North America Dominates Low-Code Development Platform Market

The total size of the low-code development platform market was USD 19,301.5 million in 2022, and it is expected to advance at a rate of 33.2% during 2022–2030, to reach USD 190,898.4 million by 2030, according to P&S Intelligence.

In the recent past, based on offering, the solution category held larger share, over 60%, because of the surging acceptance of these platforms in different verticals for reduction of the long-term expenses on processes. It does this by reducing and, in sometimes totally eliminating the requirement of hiring skilled developers.

Through, with the help of these solutions, the digital transformation of organizations becomes easy and economical. Numerous features, including pre-built templates and drag and drop options, offer the aptitude to build apps instantly.

Cloud is how most of these kinds of programs are deployed, as it offers simultaneous access for observing and monitoring of apps and services. Cloud-based deployment delivers many other advantages, including 24/7 service, high speed, administrative competences, and higher scalability. Enterprises are generally using the cloud for easing monitoring and management.

Some of the common cloud-based platforms are and Mendix on IBM Cloud and App Maker on Google Cloud.

SMEs will have a faster growth in the years to come faster because of their increasing emphasis on having a digital presence with computer and mobile applications. This platform allows even non-skilled people to develop apps by themselves, at a low cost and rather quickly. 

Furthermore, solutions accessible through the cloud are generally subscription-based, so users only are required to pay for only what they use.

The IT category dominated the low-code development platform market, with around 65%, in 2022, because of the quick acceptance of new technologies. Software companies develop numerous desktop, web, and mobile apps and third-party solutions. Therefore, for enhancing the productivity and ensuring the optimal utilization of resources, these companies are accepting low-code development platforms for scaling-up their capacity of application development.

North America leads the industry, and it will consolidate the position in the future as well, with a value of about $70 billion.

This has a lot to do with the fast acceptance of digital technologies and existence of many key players. Also, the growing focus on consolidation of the IT infra is driving the need for computer and mobile apps and other software.

APAC will demonstrate significant development due to the growing use of internet usage and requirement of firms for lowering operating costs. Furthermore, the increasing usable income in emerging economies is propelling the sale of mobile devices considerably, which, fuels the industry growth.

Due to the increasing rate of digitization, the need for low code development platforms will increase all over the world.

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Low-Code Development Platform Market Outlook By Size, Demand Status Of Type, Applications And Future Forecast

The key factors driving the growth of the low-code development platform market are the rapid digitization, less requirement for IT professionals associated with the technology, and regulatory uncertainty. The market revenue, which was $10.3 billion in 2019, is projected to increase to $187.0 billion by 2030, at a CAGR of 31.1% during 2020–2030 (forecast period). With the use of the low-code development platform, developers can combine several pre-programed application components to create a new app, thus staying less reliant on IT professionals.

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The fact that this technology significantly lessens the dependence on IT professionals is the primary reason for the low-code development platform market growth. Various departments within a firm need applications for smooth operations, but the delay in receiving the apps hampers productivity. To deal with this, companies hire IT professionals, who leverage platform as a service (PaaS) and programming languages, such as .NET and Java. 

In 2018, North America was the largest low-code development platform market, owing to the presence of a large number of computer and mobile app developers, deep internet penetration, and high disposable income. During the forecast period, the market is predicted to observe the fastest growth in Asia-Pacific (APAC), because of the increasing smartphone and internet penetration, expanding IT service industry, and rapid economic growth.

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The increasing usage of mobile phones is raising the demand for applications in the region. The low-code development platform market is also being positively influenced by uncertainty in the regulatory landscape. In the aftermath of crippling cyber-attacks, such as the data leak of around 87 million Facebook users in 2018, governments across the globe implemented strict regulations regarding the protection of customers’ personal data.

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Need to Curb IT spending Driving Low-Code Development Platform Market

The key factors driving the growth of the low-codedevelopment platform market are the rapid digitization, less requirement for IT professionals associated with the technology, and regulatory uncertainty. The market revenue, which was $5.6 billion in 2018, is projected to increase to $52.3 billion by 2024, at a CAGR of 45.2% during 2019–2024 (forecast period). With the use of the low-code development platform, developers can combine several pre-programed application components to create a new app, thus staying less reliant on IT professionals.

When segmented by enterprise size, the categories of the low-code development platform market are small and medium enterprises (SME) and large enterprises. Of these, the market was led by large enterprises during the historical period (2014–2018), as such organizations have relatively higher budget for procuring such advanced technology. The SME category would grow faster during the forecast period, as several of these would adopt cost-effective cloud-based solutions, to increase their app development rate and decrease their operational costs.

The fact that this technology significantly lessens the dependence on IT professionals is the primary reason for the low-code development platform market growth. Various departments within a firm need applications for smooth operations, but the delay in receiving the apps hampers productivity. To deal with this, companies hire IT professionals, who leverage platform as a service (PaaS) and programming languages, such as .NET and Java. As this incurs heavy expenses, companies are adopting the low-code development platform, as it allows even non-professionals to create apps.

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The low-code development platform market is also being positively influenced by uncertainty in the regulatory landscape. In the aftermath of crippling cyber-attacks, such as the data leak of around 87 million Facebook users in 2018, governments across the globe implemented strict regulations regarding the protection of customers’ personal data. Therefore, while developing business applications, companies need to consider regulatory compliance. With the use of the low-code development platform, apps that comply with data security regulations can be easily created.

Thus, with the rising smartphone and internet usage, the demand for cost-effective app creation would continue surging.

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