Low-Code Development Platform Market Size, Share, Growth Factors, Trends, and Forecast 2024-2030

MMR has recently released a report titled "Low-Code Development Platform Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2030." The study provides a detailed analysis, including the global Low-Code Development Platform Market share, size, growth, trends, and forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

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Low-Code Development Platform Market was valued at USD 28.16 Bn in 2023 and is expected to grow at 27.8% CAGR from 2024 to 2030, reaching USD 156.84 Bn by 2030.

Drivers of the Low-Code Development Platform Market

Demand for Rapid Application Development

Low-code platforms allow enterprises to build, test, and deploy apps significantly more quickly compared to traditional development approaches. This eliminates the lengthy development cycles that come with traditional coding and enables companies to improve their apps to better suit customer expectations. The need for affordable solutions is also fueled by the demand for RAD.

Shortage of Skilled Developers

Many organizations find it difficult to locate skilled programmers in time for project deadlines. This gap is filled in part by low-code platforms, which allow non-technical users, such as project managers or business analysts, to create apps with little to no coding. This gap is filled in part by low-code platforms, which allow non-technical users, such as project managers or business analysts, to create apps with little to no coding.

Low-Code Development Platform Market Segmentation

By Component: Solution Segment Dominates the Low-Code Development Platform Market. Solutions reduce the requirement for traditional programming knowledge while speeding up software creation via drag-and-drop interfaces, reusable components, and pre-built templates. The services segment is expanding steadily as well, mostly as a result of the need for platform integration, customization, support, and training.

By Deployment Mode: Organizations with stringent data security, compliance, or control requirements, especially in sectors like banking, government, and healthcare, preferred the on-premises deployment approach. Cloud-based low-code systems are perfect for companies of all sizes because they are highly scalable, flexible, and affordable.

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Low-Code Development Platform Market Regional Analysis

North America: In 2023, the North American Low-Code Development Platform Market generated a revenue of USD 8.08 billion. North America dominates the market for low-code development platforms due to its sophisticated IT infrastructure, early embrace of digital transformation, and presence of significant companies like Microsoft and Salesforce. Rapid adoption is further fueled by a tech-savvy workforce, strong enterprise demand, and a welcoming business climate, positioning the area as a worldwide center for innovation.

Asia-Pacific: Growing developer shortages, a sizable SME base, and rapid digital transformation have made Asia-Pacific the second-largest market for low-code development platforms. The desire for low-code solutions is driven by widespread cloud and mobile use, government-backed digital initiatives, and the ability to create apps quickly and affordably.

Low-Code Development Platform Market Competitive Landscape

Microsoft Power Platform: In October 2021, Clear Software, a supplier of business process solutions and integration Platform as a Service (iPaaS), was purchased by Microsoft. Microsoft also acquired Softomotive.

OutSystems: In November 2022, Ionic, a premier platform for developing desktop and mobile applications with web technologies, was purchased by OutSystems. Xebia acquired Netlink Digital Solutions (NDS), a prominent provider of low-code solutions.

Recent Developments:

Pre-built AI and ML components are increasingly available on platforms, making it easier to create apps with sophisticated capabilities like predictive analytics and natural language processing.
Low-code platforms are combining with Agile and DevOps techniques to provide continuous development and delivery.

Conclusion

Technological developments, including improved security, AI/ML integration, and user interfaces that are easier to use, are helping the sector.
The LCDP market appears to have a promising future because of ongoing product advancements and a rising focus on security and scalability, which will present significant potential for suppliers and customers in a variety of sectors.
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