According to a statement of P&S Intelligence, the total revenue garnered by the low-code development platform market in 2022 was USD 19,301.5 million, and it will reach USD 190,898.4 million, advancing at a rate of 33.2%, by 2030.

The growth in the industry is mainly driven by the increasing digitalization rate and the rising necessity to develop applications quickly. Other reasons boosting the growth are the time-saving, better productivity, and cost-effectiveness these platforms offer.

Another major factor driving the industry is the necessity for a lesser dependence on IT professionals for application development.

The solution category held the larger share, of more than 60%, in 2022. This is because of the increasing implementation of these platforms in different verticals to decrease long-term operations costs.

Cloud-based deployment is majorly used by most of the low-code development platforms, as it provides real-time access to monitor & observe apps & services. Cloud-based deployment offers numerous other benefits, such as 24/7 service, higher scalability, administrative capabilities, and high speed. Enterprises mostly used the cloud to simplify management and monitoring.

Based on the enterprise, small and medium-sized enterprises (SME) will witness faster growth in the low-code development platform market, in near future. This is due to the increasing emphasis on having a digital presence with computers and mobile applications.

Based on vertical, the IT category accounted for the largest share, of approximately 65%, in 2022, because of the constant implementation of new technologies.

Whereas, the BFSI category will witness the fastest growth in the years to come. This is because of the increasing necessity to digitalize numerous processes, such as origination, client onboarding, back-office operations, and self-service. Thus, in July 2022, Bank of America, BNY Mellon, and Citi Bank invested USD 20 million in a low-code platform, called Genesis.

North America dominated the industry in recent years, and it will remain dominant over this decade. This is ascribed to the presence of numerous major players and the rapid adoption of digital technologies in the region.

APAC will witness significant development due to the rising usage of the internet and the requirement of firms for lesser operating costs. Additionally, the increasing disposable income in the region is also boosting the sale of mobile devices, thus driving industry growth.

As a result of digital transformation, various companies operating in banking, financial services and insurance (BFSI), automotive, oil and gas, manufacturing, and some other verticals are constantly using digital technologies to stay ahead. As per the World Economic Forum, by 2025, industries led by manufacturing, retail, and BFSI, will contribute around USD 100 trillion to the world economy.

Due to the rising digitalization rate and the increasing need to develop applications quickly, the low-code development platform industry will grow significantly in the coming years.