The global low-code platform market revenue is valued at almost 22.5 billion U.S. dollars in 2022 and is forecast to reach approximately 32 billion U.S. dollars in 2024. The market is projected to grow with a CAGR of 26.1 percent over this period.
What are low-code development platforms?
Low-code platforms allow developers to create applications through graphical user interfaces rather than traditional coding methods. These solutions are suitable for non-technical staff, as little to no coding experience is required to build applications using low-code platforms. Accordingly, non-technical staff participate in the changing enterprise application development process, which includes ideation, design, implementation, and deployment.
What is driving the need for low-code platforms?
The rising number of citizen developers as well as the increasing demand of applications for business organizations are key factors driving the advancement of low-code platforms. IT operations take place in dynamic environments which demand rapid customization options in the software development process, which low-code development platforms seek to address. As a result, these platforms reduce time to market and backlogs, allowing businesses to realize value sooner at less cost. Retool, Zapier, and Airtable are among the leading low-code and no-code platforms for internal apps.
