According to Fact.MR, the global low code development market will grow at a 29.5% CAGR from 2022 to 2032, reaching US$ 187 billion by the end of the forecast period. With minimal code development technology taking the lead, the software and application development sector is on the edge of disruption.
The demand for low-code development solutions has historically increased at a CAGR of 25% from 2017 to 2021. The need to react quickly has made digital solutions less effective, which has sped up the adoption of no code and minimal code. Platforms for low-code development have made it possible for businesses of all sizes to produce applications to the standard set by the industry.
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Anticipated Market Value in 2022
US$ 14 Bn
Forecasted Market Value in 2032
US$ 187 Bn
Global Growth Rate (2022-2032)
Market Share of U.S
Revenue Share of China
Low code development platforms have gained popularity because to their reduced costs and shorter development times; this will accelerate the business revolution, which will have a roughly 50% positive impact on growth. The excitement surrounding digital acceleration, which has increased the need for quicker and more collaborative development, is expressed by 58% of IT workers in their organisations.
Important conclusions from the market study
· By the end of 2022, the global market for low-code development will be worth US$14 billion.
· Low-code platforms for mobile applications are expected to produce value of about US$ 935 million.
· Predictive analytics and business intelligence will grow at a staggering 20% CAGR.
· U.S. SMEs will use more than 50% of low-code development platforms, making it the most lucrative market with a 65% revenue share.
· China might be a cash cow, producing almost 3/5 of the world's low code development revenue.
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Strategic partnerships help businesses meet consumer demand, boost production, and improve sales and market share. End customers will be able to take use of new technologies thanks to new products and technologies.
· The CIO of Quickbase talks about a low-code roadmap and the purchase of MCF Tech in January 2022. The business is eager to broaden its product offerings and do so in response to market demand. With the world accelerating the development of infrastructure, this acquisition will assist Quickbase in speeding up some of the more complicated projects.
· The data and AI company Databricks just announced the acquisition of 8080 Labs, a German start-up with cutting-edge technology, in October 2021. Bamboolib is a well-known user interface (UI)-based data science tool from 8080 Labs that makes it simple and quick to explore and modify data with just a few clicks and no coding necessary. Additionally, Databricks' Lakehouse Platform will incorporate UI-driven capabilities, launching Databricks into the low-code/no-code space.
Prominent Low Code Development Service Providers
· Quick Base
· Betty Blocks
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Key Segments Covered in Low Code Development
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