Low-Code Development Platform Market Set to Reach USD 167 Billion by 2030

The global low-code development platform market generated USD 24.8 billion in revenue in 2023 and is poised for exceptional expansion, projected to grow at a robust CAGR of 31.4% during 2024–2030 to reach USD 167.0 billion by 2030. This rapid growth reflects the accelerating pace of digitalization worldwide and the rising need for organizations to build, deploy, and scale applications quickly while controlling costs and resources.

Low-code platforms are transforming traditional software development by leveraging visual programming and graphical user interfaces, enabling faster application creation compared to conventional hard-coded methods. These platforms significantly reduce development time, enhance productivity, and lower long-term operational expenses, making them highly attractive across industries. Their role in supporting artificial intelligence development is also becoming increasingly important, as pre-defined components help cut development costs and shorten timeframes for AI-based applications.

The market is further benefiting from enterprises’ focus on innovation and digital transformation, especially as organizations seek to improve agility and optimize time-to-market (TTM) strategies. The shift toward remote development, intensified during the COVID-19 pandemic, has also strengthened adoption, positioning low-code development platforms as a foundational technology for modern, scalable, and efficient application ecosystems.

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Key Insights

• The market is segmented by offering into solutions and services, with the solution category holding over 70% share in 2023 due to widespread adoption across industries to reduce operational costs and dependency on skilled developers.
• Services are expected to grow at a faster CAGR of 31.6% during 2024–2030, driven by rising demand for integration, deployment, and implementation support as enterprises expand low-code usage.
• By deployment type, cloud-based platforms dominate the market and are also the fastest-growing segment, advancing at a CAGR of 31.5% during the forecast period.
• Cloud deployment enables real-time monitoring, higher scalability, 24/7 availability, and simplified management, making it the preferred choice for most enterprises.
• On-premises deployment continues to serve organizations with stricter control and compliance requirements, though adoption is comparatively slower.
• Based on enterprise size, large enterprises accounted for around 65% of market share in 2023, supported by higher IT budgets and the need to develop numerous applications in shorter timeframes.
• SMEs are projected to grow faster at a CAGR of 31.7%, as cloud-based low-code platforms lower cost and resource barriers for application development.
• From a vertical perspective, the IT sector held the largest share of approximately 30% in 2023, owing to high demand for rapid development of web, desktop, and mobile applications.
• The BFSI sector is expected to witness the fastest growth, supported by increasing digitization of back-office operations, client onboarding, self-service, and origination processes.
• Other key verticals adopting low-code platforms include retail, healthcare, government, manufacturing, media and entertainment, education, and energy and utilities.
• Regionally, North America led the market with a 45% share in 2023, driven by advanced IT infrastructure, strong presence of key players, high smartphone penetration, and rapid digital adoption.
• The U.S. represents both the largest and fastest-growing country market in North America.
• Asia-Pacific is the fastest-growing regional market, expanding at a CAGR of 31.8% during 2024–2030, supported by rising internet penetration, growing mobile device adoption, and demand for cost-efficient development tools.
• Europe shows steady growth, with Germany leading the region and the U.K. emerging as the fastest-growing country market.
• The market is highly fragmented, with intense competition fueled by advancements in AI, machine learning, predictive analytics, and ongoing digital transformation initiatives.

Major players include Salesforce.com Inc., Appian Corporation, Pegasystems Inc., Alphabet Inc., Oracle Corporation, ServiceNow Inc., Microsoft Corporation, and others actively pursuing partnerships, acquisitions, and product innovations.