Low-Code Development Platform Market to Expand in Coming Years Projected to Reach worth $125.6 Billion by 2031

According to a comprehensive report by Allied Market Research, the global market for low-code development platforms was valued at $11.5 billion in 2021. This market is expected to experience significant expansion, reaching an estimated value of $125.6 billion by 2031. This projected growth corresponds to a compound annual growth rate (CAGR) of 27.4% from 2022 to 2031.

The report offers an in-depth examination of key investment opportunities, winning market strategies, growth drivers, potential challenges, market sizing and forecasts, the competitive environment, and evolving industry trends. This analysis is designed to serve stakeholders-including market leaders, new entrants, investors, and shareholders-in formulating strategic plans to enhance their positioning in the competitive landscape.

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Impact of COVID-19:

1. The adoption of low-code development platforms accelerated notably during the COVID-19 pandemic. Businesses faced an urgent need to automate operational processes and fast-track digital transformation efforts, which in turn drove demand for low-code solutions.

2. These platforms enabled organizations to enhance workflow efficiencies and scale up automation projects rapidly with minimal hand-coding, addressing the rising complexity in IT requirements during the crisis.

3. As a result, significant investments were directed toward low-code technologies, positioning them as a strategic asset for business continuity and innovation in the forecast period.

Market Segmentation Analysis:

The market is segmented based on Component, Deployment Mode, Application Type, Enterprise Size, Industry Vertical, and Region. The report presents these segments using both tabular data and graphical insights, aiding stakeholders in identifying the highest revenue contributors and segments with the fastest growth potential.

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By Component:

The platform component accounted for the majority market share in 2021, contributing approximately two-thirds of the total revenue.

The services component is expected to be the fastest-growing segment, with a projected CAGR of 31.6% throughout the forecast timeline.

By Deployment Mode:

Cloud-based deployment was the dominant model in 2021, representing over half of the total market share.

Meanwhile, on-premise deployment is expected to grow at a CAGR of 23.2% from 2022 to 2031, reflecting growing security and compliance considerations in certain industries.

By Enterprise Size:

Large enterprises led the market in 2021, generating more than 60% of the total revenue.

However, small and medium-sized enterprises (SMEs) are projected to witness the highest growth, with a CAGR of 30.1%, driven by the rising accessibility and affordability of low-code platforms.

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By Application Type:

Mobile-based applications were the leading application type in 2021, contributing over 40% of the total market revenue.

Web-based applications are anticipated to register the fastest growth during the forecast period, with a CAGR of 31.2%.

The report also includes analysis of desktop and server-based applications.

By Industry Vertical:

The IT and telecom sector emerged as the largest contributor in 2021, accounting for nearly one-third of the overall market.

The banking, financial services, and insurance (BFSI) sector is expected to grow at the fastest rate, with a CAGR of 34.6%, owing to rising demand for digital financial services and process automation.

Other industries examined include manufacturing, government, healthcare, retail and e-commerce, and others.

By Region:

North America led the global market in 2021, generating around 40% of the total revenue, thanks to high digital maturity and a strong presence of key market players.

The Asia-Pacific region is forecasted to exhibit the highest CAGR of 30.6%, driven by increasing digitization, economic development, and supportive government initiatives in countries such as India and China.

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Key Market Players:

The report highlights major industry participants including 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 companies are actively pursuing strategies such as partnerships, geographic expansion, collaborations, and joint ventures to strengthen their market presence and innovation capabilities. The study outlines each player's performance, competitive advantage, and contributions to industry advancements.

This thorough analysis offers stakeholders a strategic blueprint for understanding market dynamics and capitalizing on emerging growth opportunities within the low-code development platform industry.

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