As per a research conducted by P&S Intelligence, the global low-code development platform market is predicted to reach a value of $187.0 billion by 2030, and is expected to exhibit 31.1% CAGR during the time period 2020–2030. The market is being driven by the rising demand for business digitization, strict government norms, and less dependency on information technology professionals. In terms of enterprise, the market is bifurcated into small & medium enterprises (SME) and large enterprises.

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When offering is taken into consideration, the low-code development platform market is categorized into service and solution, between which, the service category is projected to progress at a faster pace in the years to come. This can be ascribed to the rising requirement for integration, implementation, and consulting services. In addition to this, the rising requirement for upgradation, technical expertise, maintenance, and monitoring of low-code platforms are also driving the growth of this category.

Geographically, the Asia-Pacific region is expected to emerge as the fastest-growing low-code development platform market in the near future. The market in the region is registering growth due to the surging internet penetration, increasing demand for mobile-based applications, and rising investments in IT solutions. Furthermore, expanding IT service industry and swift economic growth in several countries are also resulting in the growth of the regional market. Moreover, APAC is the most preferred country when it comes to IT outsourcing, which is why companies receive high requests for application development.

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The companies operating in the low-code development platform market are launching new products to get ahead in the market. For example, Kony Inc. launched a low-code development solution in April 2019, named Kony Quantum for Microsoft Azure. The solution can be easily integrated with Azure and can be optimized fully by utilizing a cloud-native architecture. The integration allows swift development of company applications and improves the scalability of applications.