The global Low Code Development Platform market size is expected to grow from USD 12.44 billion in 2021 to USD 50.09 billion by 2027 at a CAGR of 26.1%.
The growing demand for digital performance and the maturity of DevOps' old practices are expected to improve the market utilization of low-cost development platforms worldwide.
By industry, the BFSI industry is anticipated to hold the largest share during the forecast period. The BFSI industry needs market and platform services on a large scale due to the vast amount of information produced in all of these organizations. Organizations use the platform to develop sub-codes and services to automate customer service business operations, as customer service is an important factor in customer acquisition and retention in the BFSI industry. The industry often introduces new and improved financial products and services to improve the performance of its business, making it attractive to low-code development platform providers to offer advanced solutions to the industry.
By application type, the web-based component is expected to hold the largest share during the forecast period. The web application is considered the face of the organization and by using low-level code development organizations they can download web-based applications defined by the user instantly. Instead of writing a programming language for web-based applications for development, employees with little development experience can also create complex applications. For those with the right experience, this platform can streamline day-to-day activities and help them create custom web-based applications by integrating an already existing digital ecosystem.
Regionally, North America is expected to hold the highest market share during the forecasting period. North America has the presence of a few outstanding market players who bring a platform to develop low codes and services to all end-users in the region. The US and Canada both have strong economic conditions and are expected to contribute significantly to the growth of the low-code development platform market. Location availability, key Research and Development (R&D) activities, partnerships, acquisitions, and integration are key aspects of the distribution of low-level development code and services. Major retailers, such as Salesforce, Microsoft, Appian, and Pegasystems, offer a low-cost development platform and services to address customer needs that promote global market growth in North America.
The major players in the global Low Code Development Platform market are Microsoft (US), Salesforce (US), Appian (US), Oracle (US), Pegasystems (US), Magic Software Enterprises (US), AgilePoint (US), OutSystems (US), Zoho (India), Quick Base (US), Fujitsu RunMyProcess (France), Netcall (UK), LANSA (US), WaveMaker (US), and K2 (US).