Low-Code Development Platform Market to Witness 45.2% CAGR in Near Future

The workflow of several industries, including manufacturing, banking, financial services, & insurance (BFSI), oil & gas, and automotive, has been disrupted due to the rapid digitization. Organizations are now being compelled to adopt digital technologies if they want to stay relevant in their respective markets. As per the World Economic Forum, in 2019, various industries, majorly retail, BFSI, and manufacturing, are predicted to allot approximately $1.2 trillion for digital transformation, with a year-on-year rise of 18.0%. The investments are further expected to reach $2.4 trillion by 2022. The swift digitization across the globe will result in growing demand for business applications across different industries, and the low-code development platform is projected to be of significant importance as it will enable rapid digitization of business processes, such as operations, sales, and accounting & finance.

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With the utilization of the low-code development platform, application developers of different experience level can create applications for mobile and web. It is basically a visual development approach to application development. Non-technical developers as well as professional developers can take advantage of this technology; while these platforms relieve the former from having to write a code, they help the latter escape from taking care of minute and basic details required during the application development process. In 2018, the global low-code development platform market generated a revenue of $5.6 billion and is predicted to attain $52.3 billion, advancing at a 45.2% CAGR, in the coming years.

Small & medium enterprises (SME) as well as large enterprises make use of the low-code development platform. The larger demand for the technology, however, was created by large enterprises in 2018. The reason for this was the allocation of higher budget for the adoption of the low-code development platform by large enterprises, so that they can develop new applications for their operations in less time. The faster growth in demand for the low-code development platform is expected to be witnessed by SMEs in the near future. This is because of the high adoption of this technology by SMEs for reducing the use of resources and cost for application development.

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In 2018, the North American region was the largest user of the low-code development platform due to the increased mobile application usage and the presence of a large number of IT companies. The smartphone adoption rate in North America was nearly 80% in 2018 and is projected to grow to 90% by 2025, as per the GSM Association. Because of this swift penetration of smartphones, the adoption of smartphone applications for several purposes, including banking, online gaming, online purchasing, social media interactions, and messaging, is also growing. The fastest growth in demand for the low-code development platform is projected to be registered by the Asia-Pacific region in the coming years because of the surging smartphone and internet penetration, expanding IT service industry, and quick economic growth in major countries of the region.

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