Low Code Development Platform Market Size is projected to reach USD 148.5 Billion by 2030, growing at a CAGR of 27.8%: Straits Research

New York, United States, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Low code development platform provides simpler and seamless ways for professional business development to construct an efficient business application. These platforms are utilized mainly for developing applications for small-scale and large-scale organizations. Several industries are increasing their business through technological developments, which is projected to boost market growth.

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Increased Demand for Low Code Artificial Intelligence Stimulates Market Demand

AI is gaining ground in industries worldwide. However, a shortage of qualified talent and greater implementation costs hinder its implementation. According to Cisco's report, Transforming Business with AI, firms have strategically prioritized AI, yet, a lack of talent pool hinders its complete adoption. Low code artificial intelligence is a game-changing notion in AI technology for application and software development. Numerous organizations invest in the platform for its extensive use and future benefits.

In September 2021, for instance, Akkio raised USD 3 million from Bain Capital Ventures to automate the business's decision-making using artificial intelligence and machines. Instead of relying on data science, the company provides a low code platform with innovative technology for gaining in-depth business insights. Enterprises can reap numerous benefits, including enhanced data analytics, user experience, cost reductions, rapid development, and more. Thus, the growing trend of low code AI is anticipated to fuel future market growth for low code development platforms.

Implementation of Low Code Application in the Healthcare Sector Create Umpteen Market Opportunities

The global healthcare industry thrives due to significant technical developments and government funding. In the healthcare industry, a low code development platform is implemented to speed the data integration process, improve workflow efficiency, and enhance the patient experience. Utilizing low code development cloud technology can significantly aid in integrating patient data across several systems, enabling healthcare practitioners to examine patient histories and give better care, boosting industry growth.

In addition, low code platforms are cost-effective; non-technical personnel can operate the servers without needing professional assistance, resulting in significant reductions in ownership costs. Low code application platforms also play a crucial role in developing apps to meet the dynamic nature of technology by facilitating the creation of mobile-friendly applications that can aid in virtual consultations, thereby reducing hospitalization costs and providing a secure network for encrypted communication. Consequently, the advantages of low code development technology in the healthcare industry are accelerating the market's expansion.

Report Scope

Report MetricDetails
Market SizeUSD 148.5 Billion by 2030
CAGR27.8% (2020-2030)
Historical Data2019-2020
Base Year2021
Forecast Period2022-2030
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredComponent, Deployment, Application, Organization Size, Industry, Regions
Geographies CoveredNorth America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/VendorsSalesforce, Appian, Mendix, Microsoft, Pegasystems, Zoho, OutSystems, Oracle Corporation, ServiceNow
Key Market OpportunitiesImplementation of Low Code Application in the Healthcare Sector to Boost Market Opportunities
Key Market DriversIncreased Demand for Low Code Artificial Intelligence to Propel Growth
Digital Transformation to Foster Market Growth

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Regional Insights

North America accounted for the largest market share during the forecast period. Numerous important market participants offer low code development platforms and services to all regional end customers. The US and Canada have robust economies and are anticipated to contribute to the low code development platform market expansion. The most influential variables in deploying low code development platforms and services are geographic presence, considerable Research and Development (R&D) efforts, collaborations, acquisitions, and mergers. The key suppliers, such as Salesforce, Microsoft, Appian, and Pegasystems, offer expanded low code development platforms and services to meet client's requirements, which drives the expansion of the global market in North America.

Asia-Pacific is the fastest growing region during the forecast period. According to the 2020 Software Survey of Asia-Pacific, more than 50% of the region's top executives feel confident deploying the low code platform throughout their respective firms. The Chinese IT developers are strongly urged to utilize low code platforms for effective workflow. 9% of IT professionals, according to the Mendix Survey, accept the platform. Due to the ongoing Atmanirbhar Bharat plan, India is expected to experience substantial growth.

Key Highlights

  • The global low code development platform market size was worth USD 16.3 billion in 2021. It is estimated to reach an expected value of USD 148.5 billion by 2030, growing at a CAGR of 27.8% during the forecast period (2022–2030). 
  • By Component, the global low code development platform market is bifurcated into Platforms and Services. The Platform segment accounted for the largest market share during the forecast period. 
  • By Deployment, the global low code development platform market is divided into On-premises and Cloud. The On-premise segment accounted for the largest market share during the forecast period.
  • By Application, the global low code development platform market is bifurcated into Web-based and Mobile-based. The Web-based segment accounted for the largest revenue share during the forecast period.
  • By Enterprise Size, the global low code development platform market is segmented into SMEs and Large Enterprises. The Large Enterprise segment accounted for the largest market share during the forecast period. 
  • By Industry, the global low code development platform market is bifurcated into BFSI, IT & Telecommunication, Education, Government, Manufacturing, Healthcare, Retail, Media & Entertainment, and others. IT & Telecommunication is the dominant segment during the forecast period. 
  • By Region, the global low code development platform market is categorized into North America, Europe, Asia-Pacific, and LAMEA. North America holds the leading market position.

Some prominent players in the low code application development platform market are

  • Salesforc
  • Appian
  • Mendix
  • Microsoft
  • Pegasystems
  • Zoho
  • OutSystems
  • Oracle Corporation
  • ServiceNow
  • TrackVia, and K2. 

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Global Low Code Development Market: Segmentation

By Component

  • Platform
  • Services

By Deployment

  • On-premises 
  • Cloud

By Application

  • Web-based
  • Mobile-based

By Organization Size

  • Small and Medium-Sized Enterprises (SMEs)
  • Large Enterprises

By Industry

  • BFSI
  • IT & Telecommunication
  • Education
  • Government
  • Manufacturing
  • Healthcare
  • Retail
  • Media & Entertainment
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Low Code Development Platform Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter's Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Component Overview
    1. Introduction
      1. Market Size & Forecast
    2. Platform
      1. Market Size & Forecast
    3. Services
      1. Market Size & Forecast
  5. Deployment Overview
    1. Introduction
      1. Market Size & Forecast
    2. Cloud
      1. Market Size & Forecast
    3. On-Premises
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Component
        2. By Deployment
      3. Canada
        1. By Component
        2. By Deployment
      4. Mexico
        1. By Component
        2. By Deployment
      5. Latin America
        1. By Component
        2. By Deployment
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Component
        2. By Deployment
      3. France
        1. By Component
        2. By Deployment
      4. U.K.
        1. By Component
        2. By Deployment
      5. Italy
        1. By Component
        2. By Deployment
      6. Spain
        1. By Component
        2. By Deployment
      7. Rest of Europe
        1. By Component
        2. By Deployment
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Component
        2. By Deployment
      3. China
        1. By Component
        2. By Deployment
      4. Australia
        1. By Component
        2. By Deployment
      5. India
        1. By Component
        2. By Deployment
      6. South Korea
        1. By Component
        2. By Deployment
      7. Rest of Asia-Pacific
        1. By Component
        2. By Deployment
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Component
        2. By Deployment
      3. South Africa
        1. By Component
        2. By Deployment
      4. Kuwait
        1. By Component
        2. By Deployment
      5. Rest of Middle East & Africa
        1. By Component
        2. By Deployment
  7. Company Profile
    1. Salesforce
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. Appian
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Mendix
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/low-code-development-platform-market/toc

Market News

  • In August 2022, InfStones and Oracle announced that they are collaborating on integrating InfStones' leading blockchain development platform with Oracle Cloud Infrastructure (OCI) to accelerate Web3 development. This collaboration will help deliver essential insights that drive the evolution, development, and adoption of Web3 applications worldwide.
  • In July 2022, Oracle Corporation and Microsoft Corporation announced the wide release of Oracle Database Service for Microsoft Azure. Customers of Microsoft Azure may now quickly provision, access, and monitor enterprise-grade Oracle Database services in Oracle Cloud Infrastructure (OCI) with a familiar user interface, owing to this new offering. The Autonomous Database running on OCI is one example of a high-performance and high-availability managed Oracle Database service that users can connect to by migrating or developing new apps on Azure.
  • In July 2022, Oracle announced the next generation of Oracle Fusion Sales, a sales automation application that identifies high-quality sales opportunities and guides sellers to close deals faster. Part of Oracle Fusion Cloud Customer Experience (CX) and powered by artificial intelligence (AI), Fusion Sales automatically provides sellers with quotes, proposals, and recommended steps to help them increase productivity, close more deals, and instill confidence among buyers.
  • In July 2022, Oracle announced that it had been appointed to New South Wales (NSW) Government's Cloud Purchasing Arrangements (CPA) Panel and has also renewed a five-year Whole-of-Government (WofG) contract with the state government.

News Media

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