The global Low Code Development Platform Market is estimated to be valued at US$ 7.61 billion in 2021 and is expected to exhibit a CAGR of 26.8% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Low code development platforms are software development platforms that enable the rapid creation of applications with minimal coding. These platforms provide an intuitive visual interface, pre-built templates, and drag-and-drop functionality, making it easier for non-technical users to build applications. The advantages of low code development platforms include reduced development time, cost-effectiveness, and increased productivity. These platforms are increasingly being adopted by organizations across various sectors to meet the growing demand for agile and scalable applications.
B) Market Key Trends:
One key trend driving the growth of the low code development platform market is the increasing demand for rapid application development. With businesses striving to achieve digital transformation, there is a growing need for agile and scalable applications that can be developed quickly. Low code development platforms offer a solution to this by enabling faster application development with minimal coding. For example, Salesforce.com Inc., a key player in the low code development platform market, offers a platform called Salesforce Lightning that allows users to rapidly build applications using pre-built components and drag-and-drop functionality.
C) PEST Analysis:
Political: Governments around the world are increasingly focusing on digital transformation initiatives to drive economic growth. This presents a favorable political environment for the low code development platform market as these platforms enable faster and more efficient application development.
Economic: The increasing adoption of low code development platforms is driven by the need for cost-effective application development solutions. These platforms eliminate the need for extensive coding, resulting in cost savings for organizations.
Social: There is a growing demand for user-friendly applications that can be developed quickly. Low code development platforms cater to this demand by providing intuitive interfaces and easy-to-use tools for application development.
Technological: Technological advancements, such as the integration of artificial intelligence and machine learning capabilities in low code development platforms, are driving their adoption. These technologies enhance the functionality and flexibility of these platforms, further fueling market growth.
D) Key Takeaways:
1. The global Low Code Development Platform Market Growth is expected to witness high growth, exhibiting a CAGR of 26.8% over the forecast period, due to increasing demand for rapid application development. Organizations are adopting low code development platforms to meet the growing need for agile and scalable applications.
2. North America is expected to dominate the low code development platform market, followed by Europe and the Asia Pacific. The region's dominance can be attributed to the presence of key players and advanced technological infrastructure.
3. Key players operating in the global low code development platform market include Salesforce.com Inc., Appian Corporation, Microsoft Corporation, Magic Software Enterprises Ltd, Pegasystems Inc., Oracle Corporation, ZOHO Corporation, Mendix Inc. (Siemens AG), AgilePoint Inc., QuickBase Inc., Clear Software LLC (Microsoft Corporation), ServiceNow Inc., Skuid Inc., Outsystems Inc., and Temenos AG.
In conclusion, the global low code development platform market is expected to witness significant growth due to the increasing demand for rapid application development. These platforms offer several advantages, including reduced development time and cost-effectiveness, making them highly preferred by organizations across various sectors. The key trends, PEST analysis, and key takeaways discussed above shed light on the factors driving the market's growth and highlight the dominant regions and key players in the industry.
