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The global low-code development platform market size is expected to reach USD 35.22 billion by 2030, expanding at a compound annual growth rate (CAGR) of 22.9% from 2023 to 2030, according to a new report by Grand View Research Inc. The growth can majorly be attributed to the increasing digitization within the industry, coupled with the growing prevalence of BYOD (bring-your-own-device). The progress of Industry 4.0 and the shift toward digital workplaces leveraging innovative technologies present substantial growth opportunities for the low-code development platform sector.
Businesses around the world are actively seeking digital avenues to engage with their user and customer base and these businesses are increasingly adopting low-code development platforms to streamline the rapid creation of intricate web applications. The onset of the COVID-19 pandemic has positively impacted the market growth owing to the high demand for such platforms since the pandemic forced millions to learn and work from home.
The growth is being further driven by the continuous technological advancements introduced by the market players. For instance, in September 2023, Salesforce, Inc. announced the launch of its new Einstein 1 Platform which features significant advancements to both the Salesforce Data Cloud and Einstein AI capabilities. These developments are built on Salesforce, Inc.'s foundational metadata framework, making the Einstein 1 Platform a dependable AI solution for businesses. This platform allows companies to securely integrate diverse data sources, enabling the creation of AI-driven applications with low-code and the delivery of entirely fresh CRM experiences.
Gather more insights about the market drivers, restrains and growth of the Low-code Development Platform Market
Low-Code Development Platform Market Report Highlights
• Based on application, the web-based segment is expected to witness a CAGR of over 22.0% from 2023 to 2030 primarily due to the rising demand for low-code development platforms. These platforms facilitate application development with resource efficiency comparable to conventional development methods
• The growth of large enterprises has been robust, driven by their need to streamline and accelerate application development processes. These organizations are increasingly adopting low-code solutions to enhance agility and cost-efficiency in software development, paving the way for significant market expansion
• Based on end-use, the IT & telecom segment accounted for a revenue share of close to 21.0% in 2022 driven by a growing demand within these industries to streamline their operations and accelerate the development of applications
• The North American market was valued at nearly USD 2.0 billion in 2022 owing to the rising adoption of digital technologies, early adoption of advanced technologies, and the presence of prominent market players in the region
Low-Code Development Platform Market Segmentation
Grand View Research has segmented the global low-code development platform market based on application type, deployment type, organization size, end-use, and region:
Low-code Development Platform Application Type Outlook (Revenue, USD Million, 2018 - 2030)
• Web-based
• Mobile-based
Low-code Development Platform Deployment Type Outlook (Revenue, USD Million, 2018 - 2030)
• Cloud
• On-premise
Low-code Development Platform Organization Size Outlook (Revenue, USD Million, 2018 - 2030)
• SME
• Large Enterprise
Low-code Development Platform End-use Outlook (Revenue, USD Million, 2018 - 2030)
• BFSI
• Automotive & Manufacturing
• Retail
• Education
• IT & Telecom
• Transportation & Logistics
• Others
Low-code Development Platform Regional Outlook (Revenue, USD Million, 2018 - 2030)
• North America
o U.S.
o Canada
• Europe
o Germany
o UK
o France
o Italy
o Spain
• Asia Pacific
o China
o Japan
o India
o South Korea
• Latin America
o Brazil
o Mexico
• Middle East and Africa
o UAE
o South Africa
Order a free sample PDF of the Low-code Development Platform Market Intelligence Study, published by Grand View Research.
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