Throughout the projected period, there is expected to be a CAGR of 28.4% in the usage of Low Code Development platforms. The market for low-code development platforms is expected to grow from US$21,363.5 million in 2023 to US$259,922.1 million in 2033.
Digital transformation across a number of industrial sectors continues to be the key market factor impacting the use of low-code development platforms. The key value proposition of low-code development platforms is what is causing the market to grow across all geographical markets. This value proposition includes providing a foundation for digital transformation initiatives, accelerating digital transformation projects, improving operational efficiency, addressing the issues related to the lack of qualified developers, removing operational bottlenecks, and eliminating the need for significant customization for legacy systems.
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Although low-code solutions are not new, demand has increased significantly over the past two years as businesses have struggled to meet stakeholder demands for greater digital transformation. Low-code tools enable businesses to deliver business apps more quickly, accelerating their efforts in digital transformation. Low-code technologies also significantly cut down on the time needed for innovation.
The fact that not all low-code-based tools and platforms interface with every programme raises concerns within the industry. Hence, in order to avoid future issues, the developer and designer must take into account the limited integration capacity when building the product.
The rapid adoption of digital solutions by organisations for streamlining and optimising corporate operations has been facilitated by the widespread use of the internet, cloud computing, mobile technology, and other developments.
Additionally, it is anticipated that the adoption of DevOps and the growing impact of consumer-originated technologies on corporations will result in a dramatic increase in the need for low-code development platforms in the coming years.
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What are the main elements fueling the market expansion for low code development platforms?
Artificial intelligence technologies are influencing market growth.
All industries are increasingly incorporating AI. Businesses have prioritised AI strategically in their efforts to transform the way they do business. In terms of AI technology for software and application development, the concept of low-code artificial intelligence is revolutionary.
Key Segments Covered in the Low Code Development Platform Market Report
By Solutions:
- Platform
- Services
By Deployment:
- On-Premise
- Cloud-Based
- Web-Based
By Enterprise Size:
- Small Offices
- Small Enterprises
- Medium-Sized Enterprises
- Large Enterprises
- Very Large Enterprises
By Industry:
- Services
- Distribution Services
- Public Sector
- Finance
- Manufacturing and Resources
- Infrastructure
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
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