Global Low-Code Development Platform Market Size, Analysis And Industry Outlook, Forecasts, 2025 By Innovation Market Research, Inc

Low-code development platforms (LCDP) are integral tools to build and develop applications without any expertise. They allow the integration of other applications in order for other programs to use their code without any effort. The evolution of these programs has led to the emergence of citizen developers, i.e. developers without any former expertise on app development. It is also known as high productivity application platform-as-a-service (hpaPaaS). 

The low-code development platform market is anticipated to grow on account of high demand for customized enterprise applications. It can gain traction by marrying business with information technology and encouraging development of applications from citizen developers. The demand for mobile applications due to high penetration of smartphone industry is also expected to bode well for the market. In addition, the presence of Cloud infrastructure to include as many users on the platform is projected to play a key role in shaping the market in the forthcoming years.

The emergence of rapid application development (RAD) tools to encourage development of applications at low costs seems to be gaining traction among corporations. For instance, OnBase offers RAD platforms for enterprises to develop applications to streamline processes. Plus, the various offerings on cloud are expected to see a surge in adoption of low-code development tools. The integration of artificial intelligence in such software to ease coding issues is predicted to expedite the sales of these tools.

The Global Low-Code Development Platform Market size is expected to expand at a significant CAGR from 2020 to 2025 (forecast period).  The worldwide low-code development platform market is fragmented on the basis of type, application, and region. By type, the market is divided into Cloud and on-premise. Key applications include retail and eCommerce; energy and utilities; telecom and IT; healthcare and life sciences; government; manufacturing; banking, financial services, and insurance (BFSI); and others.

Major regions covered in the report include India, China, Japan, United States (U.S.), Southeast Asia, and European Union (EU). The U.S. market for low-code development platform is expected to register a high growth rate over the forecast period. This expansion can be attributed to the presence of major IT companies and leaders from other industrial sectors setting up base in the region. In addition, the foray of software giants such as Google and Microsoft into the market to ensure seamless service to their clients is predicted to spur market growth.

The India market is predicted to grow robustly owing to demand for software automation, low cost of developing applications, and ease of doing business. The China market is anticipated to grow by leaps by focusing on customer experience in nearby regions. The aim to shed its copycat image and move into the big leagues has led to constant innovation. In addition, the collaboration with overseas firms and influx of capital by venture capital firms are factors expected to augur low-code development platform market growth.

The EU low-code development platform market is expected to hold lucrative prospects in terms of revenue over the forecast period owing to rising investment in development platforms and high demand for customer applications. High performance of low-code tools in comparison to their counterparts is another factor driving market growth. The increasing adoption of these applications in Latin America, Africa, and the Middle East regions is expected to open up new avenues for expansion for hpaPaaS vendors.