Market Size of Low-code Development Platform Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 16.17 Billion |
| Market Size (2029) | USD 62.15 Billion |
| CAGR (2024 - 2029) | 30.90 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Low Code Development Platform Market Analysis
The Low-code Development Platform Market size is estimated at USD 16.17 billion in 2024, and is expected to reach USD 62.15 billion by 2029, growing at a CAGR of 30.90% during the forecast period (2024-2029).
The rapid growth of low-code adoption happened after businesses moved to digital modernization, which included improving user experiences, automating processes, and upgrading critical systems. Due to their low cost, low-code development platforms proved ideal.
- The advantage of low code is its drag-and-drop interface, which saves time. In low code, every single process is shown visually with the help of a graphical interface that makes everything easier to understand. It is easier for developers to create their applications.
- Although low-code solutions are not new, the demand for the technology soared in the last two years as companies were challenged to meet stakeholder demand for more digital transformation. Through faster business application delivery, companies can expand digital transformation efforts with low-code tools. In addition, the time it takes to innovate is dramatically reduced with low-code tools.
- Low-code solutions allow organizations to produce working solutions and integrations with more speed and agility than traditional on-premise developments. Integration used to be a labor-intensive IT process requiring custom development on both sides.
- The low-code solution might not be compatible with any competitor or similar provider. Even if the user can export the source code, it will depend on the vendor's platform to work, and the user can only use it as a backup.
- The disruption caused by the COVID-19 pandemic increased the tendency of enterprises to adopt low-code platforms. Companies that did not previously contain low-code platform systems could not easily and quickly adapt their ERP system to the new challenges of remote operations. On the other hand, companies with a low-code platform adapted significantly faster.
