Low-Code Development Platform Market to Reach USD 125.6 Billion by 2031, Simplified Development: Low-Code Wins

According to the report published by Allied Market Research, the global low-code development platform market was valued at $11.5 billion in 2021, and is projected to reach $125.6 billion by 2031, growing at a CAGR of 27.4% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.

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The global low-code development platform market is analyzed across Component, Deployment Mode, Application Type, Enterprise Size, Industry Vertical and Region. The report presents the analysis of each segment and sub-segment through tabular and graphical representation. This analysis can be useful for investors and market players to identify the highest revenue-generating and fastest-growing segments, allowing them to devise effective strategies.

By industry vertical, the IT and telecom segment contributed to nearly about one-third of the global low-code development platform market share in 2021. The BFSI segment, on the other hand, would portray the fastest CAGR of 34.6% during the forecast period. The manufacturing, government, healthcare, retail and e-commerce and others segment are also analyzed throughout the report.

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By region, North America held the major share in 2021, garnering around two-fifths of the global low-code development platform market revenue. The Asia-Pacific, on the other hand, would showcase the fastest CAGR of 30.6% throughout the forecast period.

COVID-19 scenario:

➢ The low-code development platform market has witnessed significant growth in the past few years. The Covid-19 pandemic has increased business's need to automate processes and prioritize digital transformation initiatives. Low-code development platforms address this need, helping them to streamline workflows and accelerate automation projects.

➢ Furthermore, many businesses have invested in low-code development platform to ease the increasing complexities of IT needs during the forecast period.

By component, the platform segment held the highest share in 2021, garnering around two-third of the global low-code development platform market revenue. The services segment, on the other hand, would showcase the fastest CAGR of 31.6% throughout the forecast period.

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By enterprise size, large enterprises segment held the major share in 2021, garnering more than three-fifths of the global low-code development platform market revenue. The small and medium-sized enterprises segment, on the other hand, would showcase the fastest CAGR of 30.1% throughout the forecast period.

By deployment mode, the cloud segment contributed to more than half of the global low-code development platform market share in 2021 and is projected to rule the roost by 2031. The on-premise segment, however, would portray the fastest CAGR of 23.2% during the forecast period.

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Key players in the industry

➢ AgilePoint

➢ Appian Corporation

➢ Mendix Technology BV

➢ Microsoft Corporation

➢ Oracle Corporation

➢ OutSystems

➢ Pegasystems

➢ Salesforce.com

➢ ServiceNow

➢ Zoho Corporation

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