Low-Code Application Development Platform Market Analysis

Low-Code Application Development Platform Market Analysis

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.
 

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.
 

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.