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The low-code development platform market is experiencing exponential growth, fueled by the rise in digital transformation initiatives across industries. Let’s explore the key factors driving this growth, technological advancements shaping the industry, and strategic moves by major players in this dynamic market.

Market Growth and Projections

The low-code development platform market has witnessed remarkable growth, with projections indicating further expansion. From $31.54 billion in 2023, the market is set to reach $40.41 billion in 2024, boasting a compound annual growth rate (CAGR) of 28.1%. Looking ahead, the market is forecasted to soar to $116.91 billion by 2028, driven by factors such as cross-platform development, increased focus on security, and expansion of industry-specific solutions.

Driving Digital Transformation

The increase in digital transformation initiatives is a primary driver propelling the low-code development platforms market. As organizations embrace digital technologies to revolutionize their operations, low-code platforms offer a rapid and efficient way to build digital solutions. These platforms empower organizations to automate processes, enhance customer experiences, and improve operational efficiency, ultimately driving business growth. With digital transformation spending expected to reach $6.8 trillion globally by 2023, the demand for low-code development platforms is set to surge.

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Technological Advancements

Technological advancements, particularly in AI integration, are shaping the future of low-code development platforms. AI-enhanced low-code platforms enable users to solve complex functions, detect content, and integrate legacy systems seamlessly. For example, Zoho Corporation’s Qntrl leverages low-code and no-code technology, along with AI and machine learning, to streamline workflow solutions for complex processes. Such advancements enhance the capabilities of low-code platforms, making them indispensable tools for businesses seeking agility and innovation.

Strategic Acquisitions and Partnerships

Strategic acquisitions and partnerships are reshaping the low-code development platform landscape. Jitterbit’s acquisition of PrimeApps underscores the importance of expanding low-code capabilities. With PrimeApps’ expertise, Jitterbit aims to provide an end-to-end platform that enables non-technical individuals to develop and deploy enterprise-grade business apps seamlessly. These strategic moves highlight the growing significance of low-code development in driving digital innovation.

Market Segmentation and Industry Outlook

The low-code development platform market is segmented based on components, applications, organization size, and industries served. Platforms and services form key components, catering to web-based, mobile-based, and desktop/server-based applications. From banking and financial services to healthcare and manufacturing, low-code development platforms find applications across diverse industries. While North America currently leads the market, the adoption of low-code solutions is expected to surge globally, with significant growth projected in emerging markets.

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The Low-Code Development Platform Global Market Report 2024  provides an overview of the low-code development platform market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The low-code development platform market forecast analyzes low-code development platform market size, low-code development platform market share, leading competitor and their market positions.

The Table Of Content For The Low-Code Development Platform Market Include:
1. Low-Code Development Platform Market Executive Summary
2. Low-Code Development Platform Market Segments
3. Low-Code Development Platform Market Size And Low-Code Development Platform Market Growth Rate
4. Key Low-Code Development Platform Market Trends
5. Major Low-Code Development Platform Market Drivers
……
25. Key Mergers And Acquisitions In The Low-Code Development Platform Market
26. Top Low-Code Development Platform Companies
27. Low-Code Development Platform Market Opportunities And Strategies
28. Low-Code Development Platform Market, Conclusions And Recommendations
29. Appendix

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