Digital Transformation Drives Rapid Growth in Low-Code Development Platform Market
The low-code development platform market, valued at USD 24.8 billion in 2023, is projected to reach USD 167.0 billion by 2030, growing at a compound annual growth rate of 31.4%. The increasing demand for business digitization is a key driver of this industry's growth. As part of the digital revolution, companies in manufacturing, BFSI, oil & gas, automotive, and other sectors are rapidly adopting digital technologies to maintain their competitive edge. Low-code development platforms are crucial in business digital transformation, reducing the resources and time required for traditional software development processes. Amidst current economic conditions and rising industry competition, businesses strive to enhance efficiency with limited resources, necessitating effective time-to-market (TTM) strategies to engage consumers with innovative features and applications. Digital transformation has enhanced operations in sectors like healthcare, BFSI, retail, and education. Businesses