2025 Low-Code Development Platform Market Outlook | Pricing Strategy, Industry Latest News | Top Company Analysis, Share
According to a research report “Low-Code Development Platform Market by Component (Platform and Services), Application Type, Deployment Type (Cloud and On-Premises), Organization Size (SMEs and Large Enterprises), Industry, and Region – Global Forecast to 2025” published by MarketsandMarkets, The low-code development platform market is projected to grow from USD 13.2 billion in 2020 to USD 45.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 28.1% during the forecast period. The increasing need of digitalization and maturity of agile DevOps practices are expected to enhance the use of low-code development platform market across the globe. The study involved four major activities to estimate the current size of the low-code development platform market.
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By industry, the BFSI industry to grow at the highest CAGR during the forecast period
The BFSI industry requires market services and platform on a large-scale due to the voluminous information produced across these organizations. Organizations have implemented low-code development platform and services to improve the automation in the customer service business functions, as customer service is the core factor responsible for customer acquisition and retention in the BFSI industry. This industry frequently keeps introducing new and improved financial products and services to enhance its business operations, which makes it attractive for the low-code development platform providers to offer advanced solutions to the industry.
By application type, the web-based segment to grow at the highest CAGR during the forecast period
Web application is considered as a face of an organization and by using the low-code development platform organizations can roll out user-defined web-based applications quickly. Instead of writing the programming language for the development of web-based applications, employees with less development experience can also create sophisticated applications. For those who has relevant experience, this platform can ease out the daily work chores and can even help them create more custom web-based applications by integrating already existing digital ecosystems.
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By region, North America to account for the highest market share during the forecast period
North America has the presence of several prominent market players delivering low-code development platform and services to all end users in the region. The US and Canada both have strong economic conditions and are expected to be major contributors to the growth of the low-code development platform market. The geographical presence, significant Research and Development (R&D) activities, partnerships, and acquisitions and mergers are the major factors for the deployment of low-code development platform and services. The major vendors, such as Salesforce, Microsoft, Appian, and Pegasystems, offer enhanced low-code development platform and services to cater to the needs of customers which fuels the growth of the global market in North America.
The vendors covered in the market report include Salesforce (US), Microsoft (US), Appian (US), Oracle (US), Pegasystems (US), Magic Software Enterprises (US), AgilePoint (US), OutSystems (US), Zoho (India), Quick Base (US), LANSA (US), Fujitsu RunMyProcess (France), Netcall (UK), WaveMaker (US), and K2 (US).
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