Low-code Development Platform Market 2030: How BFSI Sector is Leading Adoption

Global Low-Code Development Platform Market Overview

The global low-code development platform market was valued at USD 6.78 billion in 2022 and is projected to reach USD 35.22 billion by 2030, expanding at a compound annual growth rate (CAGR) of 22.9% from 2023 to 2030. This significant growth is driven by the increasing emphasis on digital transformation and the automation of business operations across various industries.

The demand for rapid and efficient solutions to optimize business workflows has led to a rise in the adoption of low-code development platforms. These platforms offer pre-configured components that enable both IT professionals and business users to build applications and workflows with minimal manual coding.

As low-code development gains popularity, there is an increasing need for scalable solutions and user education—applicable to both professional developers and non-technical staff. For example, in June 2023, Pegasystems Inc. introduced a new version of its Pega Infinity software suite, featuring capabilities aimed at accelerating low-code development, optimizing workflows, and improving the user experience for both employees and customers.

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Key Market Trends and Insights

• North America held the largest revenue share of approximately 31.0% in 2022.
• The United States is anticipated to register the highest CAGR from 2023 to 2030.
• By end use, the BFSI (Banking, Financial Services, and Insurance) sector led the market, accounting for over 27.0% of total revenue in 2022.
• By application type, mobile-based solutions captured more than 35.0% of the total revenue share in 2022.
• On the basis of deployment, the cloud segment is expected to grow at a CAGR of over 24.0% throughout the forecast period.

Market Size and Forecast

• 2022 Market Size: USD 6.78 Billion
• 2030 Forecasted Market Size: USD 35.22 Billion
• CAGR (2023–2030): 22.9%
• Leading Region (2022): North America
• Fastest Growing Region: Asia Pacific

Competitive Landscape and Company Insights

Leading companies are actively pursuing product innovation and forming strategic partnerships to strengthen their foothold in the market. For instance:

• In June 2023, Sandhata partnered with Pegasystems Inc. to offer advanced low-code workflow automation solutions. This collaboration will allow both companies to combine Pegasystems’ capabilities with Sandhata’s integration expertise to deliver custom solutions and expand their service offerings.
• Similarly, OutSystems signed a Memorandum of Understanding (MoU) with Petroliam Nasional Berhad (PETRONAS) to boost the use of low-code platforms within the PETRONAS Group. This partnership includes training initiatives, research collaboration, and support for PETRONAS’ Citizen Developer Program.

Major Players in the Low-Code Development Platform Market:

• Appian
• Creatio
• LANSA
• Mendix Technology BV
• Microsoft
• Oracle
• OutSystems
• Pegasystems Inc.
• Quickbase
• Salesforce, Inc.
• ServiceNow
• Zoho Corporation Pvt. Ltd.

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Conclusion

The global low-code development platform market is experiencing rapid growth, driven by the increasing need for digital transformation and streamlined operations. With businesses seeking faster and more accessible application development methods, the demand for low-code solutions is set to continue rising. Strategic partnerships, technological advancements, and a focus on cloud-based deployment will further accelerate market expansion, especially across high-growth regions like Asia Pacific. As organizations increasingly empower both technical and non-technical users, low-code platforms are poised to become a fundamental component of modern digital infrastructure.