The low-code development platform market was USD 19,301.5 million in 2022, which will rise to USD 190,898.4 million, advancing at a 33.2% compound annual growth rate, by 2030.
The growth in this industry is mainly because of the increasing pace of digitalization, coupled with the requirement to quickly develop applications. Other aspects assisting this progression are the time-saving, greater efficiency, and cost-effectiveness provided by these platforms.
The solution category, on the basis of offering, accounted for the larger share in 2022, of more than 60%. This is because of the increasing acceptance of these platforms in various verticals to decrease the long-term expenditures on operations.
The SMEs category, on the basis of enterprise size, is likely to advance at a faster rate, in the years to come. This is mainly because of their increasing attention to attaining a digital presence with computer and mobile applications.
Moreover, this platform allows even non-skilled worker to produce applications on their own, in a swift period and at a low price. Furthermore, solutions accessible through the cloud are generally subscription-based, therefore, users are only required to pay for what they utilize.
In 2022, the IT category, based on vertical, was the largest contributor to the low-code development platform market, with approximately 65%. This is mainly because of the swift acceptance of novel technologies. Moreover, software businesses produce numerous web, mobile, and desktop apps as well as third-party solutions.
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Therefore, to improve efficiency and guarantee the ideal use of resources, such businesses are accepting low-code development platforms to expand their capacity for application production.
The BFSI category will propel at the fastest rate in the coming years. This will be because of the easiness of the process as well as the increasing need to digitize different procedures, such as origination, back-office operations, client onboarding, and self-service.
North America is leading the industry, and it is likely to remain leading, with approximately USD 70 billion, throughout 2030. This can be because of the rapid acceptance of digital technologies as well as the presence of numerous major companies in this region.
Moreover, the rising emphasis on strengthening the IT organization is boosting the demand for computer and mobile apps as well as various other varieties of software.
APAC will advance at a significant rate, primarily owing to the surging usage of the internet, coupled with the necessity of companies to reduce operating expenses.
Additionally, the increasing disposable salary in developing nations is significantly boosting mobile device sales, which, sequentially, assists the regional industry expansion.
With the increasing digitization pace and the rising requirement to develop applications swiftly, the low-code development platform industry will continuously propel in the coming years.
