Market Analysis

The global low code development platform market has been growing significantly over the past few years. It is expected to reach USD 73,820.4 Million by 2027, at a CAGR of 26.5% during the forecast period, 2021–2027.

Drivers

Increased Use of Low-Code Development Tools to Boost Market Growth

The increased use of low-code development tools for minimizing the issues of shadow IT will boost market growth over the forecast period.

Opportunities

Trend to Bring Your Own Device to offer Robust Opportunities

The trend to bring your own device, rapidly expanding digitalization, and the rapid inclination towards a digital workspace with new technologies will offer robust opportunities for the market over the forecast period.

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Market Segmentation

The global LCDP Market is bifurcated based on components, type, organization size, deployment, and applications.

By components, the solutions (web solutions) segment will lead the market over the forecast period.

By type, the low code development platform is segmented into process app platform, request handling platform, database app platform, and general-purpose platform.

By organization size, the SMEs will dominate the market over the forecast period.

By deployment, the cloud segment will spearhead the market over the forecast period.

By applications, the BFSI segment will have the lions share in the market over the forecast period.

COVID-19 Analysis

Owing to the severe impact of the COVID-19 pandemic, several enterprises have been compelled to cut their cost to remain in the business. Thus, several businesses are implementing low-code development platforms for decreasing operating expenses. Organizations such as citizen developers are not obligated in hiring software developers or outsourcing their labor that may save them money. As a result, the growing emphasis to lower operating costs in the aftermath of the outbreak is impacting the market favorably.


Regional Analysis

North America to Reign Low-Code Development Platform Market

North America will reign the low-code development platform market over the forecast period. Increasing adoption in the US, the ever-increasing number of internet users, development of online and mobile apps for commercial organizations, the presence of different leading market players that deliver low-code development platform and services to end users, Canada and the US having strong economic conditions, the geographical presence, the significant R&D activities, acquisitions, mergers, and partnerships and the presence of major vendors are adding to the global low-code development platform market growth in the region. Besides, the increasing mobile application usage, the presence of large number of IT companies, the region having the highest penetration of medium, small, and large IT companies, the region being the base for prominent low-code development platform providers, rising adoption of digital technologies, the early adoption of advanced technologies, & the presence of major key competitors are also adding to the growth of the market.

Key Players

Microsoft (US)
com, Inc. (California)
Appian (US)
Pegasystems Inc. (US)
ServiceNow (California)
These players focus on expanding and enhancing their product portfolio and services to remain competitive and increase their customer base. Additionally, these players are focusing on partnerships & collaborations to expand their business and customer base to enhance their market position.

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Low Code Development Platform Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030

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