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Low-Code Development Platform Market Demand, Rising Trends And Outlook 2024-2033
Low-Code Development Platform Market
The Business Research Company offers in-depth market insights through Low Code Development Platform Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The low-code development platform market size has grown exponentially in recent years. It will grow from $31.54 billion in 2023 to $40.41 billion in 2024 at a compound annual growth rate (CAGR) of 28.1%. The growth in the historic period can be attributed to increased demand for rapid application development, shortage of skilled developers, cost-efficiency in application development, agility and flexibility, empowerment of business users, user-friendly development environment, integration capabilities.
The low-code development platform market size is expected to see exponential growth in the next few years. It will grow to $116.91 billion in 2028 at a compound annual growth rate (CAGR) of 30.4%. The growth in the forecast period can be attributed to cross-platform development, increased focus on security, expansion of industry-specific solutions, evolving regulatory landscape, focus on scalability, open source low-code solutions. Major trends in the forecast period include rapid adoption of low-code platforms, integration with devops practices, expansion of mobile app development, security enhancements in low-code solutions, ecosystem growth and marketplace integration, collaboration and team-based development, enhanced user experience and design tools, vendor partnerships and mergers.
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Market Segmentation:
The low-code development platform market covered in this report is segmented -
1) By Component: Platform, Services
2) By Application: Web-Based, Mobile-Based, Desktop And Server-Based
3) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
4) By Industry: Banking, Financial Services, And Insurance (BFSI), Retail And eCommerce, Government And Defense, Healthcare, IT, Energy And Utilities, Manufacturing
Major Driver - The Surging Demand For Applications For Business Organizations Drives The Low-Code Development Platforms
The increase in demand for applications for business organizations is expected to propel the growth of the low-code development platform market over the coming years. Low code is a coding-based software that allows business unit optimized business processes users to create and manage applications quickly with less manual coding. According to the bureau of labor statistics, a US-based department of labor indicated there will be a shortage of engineers by 2026 by 1.2 million. Moreover, only 39.6% of candidates for IT job opportunities fulfill all of the employer's standards. This will create a demand for low code platforms where tasks can be completed automatically with precision.
Competitive Landscape:
Major companies operating in the low-code development platform market report are AgilePoint Inc., Appian Corporation, Caspio Inc., Fujitsu RunMyProcess Inc., Nintex Software Inc., K2 Software Inc., LANSA Inc., Magic Software Enterprises Ltd., MatsSoft Limited, Mendix Technology Inc., Microsoft Corporation, Netcall Ltd., Oracle Corporation, OutSystems Inc., Pegasystems Inc., QuickBase Inc., Salesforce. com Inc., ServiceNow Inc., WaveMaker Inc., Zoho Corporation Pvt. Ltd., Alphabet Inc., Google LLC, TrackVia Inc., Bizagi Process Automation Inc., Boomi Inc., Bubble Group Inc., DronaHQ (Deltecs InfoTech Pvt. Ltd. ), G Suite (UMS Tech Labs. ), HCL Domino, Intuit QuickBase, KiSSFLOW Inc.
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Top Trend - AI-Enhanced Low-Code Development Shaping The Future Of Business Solutions
Technological advancements are shaping the low-code development platform market. Integration of AI provides an opportunity to use a low-code development platforms in various applications, such as solving complex functions, detecting content using keywords or colors, and inserting information in templates. Artificial intelligence is used to engineer a low-code development platform to integrate legacy systems by eliminating technical complexity. For instance, in May 2021, Zoho Corporation, an Indian web-based business tools company, launched Qntrl, which provides workflow solutions targeted at closing the growing gap in process management for contemporary, complicated processes that necessitate close collaboration among various stakeholders. It uses the technology of low-code or no-code to fulfil these tasks, along with artificial intelligence and machine learning.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Low Code Development Platform Market Characteristics
3. Low Code Development Platform Market Trends And Strategies
4. Low Code Development Platform Market - Macro Economic Scenario
5. Low Code Development Platform Market Size And Growth
…..
27. Low Code Development Platform Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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