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The rise of low-code platforms: 5 trends to anticipate in the future with stats

Aarti Krishnakumar

Jan 15 2023
The rise of low-code platforms with trends and stats

Overview of Low-code platforms

The drag-and-drop visual models used in Low-code platforms to design complete applications have become a game changer for companies. Using state-of-the-art user interfaces, integrations, data, and logic rather than writing tens of thousands of lines of intricate code and syntax; as a result, businesses can put apps into production considerably more quickly.

According to Gartner, the global market for low-code development technologies will grow 19.6% from 2022 to reach $26.9 billion in 2023. They also predict that by 2026, developers outside of official IT departments will make up at least 80% of users of low-code development tools, up from 60% in 2021.

The low-code development technology market consists primarily of low-code application platforms (LCAPs), growing by 25% to reach almost $10 billion in 2023. CADPs, on the other hand, is expected to grow by 30% in the following year, outpacing all different low-code segments.

Rapid Mobile App Development (RMAD) and Rapid Application Development (RAD) tools are further low-code development approaches. RAD tools are/were mostly desktop-based on-premises programmes. The transition from RAD to cloud and SaaS models is known as low code.

Low-code development platforms are slowly emerging as an alternative to bridging the gap in talent available versus the demand seen across the global markets. The ease of use and the low IT department dependency have all made it the most in-demand platform. Low-code’s most significant advantage is the ROI it has yielded companies. Low-code also enables businesses to skip hiring additional software developers, saving them $4.4 million over three years.

  • Improved efficiency and productivity
  • Optimized operational costs 
  • Faster turnaround time 
  • Rapid-to-market and innovation
  • Business Agility 
  • Ease of development and deployment  
  • Enhanced customer experience and 
  • Providing real-time updates.

Related article: Low-Code Automation | What it is & Why You Need it

Autonom8 & Low-code platforms

Organizations are increasingly turning to low-code development technologies to meet increased demands for rapid application delivery and highly customized automation workflows. 

Autonom8 is developing the most cutting-edge low-code platform in the world, motivated by the dual goals of hyper-automation and the lowest Total Cost of Ownership (TCO). Instead of the conventional internal “process-driven” thought process, the platform places clients at the core of your business. After all, making it simple for customers to transact with you is the whole point of becoming digital. The platform combines channels, workflow, and intelligence effortlessly.

Some clients have noticed a 3x boost in the pace of deploying new features and a 10x increase in the time of changing existing business processes. Launching new business initiatives quickly allowed companies to reduce their total cost of ownership by up to 75% compared to when they used the conventional custom software delivery approach. Financial institutions make up the vast majority of Autonom8’s clients. For more on how our clients have benefitted from our solutions, visit here.

To enhance the banking experience for its customers, Autonom8 has been able to roll out a number of business applications thanks to its enterprise-grade workflow management platform. In October 2022, the fintech clients of the startup completed over 300,000 loans totalling $2 billion. To develop workflows and applications that automate complex banking operations, Autonom8 blends machine learning (ML), natural language processing (NLP), and business process management (BPM).  

5 Trends to Watch out for in 2023 & Beyond

  • Over 500 million apps and services will be created utilizing cloud-native techniques by 2023.
  • By 2024, the percentage of low-code tools used in application development will reach above 65%.
  • By 2030, the low-code development business will bring in $187 billion.
  • There is an increase in the average revenue generated by businesses using low-code platforms by 58%.
  • Compared to conventional development, the turnaround time is 56% faster with low-code app development.

In 2022, global sales of low code development will surpass US$ 14 Billion, according to a Factmr analysis. According to the study, the sector is expected to reach a US$ 187 billion valuation by 2032, representing a positive CAGR of 29.5% over the assessment period. Are you ready for what lies ahead in 2023? 

The primary reasons why companies are willing to invest in low-code platforms are:

  1. Accelerate digital transformation 
  2. Reduce IT backlog 
  3. Reduce dependency on hiring specific resources 
  4. Better utilization of technical resources
  5. Modernization of legacy systems  
  6. Growth of Citizen developers
  7. Faster turnaround time 
  8. Optimized costs and time.

Related article: Advantages and Disadvantages of the Low-Code Platform

The top trends to watch out for in the low-code arena in the coming years are:

Workflow automation with low-code

For citizen developers, setting up workflows—especially automating them—is no walk in the park. To do this, they must rely on tech specialists. Today, however, low-code platforms have begun utilizing the strength of AI and ML to assist citizen developers in setting up and automating workflow automation without difficulty. Microsoft’s AI builder is one such example of a low-code platform powered by AI. This may revolutionize the app development industry. It must be noted that 84% of companies have switched to low-code to bridge the gap left by a lack of developers.

Low-code for developing API-based applications

Today, employing APIs for application development is the new norm, and many businesses choose it for seamless, quick application integration. It is estimated that non-developers will develop 80% of technology products and services by 2024.

Using low code during the development process can streamline the app lifecycle and assist in producing feature-rich, high-performing applications for clients as more and more businesses concentrate on API-based app development. Today’s vast array of public and private APIs is a prime illustration of this.

Application Modernizing with low-code

Renovating their current applications is today’s top difficulty for many startups and small businesses. Professional developers must put up a lot of time and effort to reinvent programmes that are many years or decades old.

It is quick and easy to update or modernize legacy applications using a low-code or no-code app development platform. It frees the professionals’ time to concentrate on their ongoing and prospective assignments or other essential tasks.

Low-code development for hybrid apps

There is no doubt that native mobile applications offer the best user experience and performance. But because everything is moving so quickly, the applications’ development takes a long time, and clients don’t have the luxury of time. For nearly 66% of respondents, low-code usage is the most significant driving force for digital transformation.

Creating high-quality hybrid apps is quick and easy with low-code platforms, and application development and deployment are both straightforward and seamless. Research has also shown that 41% of developers want more apps to be developed on low-code platforms, proving that little code isn’t just for simple apps.

Empowering citizen developers

By 2024, the majority of enterprise IT products and services will be developed by non-IT experts, predicts Gartner. The company claims that low-code and no-code development tools have lowered the barrier to creating technological solutions. For non-IT individuals who began developing digital solutions to meet pandemic-related requirements, COVID-19 also lowered entry barriers. The term “citizen developers” refers to them.

Subject-matter experts known as citizen developers use low-code and no-code platforms to create commercial apps. They enhance business processes and facilitate the IT department to concentrate on more crucial business-related tasks. Citizen developers will take over and create significant enterprise-grade apps as trained developers become more challenging to find.

Related article: How to Measure & Maximize ROI of Low-code

Conclusion

Based on a survey by KPMG, 26% of firm leaders cite low-code and no-code platforms as their most significant automation investment. Numerous businesses are investing heavily in low-code tools, and Low-code development is growing. Low-code platforms and tools will be used to write and maintain many applications in the coming years. Low-code platforms aim to allow users to create apps using only visual IDE tools like drag and drop in designers rather than writing manual code. Once an application has been developed, it can be tested, debugged, and deployed without the help of DevOps or IT teams.

Low-code platforms provide industry-standard software performance and quality while allowing for quicker app development and deployment. Experts have created and developed low-code platforms, which have been tested with enterprise-level applications by hundreds of customers.