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Economic forecasting

Low Code Development Platform Market Size & Growth Analysis

Strategic Insights

— 2 min read

The low code development platform market is rapidly evolving, driven by organizations' need to transform themselves faster in the changing business landscape. By 2024, more than 65% of application development is expected to use low-code tools, growing further to about 70% by 2025. The market is growing due to the increasing need for rapid application development, expanding digital transformation among enterprises, and a confluence of factors increasing complexity in software development, talented developer shortages, and growing demands for digital transformation initiatives.

Key Takeaways:

  • The low code development platform market size was recorded at USD 22.80 Billion in 2023 and is expected to surpass USD 271.7 Billion by 2032, growing at a CAGR of 31.7% over the forecast period of 2024-2032.
  • The BFSI segment led the market with a revenue share of over 26% in 2023, driven by the increasing focus on digital transformation, regulatory compliance, and customer experience enhancement.
  • Cloud deployment accounted for more than 55% of the market share, driven by the scalability and flexibility of cloud-based services.
  • North America held the dominant position in the low code development platform market, driven by early adoption of digital technologies and the presence of established IT infrastructure.
  • The competitive landscape is dynamic and influenced by mergers, acquisitions, and product launches.
  • Low-code platforms will help businesses innovate more, save costs, and improve customer experiences.
  • The market is expected to grow due to the increasing need for rapid application development, expanding digital transformation among enterprises, and a confluence of factors increasing complexity in software development, talented developer shortages, and growing demands for digital transformation initiatives.

Statistics:

  • The low code development platform market is expected to grow from USD 22.80 Billion in 2023 to USD 271.7 Billion in 2032, growing at a CAGR of 31.7% over the forecast period.
  • The BFSI sector accounted for over 26% of the market share in 2023, driven by the increasing focus on digital transformation, regulatory compliance, and customer experience enhancement.
  • Cloud deployment accounted for more than 55% of the market share in 2023, driven by the scalability and flexibility of cloud-based services.
  • North America held the dominant position in the low code development platform market, driven by early adoption of digital technologies and the presence of established IT infrastructure.
  • The low code development platform market is expected to grow due to the increasing need for rapid application development, expanding digital transformation among enterprises, and a confluence of factors increasing complexity in software development, talented developer shortages, and growing demands for digital transformation initiatives.

Sources:

  • SNS Insider Research
  • GlobeNewswire
  • SNS Insider
  • Global Data Point
  • SyndiGate Media Inc.

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