Global Low-Code Development Market to Surge with a 31.4% CAGR by 2030

NEW YORK - Sept. 5, 2024 - PRLog -- The low-code development platform market, valued at USD 24.8 billion in 2023, is projected to reach USD 167.0 billion by 2030, expanding at a CAGR of 31.4%. The growing demand for business digitization is a major driver of this growth.

As the digital revolution progresses, industries like manufacturing, BFSI, oil & gas, and automotive are rapidly adopting digital solutions to maintain a competitive edge. Low-code development platforms play a crucial role in accelerating digital transformation by reducing the time and resources traditionally required for software development.

In today's challenging economic climate, businesses are striving for greater efficiency with limited resources. This creates the need for an effective time-to-market (TTM) strategy to keep consumers engaged with innovative features and applications. Digital transformation across sectors such as healthcare, BFSI, retail, and education has significantly enhanced operational efficiency.

Market Insights: In 2023, North America dominated the market with a 45% share, driven by the rapid adoption of digital technologies and the presence of major players. The APAC region is expected to grow the fastest, with a CAGR of 31.8%, due to increasing internet usage and the need to reduce operating costs.

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In 2023, the solutions segment led the market with over 70% share, as businesses across sectors adopt these platforms to cut long-term operational costs. The services segment is expected to grow at a CAGR of 31.6%, fueled by demand for integration and implementation services.

Cloud-based deployment is leading the market, with projected growth of 31.5%. The cloud offers real-time access to monitor and manage applications, making it a popular choice for low-code platform deployment. Large enterprises held a 65% market share in 2023, benefiting from larger budgets and the need to develop numerous applications quickly. However, small and medium-sized enterprises (SMEs) are projected to grow faster, with a CAGR of 31.7%, as they increasingly adopt cloud-based low-code platforms to overcome cost and resource barriers.

The IT sector contributed the largest share to the market in 2023, with approximately 30%, due to the rapid adoption of new technologies. The low-code development platform market is highly fragmented, with significant competition driven by advancements in digital technologies like predictive analytics, machine learning, and AI.