Low Code Development Platform Market to Cross USD 164.9 Billion by 2030 due to Rising Demand for Customized Solutions and Accelerated Development Cycles
Research Reports
Oct 30, 2023
Low Code Development Platform Market Overview:
As per SNS Insider’s research, the Low Code Development Platform Market is experiencing unprecedented growth due to its ability to accelerate development cycles, optimize costs, enhance agility, democratize development, ensure seamless integrations, and meet the rising demand for customized solutions.
The low code development platform market, as per the SNS Insider report, was valued at USD 17.98 billion in 2022 and is anticipated to surge to USD 164.9 billion by 2030, exhibiting a remarkable compound annual growth rate (CAGR) of 31.92% during the forecast period from 2023 to 2030.
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Major Key Players Included in the Report are:
• Broadcom
• CrowdStrike
• Check Point Software Technologies Ltd
• Comodo Security Solutions Inc
• AO Kaspersky Lab
• SentinelOne
• Trend Micro Incorporated
• McAfee LLC
• Microsoft Corporation
• Cisco Systems Inc
• FireEye Inc
• CurrentWare
• Cybereason Inc
• Druva Inc
• Fidelis Cybersecurity
• Forcepoint LLC
• Others
Market Report Scope
A low code development platform is a visual approach to software development. It provides a set of tools and frameworks designed to streamline the application development process, allowing developers to create applications with minimal hand-coding and reduced manual intervention. This innovative approach empowers both professional developers and business users with varying technical backgrounds to collaborate seamlessly in building feature-rich applications. Low code platforms offer intuitive drag-and-drop interfaces that enable users to design user interfaces, workflows, and data models effortlessly. This visual approach eliminates the need for extensive coding, making it accessible to a broader audience.
Market Analysis
One of the primary drivers behind the flourishing low code development platform market is the ability to accelerate development cycles significantly. Traditional software development often involves time-consuming coding processes, but low code platforms simplify this by offering intuitive drag-and-drop interfaces and pre-built components. This acceleration in the development process allows businesses to respond swiftly to market demands, giving them a strategic advantage. Low code development platforms eliminate the need for a vast team of specialized developers. With their user-friendly interfaces and pre-built templates, these platforms enable businesses to achieve more with fewer resources. This translates into substantial cost savings in terms of both manpower and time. Companies can divert resources towards strategic initiatives, thereby optimizing their overall operational costs. Another significant growth driver for the market is their robust integration capabilities. These platforms seamlessly integrate with existing systems, databases, and third-party services. This integration prowess ensures that businesses can leverage their current infrastructure investments while modernizing their applications.
Market Segmentation and Sub-Segmentation Included Are:
By Component:
• Software
• Services
By Deployment:
• Cloud
• On-Premises
By Solution Type:
• Endpoint Protection Platform
• Endpoint Detection and Response
By End-user:
• Commercial
• Consumer
By Industry:
• BFSI
• IT and Telecommunications,
• Retail
• Healthcare
• Government & Public Sector
• Transportation
• Others
Impact of Recession
In a challenging economic climate, businesses are compelled to streamline their operations and enhance efficiency. This pressure can lead to increased competition within the low code development platform market, requiring providers to offer more compelling solutions to stand out. During economic downturns, companies often focus on upskilling their workforce to enhance productivity. Low code platforms offer a user-friendly interface, making it easier for non-technical staff to participate in application development, promoting skill enhancement within organizations.
Impact of Russia-Ukraine War
The geopolitical tensions have prompted businesses to reconsider their technology partnerships. Companies are now prioritizing vendors and partners located in geopolitically stable regions, aiming to minimize risks associated with the ongoing conflict. Amidst challenges, the Russia-Ukraine conflict has spurred innovation within the low code development platform market. Companies are investing in research and development to create more robust, secure, and user-friendly platforms. Additionally, there is a growing emphasis on automation and AI-driven features to compensate for the shortage of skilled developers, leading to advancements that might not have occurred in the absence of these challenges.
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Key Regional Development
North America stands as a beacon of innovation in the low code development platform market. The region boasts a robust technological infrastructure and a high adoption rate of advanced technologies. Enterprises in North America leverage low code platforms extensively to streamline their operations and enhance customer experiences. Europe, with its diverse business landscape, has embraced digital transformation wholeheartedly. Low code development platforms have gained significant traction, especially in countries like the United Kingdom, Germany, and the Netherlands. The Asia-Pacific region is witnessing accelerated growth in the market. Emerging economies like India, China, and Southeast Asian countries are experiencing a surge in digital initiatives. Governments and enterprises are investing heavily in technology infrastructure, driving the adoption of low code platforms.
Key Takeaway from Low Code Development Platform Market Study
• The market is witnessing a significant shift, with the BFSI sector emerging as a dominant force. This surge can be attributed to the sector’s insatiable appetite for innovation, efficiency, and streamlined operations. Low Code platforms empower BFSI companies to swiftly adapt to changing market dynamics. The agility to develop applications rapidly is crucial in a sector where time-to-market can define competitiveness.
• The on-premises segment is reshaping how organizations approach application development. With a growing emphasis on data security, customization, and control, businesses across various sectors are veering towards on-premises low code solutions. On-premises Low Code platforms facilitate seamless integration with legacy systems, databases, and third-party applications.
Recent Developments Related to Low Code Development Platform Market
• AiXplain, the innovative tech startup, has successfully secured a substantial funding of $8 million for its revolutionary low-code/no-code AI app development platform. With this substantial financial backing, AiXplain is poised to accelerate its research and development efforts, enhance its existing platform, and broaden its outreach to businesses and individuals seeking to harness the power of AI.
• OutSystems has recently introduced a cutting-edge tool called GenAI. This innovative solution is tailored for the realm of low-code development, an area that has been gaining immense traction in recent years due to its ability to simplify and expedite the software creation process. This tool is particularly beneficial for startups and small enterprises with limited resources, enabling them to compete on a level playing field with industry giants.
Table of Contents – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1. COVID-19 Impact Analysis
4.2. Impact of Ukraine- Russia war
4.3. Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Low Code Development Platform Market Segmentation, By Component
9. Low Code Development Platform Market Segmentation, By Enterprise Size
10. Low Code Development Platform Market Segmentation, By Deployment
11. Low Code Development Platform Market Segmentation, By Industry
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion
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Akash Anand | Head of Business Development & Strategy | Ph: +1-415-230-0044 (US) | Email: info@snsinsider.com
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