Low-Code Development Platform Market to Generate $190,898.4 Million Revenue by 2030
- Published: December 2022
The global low-code development platform market size is expected to advance at a CAGR of 33.2% during 2022–2030, to reach $190,898.4 million by 2030. This is ascribed to the automation of workflows and the need to minimize the problem of shadow IT.
Edge computing is also becoming popular because of its acceptance by the IT and manufacturing industry. In the manufacturing industry, it aids in applying low-codes and monitoring production operations. Data storage and processing capabilities are also offered by edge computing. Nowadays, companies take into consideration continuous dynamic decision-making and ways to avoid the delays that cloud computing may cause because of its centralized structure, which makes it difficult to analyze data quickly and effectively.
Stringent Government Norms for Data Privacy Fueling Demand
Mobile applications and websites are crucial channels for organizations to engage with their existing and prospective customers. In recent years, the world has witnessed major cyber breach incidents, including 9.9 million data breaches and cyberattacks in 2022. Of these, 102 security accidents were found in October 2022 alone. Similarly, email addresses, IP addresses, and support case information were revealed in Microsoft's accessible database in 2020. Similarly, 82% of the breaches involve the human element, including social attacks, errors, and misuse, and around 62%, as ascertained by analyzing system intrusion patterns, include threat actors compromising partners.
To prevent such issues and protect individuals’ data, various government organizations, such as the European Union (EU), have enforced steps. For instance, the European Commission and the European External Action Service (EEAS) proposed a new EU cybersecurity policy in December 2020 to enhance Europe's robustness to data breaches and guarantee that all people and companies benefit significantly from credible and dependable technology and digital tools.
The new proposal includes specific recommendations for employing regulatory, investment, and policy tools. The Council approved conclusions on the cybersecurity strategy on March 22, 2021, emphasizing the importance of cybersecurity in establishing a secure, ethical, and digital Europe. EU ministers have identified attaining strategic autonomy, while maintaining an open economy, as the major goal. This involves enhancing the capacity to make autonomous cybersecurity decisions, with the goal of strengthening the EU's digital strategic leadership competencies. Organizations need to comply with such strict regulatory norms before processing personal data, which complicates the application development process. With low-code platforms, organizations can develop business applications in compliance with governments’ rules and regulations.
APAC Offering Lucrative Growth Potential
The APAC region, especially China, has opened doors for overseas technology companies. Governments in these countries are also focusing on adapting to digital environments. Moreover, various firms are using these platforms because skilled professionals are demanding high wages. Thus, it is expected that organizations with small budgets will prefer low-code platforms.
In addition, Europe will observe remarkable market growth due to the increasing adoption of low-code development platforms by a large number of SMEs, a growing IT industry, and a rising number of internet connections, coupled with the growing smartphone penetration in the region. The presence of a large number of IT companies in the regions, which are adopting low-code development platforms that offer visual app creation, update, and sharing facilities in notably less time compared to manual coding, is also driving the market.
The most-significant global low-code development platform market players are Appian Corporation; Salesforce.com Inc.; Alphabet Inc.; Oracle Corporation; ServiceNow Inc.; Microsoft Corporation; Outsystems; Caspio Inc.; and Magic Software Enterprises Ltd.