The latest report by IMARC Group, titled “Low-Code Development Platform Market Report by Deployment Mode (Cloud-based, On-premises), Organization Size (Small and Medium-sized Enterprises, Large Enterprises), Application (Web-based, Mobile-based, Desktop and Server-based), Industry Vertical (BFSI, Retail and E-commerce, Government and Defense, Healthcare, Information Technology, Energy and Utilities, Manufacturing, and Others), and Region 2024-2032“, offers a comprehensive analysis of the industry, which comprises insights on the global low-code development platform market growth. The global market size reached US$ 20.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 171.7 Billion by 2032, exhibiting a growth rate (CAGR) of 26.73% during 2024-2032.

Factors Affecting the Growth of the Low-Code Development Platform Industry:

• Increasing Demand for Business Agility:

Businesses are continuously seeking ways to respond more quickly and effectively to market changes and consumer needs. Low-code development platforms empower organizations to achieve greater agility by enabling faster and more efficient software development. Traditional coding requires significant time and specialized skills, but low-code platforms reduce complexity and accelerate the development process. This is achieved through visual development tools, drag-and-drop interfaces, and pre-built templates that allow users to create applications with minimal hand-coding. As a result, businesses can develop, test, and deploy applications much faster than before, responding to changes and opportunities in real-time. Moreover, low-code platforms enable a broader range of employees, not just IT professionals, to participate in application development, further increasing organizational responsiveness and innovation capacity.

• Digital Transformation Initiatives:

As digital transformation becomes a strategic priority for companies across industries, low-code development platforms have emerged as a crucial enabler. These platforms support the rapid development and deployment of business applications that are central to digital strategies. Organizations leverage low-code to streamline workflows, improve consumer

experiences, and harness digital technologies such as AI, IoT, and automation. The adaptability of low-code platforms allows businesses to experiment with digital solutions without extensive upfront investment in time or resources, reducing risk and encouraging innovation. Furthermore, low-code platforms integrate easily with existing IT infrastructures and data systems, making them an ideal choice for companies looking to modernize legacy systems and processes without disrupting ongoing operations. This seamless integration helps ensure that digital transformation efforts are more cohesive and aligned with business goals.

• Proliferation of Cloud Computing:

The rise of cloud computing has significantly influenced the adoption of low-code development platforms. Cloud-based low-code solutions offer several advantages, including scalability, accessibility, and cost-efficiency. Organizations can scale their applications with demand, access development tools from anywhere, and reduce costs associated with hardware and software maintenance. Additionally, cloud environments provide a collaborative space for geographically dispersed teams to work together effectively on application development projects. This collaboration is facilitated by cloud-hosted platforms that provide real-time updates and version control. The cloud also enhances the security of developed applications by offering robust data protection and recovery options. Consequently, the synergy between cloud computing and low-code platforms is driving their adoption, empowering businesses to leverage the benefits of both technologies to enhance operational efficiency and foster innovation.

Competitive Landscape with Key Player:

• AgilePoint Inc.
• Appian Corporation
• Magic Software Enterprises Ltd.
• Mendix Technology BV (Siemens Aktiengesellschaft)
• Microsoft Corporation
• Netcall PLC
• Oracle Corporation
• Outsystems Inc.
• Pegasystems Inc.
• Salesforce Inc.
• ServiceNow Inc.
• Zoho Corporation

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Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Deployment Mode:

• Cloud-based
• On-premises

Cloud-based dominates the market as it offers scalability, cost-efficiency, and the ability to access development tools and applications from anywhere, catering to the needs of a diverse and increasingly remote workforce.

Breakup by Organization Size:

• Small and Medium-sized Enterprises
• Large Enterprises

Large enterprises hold the maximum number of shares as they have the resources and scale to invest heavily in low-code platforms, enabling them to rapidly innovate and streamline complex, multifaceted operations.

Breakup by Application:

• Web-based
• Mobile-based
• Desktop and Server-based

Web-based represent the largest segment as they offer universal accessibility, ease of maintenance, and cost-effectiveness, making them highly attractive to businesses aiming to enhance their digital presence across multiple platforms.

Breakup by Industry Vertical:

• BFSI
• Retail and E-commerce
• Government and Defense
• Healthcare
• Information Technology
• Energy and Utilities
• Manufacturing
• Others

Information technology dominates the market as it inherently demands continuous innovation and rapid development cycles, which are effectively supported by low-code platforms.

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America's dominance in the low code development platform market is attributed to its strong technological infrastructure, widespread adoption of digital transformation strategies among businesses, and the concentration of major low-code development platform providers in the region.

Global Low-Code Development Platform Market Trends:

The global tech industry faces a significant shortage of skilled software developers, which hampers the ability of businesses to create custom software solutions rapidly. Low-code platforms alleviate this challenge by democratizing application development, enabling users with minimal coding expertise (often referred to as "citizen developers") to build applications. This broadens the base of individuals who can contribute to software development, helping organizations circumvent the bottleneck of developer scarcity and accelerate their digital projects. Other than this, low code platforms are increasingly incorporating advanced technologies such as artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA). These integrations enable the automation of complex processes and the creation of more intelligent and adaptive applications. For instance, AI can be used within low-code platforms to offer suggestions for process improvements or to automate data handling tasks, enhancing the utility of the platform and appealing to industries looking to leverage AI without extensive custom coding.

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