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.
