The low code development platform enables business users and developers to build applications and solutions through a graphical user interface. It provides the capability to create, manage, and deploy applications using configurable templates and without writing code or with minimal coding. The global Low Code Development Platform Market is estimated to be valued at US$ 27.2 billion in 2023 and is expected to exhibit a CAGR of 26.% over the forecast period 2024, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Democratization of application development refers to enabling more people to develop applications, including those without in-depth coding knowledge like business analysts and domain experts. Low code development platforms allow business users to build applications through a drag-and-drop interface and configure settings using simple languages like JavaScript instead of traditional coding. This has boosted productivity and accelerated app development cycles as more users can contribute ideas and build solutions without relying on expensive developers. The visualization, automation, and model-based nature of low-code tools have made application development more accessible for citizen developers across organizations, allowing for greater transparency and agility in software development.
SWOT Analysis
Strength: Low code platforms provide an efficient way to build applications with little to no coding. They offer a drag-and-drop interface for visual development.
Weakness: Skills gap still exists as developers trained in traditional coding languages may find low code platforms difficult to learn. Security risks can also arise if proper testing and governance is not established.
Opportunity: Many businesses are looking for ways to digitally transform without increasing reliance on expensive custom coding. Low code enables greater engagement of citizen developers.
Threats: Vendors in traditionals development tools may acquire low code companies or develop competing products. Regulations around data privacy and security tend to make software buyers more cautious of newly emerging technologies.
Key Takeaways
The global Low Code Development Platform market is expected to witness high growth.
Regional analysis shows that North America currently dominates the market owing to rapid adoption of advanced technologies to optimize business processes. Europe is another major regional market for low code platforms.
Key players operating in the Low Code Development Platform market are Appian, Salesforce, ServiceNow, AgilePoint, Bizagi, Caspio, K2 and Mendix. Low code is becoming an essential part of application development strategies as it allows organizations to develop apps internally without extensive coding skills. The rapid pace of digital transformation across industries has increased demand for platforms that simplify and accelerate software delivery.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
