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Low-Code Development Platform Market Analysis by Industry Segments, Share, Application, Development, Growing Demand, and Top Key Players

The global market of low-code development platform attained a valuation of $10.3 billion in 2019 and it is predicted to generate a revenue of $187.0 billion by 2030. Furthermore, as per the estimates of P&S Intelligence, a market research company based in India, the market will demonstrate a CAGR of 31.1% between 2020 and 2030.

The burgeoning requirement for business digitization and lesser reliance on IT professionals and the increasing implementation of strict government policies are the major low-code development platform market growth drivers. With the increasing internet penetration and the rising rate of digital transformation, organizations operating in the manufacturing; banking, financial services, and insurance (BFSI); oil & gas; and automotive industries are rapidly adopting digital technologies for gaining a competitive edge in the industry.

 This is fueling the demand for low-code development platforms as these platforms play a crucial role in the entire digital transformation journey of a company, where they help organizations reduce their operational time and dependency on resources. Furthermore, with the surge in the requirement for business applications in various industries, the demand for low-code development platforms is mushrooming as these platforms allow companies to achieve faster digitization of their business processes such as finance and accounting, operations, and sales.


Besides this, the growing requirement for lesser reliance on IT professionals is also driving the advancement of the low-code development platform market. Backlogs in application development are the biggest obstacles faced by the IT departments of various industries. Business departments such as operations, accounting and finance, and human resource (HR) need several applications for improving the efficiency of their processes.

This is why any delay in the development of these applications massively affects the productivity of the organization. Due to this reason, companies have started adopting low-code solutions as these solutions help non-professional developers develop business applications, which, in turn, leads to lower operational expenditure and lesser dependence on IT departments.

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