Low-code Application Development Platform Market Size

Low-Code Application Development Platform Market size was valued at USD 10.5 billion in 2023 and is estimated to register a CAGR of over 21% between 2024 and 2032. The low-code application development platforms provide an attractive solution for companies seeking rapid development and adaptation of applications, addressing key factors such as speed, cost-effectiveness, flexibility, and ease of use. The increasing investments in low-code mobile app development platforms is a major factor contributing to the growth of the market.

For instance, in January 2024, FlutterFlow, a company developing a low-code platform catering to mobile app developers, has declared the completion of its USD 25.5 million Series A funding round. These investments provide resources for innovation, research, and development, enabling platform providers to enhance their offerings and expand their capabilities. This surge in investment activity reflects the growing demand for efficient and accessible solutions in the mobile app development landscape.

The increasing digitization across industries is also one of the major contributors to the low-code application development platform market expansion. Companies are emphasizing new app launches to enhance their customer experience. For instance, in September 2023, Family Dollar, an American variety store chain launched the new Family Dollar mobile app, which provides customers a completely new mobile shopping and saving experience.

The new apps feature a fresh interface and enhanced navigation which helps shoppers to manage coupons using the exclusive wallet feature. Low-code platforms empower IT departments and business users across departments to create applications that meet unique demands. This enables more focused digitalization initiatives, customized to specific departmental procedures and consumer engagements.

The low-code application development platform market faces a major barrier and challenge owing to high security concerns, potentially slowing down market growth. Low-code platform’s simplicity of use and visual nature can occasionally result in accidental security vulnerabilities, particularly when people with insufficient security experience are engaged. This raise worries about data breaches, illegal access, and other compliance difficulties, discouraging enterprises with stringent security needs from using these platforms. These security issues are a huge obstacle for low-code application development platform adoption as they cause uncertainty among enterprises, particularly those with strong security needs, limiting the overall market development.

Low-Code Application Development Platform Market Trends

The low-code application development platform industry is witnessing significant technological advancement. The use of Artificial Intelligence (AI) capabilities, such as intelligent code completion, context-aware recommendations, and automated testing makes application development easier for both professional and citizen developers. Natural Language Processing (NLP) offers natural language interfaces for engaging with platforms, making development more straightforward and accessible to people with a limited technical understanding. The inclusion of technologies, such as automatic security scans, data encryption, and access control methods, in the platform helps assure application security from the start.

For instance, in December 2023, Appian unveiled its Low-Code Security Studio, a suite of tools for building secure applications within the platform. This includes role-based access control, data encryption, and security testing functionalities, addressing growing concerns about security in low-code development.

Low-Code Application Development Platform Market Analysis

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Based on the enterprise sizes, the large enterprises segment held over 65% of the market share in 2023. Large organizations often have greater IT budgets and a large number of workers, allowing them to invest in low-code platforms while devoting resources to development and control. They engage expert developers to oversee platform development, interface with existing systems, and maintain security while allowing local coders to participate.

Large organizations have several divisions and complicated workflows, resulting in a wide range of application requirements that exceed traditional development skills. Low-code platforms provide flexibility and adaptability to meet these varying requirements without depending entirely on professional developers.

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Based on the end use, the IT & telecom segment accounted for 24% of the low-code application development platform market share in 2023. IT & telecom organizations require a wide range of internal applications for functions such as network administration, customer care, IT service management, and workforce productivity. Low-code platforms allow for faster creation and customization of these apps than traditional approaches. Also, the IT & telecom environments frequently include complicated and diverse systems and technologies. Low-code platforms have pre-built connectors and integration capabilities, making it easier to link new applications to the existing infrastructure.

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North America low-code application development platform market recorded around 30% of the revenue share in 2023. The region has a deeply ingrained culture of technology adoption across several businesses. Companies are more willing to try new technologies, such as low code, resulting in faster market penetration and growth.

The readily accessible skill pool of developers in the region allows for more efficient installation and exploitation of low-code platforms, particularly for complicated projects. The fast-paced corporate climate in North America demands quick responses and flexibility. Low-code platforms address this demand by allowing for quick application development and deployment, greatly desired by enterprises looking to remain competitive.

Low-Code Application Development Platform Market Share

Microsoft Corporation and Salesforce Inc. hold a significant market share of around 10% in the market. Microsoft Corporation creates an integrated low-code development environment by using its vast range of products and services including the Azure cloud platform, Power Platform, and Visual Studio. The company also integrates low-code development tools with current Microsoft programs to provide developers with a consistent experience.

Salesforce, Inc. integrates low-code development platforms with Salesforce CRM and other cloud services to allow for seamless data integration, workflow automation, and customer interaction. To offer clients a fully developed environment, the company also leverages Salesforce's network of cloud services including Heroku and MuleSoft.

Low-Code Application Development Platform Market Companies

Major companies operating in the low-code application development platform industry are:

• Appian Corporation
• Mendix
• Microsoft Corporation
• Oracle Corporation
• Outsystems
• Pegasystems, Inc.
• Quickbase, Inc.
• Salesforce Inc.
• ServiceNow, Inc.
• Zoho Corporation Pvt. Ltd.
  

Low-Code Application Development Platform Industry News

• In January 2024, Microsoft announced substantial upgrades to its Power Platform including AI capabilities and RPA technologies. This enables citizen developers to use AI for activities including data analysis and intelligent process automation, simplifying and streamlining application development.
  
• In November 2023, Mendix partnered with Amazon Web Services (AWS) to integrate its low-code platform with Amazon SageMaker. This enables developers to use pre-built AI models within Mendix apps, easing the integration of AI functions and reducing development time.
  

The low-code application development platform market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:

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Market, By Component

• Platform
• Services

Market, By Enterprise Size

• Large enterprises
• SME

Market, By Deployment Model

• On-premises
• Cloud

Market, By Application

• Web-based
• Mobile-based
• Desktop-based

Market, By End-Use

• BFSI
• Retail & e-commerce
• IT & telecom
• Education
• Automotive & manufacturing
• Healthcare
• Transportation & logistics
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA