Low Code Development Market is Forecasted to Reach US$ 241.9 Billion by 2034

The global low code development market is estimated to have a value of US$ 22.5 billion in 2024 and is calculated to increase at a CAGR of 26.8% to reach US$ 241.9 billion by the end of 2034.

Advancements in low-code development platforms are attracting a lot of interest from the IT and medical industries. They are offering SMEs the sense of flexibility to develop custom applications with nominal coding and minimal cost as compared to conventional coding, empowering millions of SMEs to take the lead in allowing ideas to turn into reality.

Historically, from 2017 to 2021, demand for low code development solutions inclined at a CAGR of 25%. The pressure to respond dynamically has hindered the efficiency of digital solutions, which, in turn, has accelerated the adoption of no code or low code. Low code development platforms have opened the gates for organizations of any size to reach the industry benchmark in application development.

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Owing to lower cost and nominal lead time, low code development platforms have become the go-to platforms, wherein, hastening business revolution will be the driving force with nearly 50% of influence for growth. 58% of IT professionals state that their organization is excited by digital acceleration, which has created a new urgency for faster and more collaborative development.

What makes the United States an epicenter for low-code development?
The United States is a market leader in cloud computing, with some of the industry’s prominent corporations present there. US developers are at the forefront of low code development. In the US, four out of every five companies are now using low-code development as opposed to 77% worldwide, and three out of five employees are now using low-code apps as opposed to 56% globally.

As a result, the American business is under greater time pressure than other businesses since 72% of key software projects fail to arrive by the deadline, whereas 67% fail to arrive at schedule globally. The United States is the world’s largest IT market, accounting for 32% or US$ 1.7 trillion in 2020. The IT sector in the United States, as well as many other countries, accounts for a considerable amount of economic activity.

Key players in the Low Code Development Market

• Adobe
• Ascertia
• DocuFirst
• DocuSign Inc.
• Entrust Datacard Corporation
• Wolters Kluwer N.V
• Kofax Inc.
• Nintex U.K Ltd.
• OneSpan
• eDOC Innovations

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Competitive Landscape
Strategic collaborations enable manufacturers to increase production and meet consumer demand which will increase revenue and market share. New products and technologies will enable end-users to benefit from new technologies. The result of a strategic collaboration can help the company to increase its production capacity.

• In 2021, AppGyver Oy was acquired by SAP, which is one of the leading players providing low code development platforms. AppGyver Oy has capabilities for SAP to integrate to develop web and mobile applications. Through the integration of AppGyver’s offering with SAP’s own in-house low code capabilities, SAP develops workflows, forms, and case management through digital platforms.
• AppSheet was acquired by Google in 2020, which offers low code development platforms, with Google is aiming to broaden its cloud platforms to capitalize on the megatrend and offer services to its existing customer base.

Key Segments Covered in the Low Code Development Industry Survey

By Deployment

• Cloud
• Private
• Public
• Hybrid
• On-premise

By Type

• General Purpose Platform
• Database Application Platform
• Mobile Application Platform
• Process Application Platform
• Request Handling Platform
• Others

By Application Type

• Collaboration Site
• Electronics Forms
• Business Intelligence & Analytics
• Business Rules Management
• Predictive Analysis
• Other Application

By Enterprise

• Small & Medium Enterprise (SMEs)
• Large Enterprise
• By Use Case
• IT & Telecommunication
• BFSI
• Retail & E-commerce
• Education
• Manufacturing
• Healthcare
• Government
• Defense
• Others