The low code development platform enables the development of applications with minimal or no coding. It utilizes visual configurations and components/widgets rather than complex code languages like C++ and Java. The graphical user interface of low code development platforms allows business users and developers to easily design application workflows, layouts, components, and connections visually. Business users with little to no code experience can build mobile and web applications using low code development platforms. This significantly reduces the time and resources required for application development as compared to traditional methods. Key features of low code platforms include drag-and-drop interface, reusable pre-built components, built-in API integration, code generation, database schema, and security management. Industries such as healthcare, retail, banking, and manufacturing are increasingly adopting low code platforms for rapid custom application development.

The Global Low Code Development Platform Market is estimated to be valued at US$ 19.68 Bn in 2024 and is expected to exhibit a CAGR of 26% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the low code development platform are 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., Temenos AG. Salesforce.com Inc. and Appian Corporation are the dominant players in the market.

The growing demand for custom mobile and web applications across industries is driving the adoption of low code development platforms. Industries are under pressure to rapidly develop and deploy customized applications to enhance customer experience and internal workflows. Low code platforms help meet this demand cost-effectively.

Major players in the low code development platform market are focusing on geographical expansion by strengthening their presence across North America, Europe, APAC and other regions. For instance, in 2021, OutSystems announced the expansion of its operations in India by opening a new technology center in Pune to further serve customers in the region.

Market Drivers

Increasing need for rapid application development for changing business needs is a major factor accelerating the adoption of low code platforms. Organizations need to adapt quickly to market trends and offer enhanced customer experiences through customized applications. Low code platforms help reduce the time required for application development significantly. This allows businesses to modify existing applications or build new ones faster as per changing requirements. The rapid application development capability of low code is driving its increased demand across industries.

Current geopolitical situation is impacting the growth of the Low Code Development Platform Market in the following ways:

The ongoing Russia-Ukraine conflict has disrupted global supply chains and pushed up inflation across Europe and other regions globally. The conflict has also diverted investments away from digital transformation initiatives towards defense spending. This is negatively impacting the adoption of low code platforms for application development and modernization among enterprises in these regions in the near term.

The rising geopolitical tensions between the US and China are also contributing to fragmentation in technology solutions and standards. This is expected to weaken Chinese vendors' positions in international markets for low code solutions. However, low code platforms allow organizations to build applications quickly with less dependence on external software and service providers, reducing their vulnerability to geopolitical risks to some extent.

Going forward, low code platform providers will need to focus on enhancing application portability, interoperability and security features of their solutions to help customers mitigate risks arising from shifting political scenarios and trade barriers globally. They must also work on strengthening local support infrastructure to comply with evolving regulatory policies, especially data sovereignty laws across different jurisdictions. Establishing strategic local partnerships will be another key area to watch for platform vendors.

In terms of value, the North American region presently holds the largest share of the overall Low Code Development Platform Market, owing to rapid digital transformation initiatives among enterprises across industries. The availability of advanced IT infrastructure, large IT budgets, and growing adoption of cloud-based solutions further propels the regional market.

However, the Asia Pacific region is emerging as the fastest growing market for Low Code Development Platform Market. This can be attributed to rising investments in digital technologies by governments and businesses, increasing internet penetration, and a growing skilled workforce in countries like India, Japan and Australia. The rapid economic growth and emergence of startups in the Asia Pacific are also catalyzing the uptake of low code platforms to accelerate application delivery.