Low-Code Development Platform Market To Value $190,792.6 Million in 2030

The low-code development platform market is driven by the strong need for a lower dependence on IT professionals, rising demand for the digitization of businesses, and increasing demand for the automating of workflows. Due to these factors, the sale of such solutions valued $12,500.6 million in 2020, and this number is projected to grow at a massive CAGR of more than 30% over 2021-2030, to reach $190,792.6 million in 2030. Such solutions allow even less-knowledgeable IT professionals to create mobile and computer applications, thereby helping companies save handsomely.

Under the offering segment, the solutions bifurcation held the larger share during 2015-2020, and it is set to dominate the market over this decade as well. This is ascribed to the rising need for low-code development software to address the increasing digitization needs of businesses. Moreover, the work from home and other virtual behaviors encouraged by governments during the COVID-19 pandemic drastically drove the need for mobile and PC apps.

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The large enterprises bifurcation generated the higher revenue in the low-code development platform market in 2020 because of the higher need of such companies for web and mobile apps for a variety of internal and external processes. Additionally, since they operate globally and have diverse processes, they require customized apps for each one, thereby propelling the need for app creation solutions. Similarly, urged by the need for lower operational costs, small and medium enterprises are expected to rapidly procure such software and services in the years to come.

In many ways, the COVID-19 pandemic has acted as a key low-code development platform market driver. Since people were confined in homes, the need for newer mobile and web applications for office work rose massively, thereby fueling digitization, especially in developing countries. Similarly, the engagement on online and device-based gaming, music, news, food ordering, and e-commerce platforms rose significantly. This surge prompted many entities to come up with their own websites and applications for these purposes, thereby leading to a high demand for low-code development platforms.

Another major factor behind the low-code development platform market advance is the desire of IT companies to reduce their R&D expenditure and shorten the turnaround time for their apps. Application creation is traditionally a time-consuming process, as coding itself takes time. Moreover, the IT professionals who handle these tasks are skilled people, therefore demand to be paid high salaries. Low-code development, on the other hand, has a drag-and-drop approach, which allows even those with limited or no coding and programming knowledge to develop the apps, which makes the process quicker and cost-effective.

North America is currently the largest user of these solutions due to its advanced IT industry. Moreover, almost all major software vendors have their headquarters or regional offices here, which leads to a high demand for these solutions. In addition, even the business enterprises in the region account for a high technical understanding and level of digitization, which creates a high demand for mobile and web apps. To save the time and cost in creating these programs, they are engaging their own employees in the task, over outsourcing it to highly paid professionals.

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During this decade, the fastest growth in the low-code development platform market is projected to be seen in the APAC region. A region with a huge potential for the IT sector, it is witnessing constant improvements in its telecommunications infrastructure, driven by both public and private efforts. This is resulting in a rising number of people enjoying access to the internet, which, coupled with the booming penetration of smartphones, tablets, PCs, and laptops, is leading to the increasing downloads of mobile and web apps by the populace.

Hence, with the rampant digitization, the demand for low-code development platforms continues to burgeon around the world.

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This release was published on openPR.