May 25, 2024

Low Code Development Platform Drives Productivity and Efficiency Gains

 

The Low Code Development Platform enables citizen developers and organizations alike to rapidly develop and deploy applications with minimal hand-coding. It provides a drag-and-drop interface for visual development along with integration services to easily connect applications, databases, and APIs. This enables both technical and non-technical users to build complete web and mobile solutions without requiring in-depth knowledge of coding languages. Industries ranging from healthcare to finance have come to rely on Low Code Development Platforms to quickly prototype and deploy digital services that improve processes and optimize operations. The intuitive interfaces and pre-built components help organizations respond faster to changing needs while avoiding high development costs.

The global Low Code Development Platform Market is estimated to be valued at US$ 32.5 Bn in 2023 and is expected to exhibit a CAGR of 26% over the forecast period 2024. Low-code platforms have emerged as an alternative to traditional coding approaches to address the growing need for digital transformation across industries. As business models rapidly evolve in the digital era, low-code tools empower business units and process owners to manage their own application development needs. This increases agility compared to conventional software development lifecycles that rely heavily on IT departments and specialized developers.

Market key trends:
One of the major trends in the low code development platform market is the integration of artificial intelligence and machine learning capabilities. Leading vendors are embedding AI/ML features into their tools to automate routine development tasks and enable creation of intelligent apps. For example, intelligent recommendations based on previous code patterns can help speed up the design and assembly of new applications. Integration of AI also allows non-coders to build apps with advanced logic and automation without programming expertise. This expands the pool of ‘citizen developers’ who can contribute to digital transformation using low code platforms.

Porter’s Analysis
Threat of new entrants: The low code development platform market has a moderate threat of new entrants due to availability of specialized software and expertise required for developing robust platforms.

Bargaining power of buyers: Buyers have high bargaining power as there are many established players in the market providing low code development platforms with varied pricing and features.

Bargaining power of suppliers: Software suppliers have low bargaining power as there are many component providers and platforms allow custom components easing supplier dependence.

Threat of new substitutes: Threat from potential substitutes is low as platforms are continually innovating to provide robust no code/low code tools integrated with required functionality.

Competitive rivalry: The market has high competitive rivalry with major players differentiating through continuous product innovation and enhancements.

Key Takeaways
The global low code development platform market is expected to witness high growth.

North America holds the largest share of the market currently due to early adoption and presence of major players. However, the Asia Pacific region is expected to grow at the fastest pace during the forecast period with countries like China, India and Japan emerging as promising markets. Increasing investments in digital transformation and rising app development activity in Asia is fueling demand.

Key players operating in the low code development platform market include Microsoft, Salesforce, Caspio, Appian, Mendix, ServiceNow, AgilePoint, K2 and QuickBase. Players are enhancing offerings with new capabilities and features to address evolving demands and consolidate their market position. They are also focusing on partnerships to expand their geographic presence.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it