<h2>How Big is the Low-code Market?</h2><p>Low-code development platforms are rapidly gaining market attraction with its market value being estimated at <a href="https://www.statista.com/statistics/1226179/low-code-development-platform-market-revenue-global/">32 billion in 2024</a>, an almost 10 billion dollar increase from just two years prior. </p><p>This growing adoption of low-code platforms is primarily due to the demand for hyper-automation — the process of automating business systems and IT processes. With low-code platforms, businesses can quickly develop and automate their systems using citizen developers instead of individuals with high technical expertise. </p><p>Before jumping too far ahead, let’s first get a better understanding of what low-code platforms are.</p><p> </p><h2>What Are Low-Code Development Platforms? </h2><img src="/sites/default/files/slide-1-min.png" data-entity-uuid="049752a5-0172-40f2-922b-a06389f9c314" data-entity-type="file" alt="" width="1020" height="415"><p> </p><p>As the name suggests, low-code development platforms require little to no code to operate. Instead of having to manually write each line of code, these platforms often use a drag-and-drop approach. In other words, low-code platforms utilize a set of building blocks that individuals with little to no coding experience can use to create, for example, their own custom apps. </p><p>While in the past, the development process was long and could only be done by those with high technical expertise, with low-code solutions, the development time and costs associated with employing highly skilled individuals have been cut down dramatically. </p><p>As a result, the low-code market has exploded. With that being said, here are some key insights into the ever-evolving low-code market.</p><p> </p><h2>5 Key Insights on the Low-Code Platform Market</h2><img src="/sites/default/files/slide-2-min.png" data-entity-uuid="720ed8a3-6bd1-459d-93e8-60f6d926491a" data-entity-type="file" alt="" width="1020" height="415"><p> </p><h3>1 - Evolution of the Low-Code Development Market (2020 to 2029) </h3><p>In 2020, the low-code development platform market revenue stood at 12.85 billion dollars. By 2023, it was predicted that this number would more than double, reaching 26.9 billion. It is estimated that it will continue to grow with a CAGR (Compound Annual Growth Rate) of 26.1 percent. </p><p>According to Mordor Intelligence, this percentage may rise to 30.9 percent throughout the 2024 to 2029 period. </p><h3>2 - Key Adopters by Market Share </h3><p>In the past, the IT and telecommunication industries held the largest market share according to <a href="https://www.fortunebusinessinsights.com/low-code-development-platform-market-102972">Fortune Business Insights</a> at 24.2 percent. The BFSI and healthcare industries also held a large share with the retail, education, and entertainment industries just starting to adopt low-code solutions in 2020. </p><h3>3 - Regions with Significant Market </h3><p>Growth North America is currently the largest market for low-code platforms; however, Asia Pacific is expected to hold the largest market share in the near future due to friendly government policies as well as large corporations, such as Huawei, adopting low-code solutions. </p><p>Furthermore, in 2020 alone, <a href="https://www.fortunebusinessinsights.com/low-code-development-platform-market-102972">50 percent</a> of top executives across the Asia Pacific region planned to implement low-code solutions in their organizations. </p><h3>4 - Top Industry Players</h3><p>Salesforce, Microsoft, Oracle, Appian, and Mendix are some of the top industry players offering low-code solutions. With AI becoming more popular, Salesforce, Microsoft, Medix, and others such as OutSystems and UiPath are introducing AI into their platforms allowing developers to “farm” out tasks to their virtual AI assistants. </p><h3>5 - Low-Code Industry Segmentation </h3><p>The low-code development platform industry is segmented into five parts with each platform varying depending on the application type, organization size, development type, industry use, and geographical location. </p><ul><li><strong>Application Type</strong>—Mobile, web, or server-based. </li><li><strong>Organization Size</strong>—Small and emerging companies to large corporations. </li><li><strong>Development Type</strong>—Local use or cloud-based use. </li><li><strong>Industry Use</strong>—Healthcare, IT, BFSI, Retail, etc. </li><li><p><strong>Geographical Location</strong>—North America, Asia Pacific, Europe, etc. </p><p> </p></li></ul><h2>Why Is the Low-Code Development Market Seeing Significant Growth?</h2><img src="/sites/default/files/slide-3-min.png" data-entity-uuid="85da753c-d9cc-4adb-bc3e-9ad7d2f95ac4" data-entity-type="file" alt="" width="1020" height="415"><p>The low-code development market is seeing significant growth primarily due to the ease of use and quick development process. Instead of having to build, for example, an app from scratch, an individual with little to no coding experience can build the app using a set of pre-programmed building blocks. </p><p>This not only saves time during the development process but also significantly reduces the costs associated with app development. As a result, low-code solutions have become an effective tool in the hyper-automation process.</p><p>Furthermore, many companies are adopting a composable mindset. This mindset revolves around the idea of developing a component-based architecture that allows for combining, reusing, and reorienting components of apps to allow for greater efficiency and flexibility when creating new apps. </p><p>Low-code solutions allow for the component-based model to thrive because of its modular building block interface.</p><p>Lastly, highly skilled individuals with the necessary expertise to build custom applications from scratch are hard and expensive to come by. Because of low-code platforms, companies can opt to use citizen developers instead, reducing expenses and allowing for quicker development times.</p><p> </p><h2>Summary </h2><p>All in all, the low-code development market is sure to grow in the coming years, with some estimates suggesting a CAGR of 30.9 percent. Low-code solutions are quickly replacing traditional full-code solutions. This is in large part due to the ease of use of low-code platforms along with the ability to develop custom applications in significantly less time by utilizing pre-programmed building blocks.</p><p> </p><hr><p> </p><p>Looking for a low-code platform that doesn't compromise on customization? <a href="https://qodly.com/" target="_blank">Qodly</a> offers the best of both worlds, allowing you to build web apps quickly and efficiently while still having the flexibility to add your own code.</p>