IT) infrastructure, increasing adoption of the 5G technology, surging use of fintech, and soaring investments being made in the region. Whereas, the market is expected to demonstrate the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years, owing to the surging IT infrastructure investments being made in the region.

Thus, the market will exhibit substantial growth in the coming years, primarily because of the rising internet penetration, growing requirement for application-developing software and solutions, mushrooming demand for automated workflows, and rapid digitization of business operations all over the world.

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This release was published on openPR.