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 use digital applications to retain customers, ensure high satisfaction, and maintain organized data.

Low-code development platforms enable faster application development, simplify mobile and web application creation, and offer drag-and-drop templates that enhance application scalability. This allows businesses to quickly develop new applications to remain competitive.

Market Insights: In 2023, North America was the largest contributor to the industry, with a 45% share, due to rapid digital technology adoption and the presence of major players in the region. The Asia-Pacific (APAC) region is expected to grow at the fastest rate of 31.8% in the coming years, driven by increasing internet usage and the need for businesses to reduce operating costs.

The solution category dominated the industry in 2023 with over 70% share, due to widespread adoption across various sectors to cut long-term operational costs. The services category is predicted to grow at a higher rate of 31.6%, driven by the rising need for integration and implementation services.

The cloud category leads the industry and is expected to grow at a rate of 31.5%, with most low-code platforms being cloud-deployed for real-time service and app monitoring. Large enterprises, with about 65% share in 2023, have higher budgets for employing low-code platforms to quickly develop numerous applications. The SME category is anticipated to grow at a faster compound annual growth rate of 31.7%, as SMEs prefer cloud-based low-code platforms to reduce development costs and resource barriers.

The IT sector was the largest contributor to the industry in 2023, with around 30% share, due to the rapid adoption of new technologies. The low-code development platform market is highly fragmented, with several major companies. Advancements in digital technologies such as predictive analysis, machine learning, and artificial intelligence, along with sector-wide digital transformation, have intensified market competition.

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