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.