Low-Code Development Platform Market Insights on Upcoming Trends 2031 | Key Players- Microsoft, Oracle, OutSystems

According to a new report published by Allied Market Research, titled, "Low-Code Development Platform Market," The low-code development platform market was valued at $11.5 billion in 2021, and is estimated to reach $125.6 billion by 2031, growing at a CAGR of 27.4% from 2022 to 2031.

A "Low-Code Development Platform" refers to a software development approach that enables the creation of applications with minimal traditional coding. These platforms provide a visual interface and drag-and-drop tools that allow users to build applications through graphical user interfaces (GUIs) rather than writing extensive lines of code.

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As a result of the microcomputer revolution, businesses have deployed computers widely across their employee bases, enabling widespread automation of business processes using the software. The need for software automation and new applications for business processes puts more pressure on software developers to create custom applications in volume, customizing them to organizations' unique needs. Low-code development platforms have been developed as a means to allow for quick creation and use of working applications that can address the specific process and data needs of the organization.

Furthermore, increase in the adoption of low-code development platform across businesses to enhance operation & productivity, drives the growth of the market. Moreover, increase in investments in the sectors such as BFSI, healthcare, and others is expected to provide lucrative growth opportunities for the market during the forecast period.

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Based on enterprise size, the large enterprise segment dominated the low-code development platform market size in 2021 and is expected to continue this trend during the forecast period. This is due to the rise of digitalization among large enterprises is expected to propel the growth of the market in upcoming years. Moreover, rise in the need to improve the efficiency of employees, and management, and surge in demand for better business management among these large organizations boost the adoption of low-code development platform.

However, small and medium-sized enterprises is expected to experience fastest growth in the coming years, owing to increase in the number of SMEs in developing IT infrastructures in Asia-Pacific including China, Japan, and India. The adoption of low-code development platform is expected to increase to optimize the business capabilities of small & medium-sized enterprises.

By application type, the mobile-based application segment accounted for the highest share in 2021, generating more than two-fifths of the global low-code development platform market revenue. The web-based application segment, however, would portray the fastest CAGR of 31.2% during the forecast period. The desktop and server-based application segments are also analyzed through the study.

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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.

Region-wise, North America dominated the market share in 2021 for the low-code development platform market. Adoption of Low-code development platform solution growing steadily to meet increasing demands from today's businesses to enhance their business process and improve the customer experience is expected to fuel the market growth in this region.

However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. Surge in many digital initiatives and development, including low-code platforms, are occurring in Asia-Pacific which results in low-code development platform market growth.

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The key market players analyzed in the global low-code development platform market report include AgilePoint Inc., Appian Corporation, Mendix Technology BV, Microsoft Corporation, Oracle Corporation, OutSystems, Inc., Pegasystems Inc., Salesforce.com Inc., ServiceNow, Inc., and Zoho Corporation Pvt. Ltd. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report helps formulate the business performance and developments by the top players.

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.

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