According to a report by P&S Intelligence, in 2019, the global low-code development platform market attained a value of $10.3 billion and is projected to generate a revenue of $187.0 billion by 2030, advancing at a 31.1% CAGR during the forecast period (2020–2030). Both solutions and services are offered by the low-code development platform, between which, the larger demand was created for different solutions in the past.
This is due to the rising adoption of low-code development platform across different industries. The demand for general purpose low-code development platform was the highest in the in 2019, since it provides a n extensive range of web and mobile applications with wide collections of declarative tools. Due to this, companies are increasingly offering better mobile-based applications by leveraging low-code development platform.
Geographically, North America has emerged as the largest low-code development platform market in the past few years, owing to the presence of a large number of mobile and web developing companies, surging penetration of internet, and high disposable income of people in the region. Other than this, the need for these platforms is also expected to increase in the Asia-Pacific region in the coming years, as a large percentage of the population in the region relies heavily on their mobile phones for accessing internet.
A number of industries make use of low-code development platforms, including energy & utilities, information technology (IT), education, banking, financial services, & insurance, media & entertainment, retail, manufacturing, healthcare, and government. In the past, the IT industry made the most use of low-code development platform. IT organizations develop several web and mobile applications and other third-party applications.
The adoption of different solutions was higher in the past, since companies do not need to hire software developers by making use of these solutions. Other than this, the demand for low-code development services is also projected to increase in the years to come, which is owing to the rising need for integration, implementation, and consulting services. In addition to this, the demand for these services is also growing due the rising need for upgradation, technical expertise, maintenance, and monitoring of low-code platforms.