Low Code Development Platform Market Overview:

The Low Code Development Platform market industry is projected to grow from USD13.5542 Billion in 2023 to USD 142.5916243 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 34.20% during the forecast period (2023 - 2032).

Low code development platforms (LCDPs) are software development environments that enable users to create applications with little to no coding experience. LCDPs use a variety of visual tools and drag-and-drop interfaces to make it easy for users to build applications without having to write a lot of code.

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Key Companies:

Some of the key companies in the low code development platform market include:

  • Salesforce
  • Appian
  • Mendix
  • Microsoft
  • Pegasystems
  • Zoho
  • OutSystems
  • Oracle Corporation
  • ServiceNow
  • TrackVia
  • K2

LCDPs are gaining popularity as businesses increasingly look to digitize their operations and develop new applications quickly and efficiently. LCDPs can help businesses to:

  • Reduce development time and costs
  • Improve the agility and adaptability of their IT systems
  • Empower citizen developers to build applications without having to rely on IT teams
  • Improve the quality and reliability of their applications

 

Market Segmentation:

The low code development platform market can be segmented by component, deployment mode, application type, organization size, industry vertical, and region.

By Component:

  • Platform
  • Services

By Deployment Mode:

  • On-premise
  • Cloud

By Application Type:

  • Web-based
  • Mobile-based
  • Desktop & server-based

By Organization Size:

  • Small & medium-sized enterprises (SMEs)
  • Large enterprises

By Industry Vertical:

  • BFSI
  • IT and telecom
  • Manufacturing
  • Healthcare
  • Retail and e-commerce
  • Government
  • Others

 

Regional Insights:

North America is the largest market for low code development platforms, followed by Europe and Asia Pacific. The high demand for LCDPs in North America is attributed to the presence of a large number of technology companies and the rapid adoption of digital technologies in the region.

The European market for LCDPs is expected to grow significantly in the coming years, driven by the increasing adoption of LCDPs by SMEs and government agencies.

The Asia Pacific market for LCDPs is the fastest-growing market in the world, driven by the growing demand for digital transformation in the region.

 

Industry Latest News:

  • September 2023: Mendix acquires Digital.ai, a leading provider of low code application development solutions for DevOps.
  • August 2023: Microsoft launches Power Apps Portals, a new low code development platform for building and deploying custom portals.
  • July 2023: OutSystems launches OutSystems 11, the latest version of its low code development platform, with new features for building and deploying AI-powered applications.

 

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Conclusion:

The low-code development platform market is a rapidly growing market with a lot of potential. LCDPs offer a number of advantages over traditional coding-based software development, including reduced development time and costs, increased agility, and improved democratization of software development. As a result of these advantages, LCDPs are being increasingly adopted by businesses of all sizes and across all industries.

The key companies in the low-code development platform market are Salesforce, Appian, Mendix, Microsoft, Pegasystems, Zoho, OutSystems, Oracle Corporation, ServiceNow, TrackVia, and K2. These companies offer a variety of LCDP solutions that cater to the different needs of businesses.

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