Growing Need for Business Digitization Driving Low-Code Development Platform Market Surge

The global low-code development platform market value is predicted to surge to $190,792.6 million by 2030, according to the estimates of market research company, P&S Intelligence. The market is being driven by the growing requirement for business digitization, less reliance on information technology (IT) professionals, enactment of strict government regulations, burgeoning need for automated workflows, and surging adoption of low-code development tools that reduce the issue of 'shadow IT'.

As per the World Economic Forum, industries, mainly led by the banking, financial services, and insurance (BFSI), retail, and manufacturing, made an allocation of nearly $1.7 trillion for digital transformation in 2020, registering a Y-o-Y growth of 23%. Moreover, this investment is predicted to surge to $2.4 trillion by 2022. With the growing requirement for business applications in industries, the platform is playing a major role in enabling rapid digitization of various business processes, such as operations, accounting and finance, and sales.

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Hence, the low-code development platform is predicted to fuel rapid digital transformation of various industries in the forthcoming years, which will, in turn, propel the usage of low-code development platforms. Besides, the burgeoning need for automated workflows is also driving the growth of the market. Businesses with very low tolerance for data loss and downtime as well as those with the greatest requirement for independent security certification and regular audits, are likelier to run applications based on low-code. Additionally, these platforms enable the development of customizable apps that achieve certain objectives whether for programmers to expediate the development stage or for business users to develop their applications by automating manual tasks.

IT companies offer both the actual low-code development platforms and related services, such as installation, upgradation, training, and consulting. Between these, the service category is predicted to demonstrate faster growth in the market in the coming years. This will be because of the soaring need for implementation and integration services, as these services assist in facilitating faster coding processes and improving the productivity of businesses. Additionally, these services aid in automating workflows, which leads to the mechanization of various complex tasks.

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Across the globe, North America contributed the highest revenue to the low-code development platform market in the years gone by, and this trend is predicted to continue in the coming years as well. This is ascribed to the presence of a well-established IT infrastructure, surging investments made in the technology, large-scale adoption of the 5G technology, and high adoption rate of fintech in the region. Whereas, Asia-Pacific is predicted to be the fastest-growing region in the industry in the coming years, owing to the soaring IT infrastructure investments and increasing adoption of fintech in the region.

Hence, the demand for low-code development platforms will surge sharply in the coming years, primarily because of the rising need for customizable applications and burgeoning requirement for improved business productivity across the world.

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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This release was published on openPR.