Latest News- Low Code Development Platform Market: Platform is expected to lead the Product segment during 2025-2029

The Low Code Development Platform Market is being driven by Pricing strategies of market companies

The Low Code Development Platform Market is expected to grow at a CAGR of 41.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 89685.8 million. Market players from sectors including information technology solutions, telecommunications network infrastructure, banking and finance, healthcare, utilities, retail, and healthcare, are actively investing in low code development platforms. This trend is driven by the rapid deployment of 5G technology, with various governments collaborating with industry participants to accelerate its rollout. The digital transformation of businesses is expected to significantly value edge computing services across industries. Low code development platforms continue to innovate, offering new and enhanced tools and services to streamline business processes. The shift towards cloud-based processing via mobile cloud computing nodes will provide users with quicker processing power and smaller form factors, benefiting them throughout the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Platform
  • Services
• Deployment
  • On-premises
  • Cloud-based
• Sector
  • Small and medium enterprises (SMEs)
  • Large enterprises
• Geography
  • North America
    • Canada
    • Mexico
    • US
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Pricing strategies of market companies
• Growing need for rapid customization
• Enterprise mobility enables users to develop business applications

However, the market also witnesses some limitations, which are as follows:

• Low skillset in emerging economies
• High dependency on company-supplied customization
• Need for upgradation of legacy software

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Market Scope in Low Code Development Platform Market Research Report

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Research Analysis Overview

The Low Code Development Platform Market encompasses model-driven development and declarative programming for creating applications through user-friendly application development tools. Deployment, monitoring, and migration to the cloud are facilitated, along with customization, integration, and data governance. Security best practices, including cloud security, data privacy, and data security, are prioritized. User authentication, access control, disaster recovery, business continuity, high availability, fault tolerance, and performance optimization are also ensured. Application performance monitoring, user adoption, change management, open-source community, developer portal, API documentation, and developer resources further enhance the platform's value.

Market Research Overview

The Low Code Development Platform market is a segment of the larger IT software industry, focusing on companies providing application development and management solutions. This market caters to the growing demand for citizen developers, offering visual development tools, drag-and-drop interfaces, and pre-built templates. Technavio sizes the market based on revenue generated by vendors, encompassing application lifecycle management, application modernization, and other related offerings. This market falls under the system software category, which includes application development and management software, cloud computing software, IT management software, and more, as defined by the global IT software market.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
Website: www.technavio.com/