Sources predict that the global low-code development platform market is predicted to generate a revenue of $187.0 billion by 2030. The question arises: how can this exponential growth be possible for a fairly recent piece of technology? Well, the answer lies in the extensive advantages that low-code platforms provide to businesses of all sizes. However, before delving into these benefits and examining the state of low-code platforms in 2023, it is essential to provide a brief background on their emergence and evolution.
With the emergence of rapid application development (RAD) platforms in the early 2000s came a paradigm shift in the world of software development. These platforms introduced a more visual and user-friendly approach to application development, enabling users to create applications rapidly and efficiently without extensive coding knowledge. They could use a drag-and-drop interface to achieve what they needed!
As a result, businesses and organizations of all sizes began to embrace low-code technology for its ability to streamline the development process and reduce costs. This widespread adoption has had a profound impact on the way companies approach software development, making it a transformative force in the industry.
By the mid-2010s, the adoption of low-code technology had gained significant momentum, leading it to become a mainstream approach in the world of software development. Organizations of all sizes recognized its potential to expedite the application development process and achieve cost savings, leading to widespread acceptance across various industries.
As we progress through the year 2023, the low-code market continues to thrive and undergo significant evolution! This technology has not only maintained its popularity but has also experienced substantial growth, driven by the escalating demand for swift digital transformation and agile software development practices. Let’s have a look at the Low Code Market in 2023.
Key Factors Driving Low Code Development in 2023
The adoption of low-code technology has witnessed a remarkable surge across enterprises and industries in recent times. Businesses spanning various sectors have recognized the potential of low-code platforms to streamline their application development processes and drive digital innovation. Aside from its increased adoption across industries, here are a few more key factors propelling low code development forward–
Advancements in Low-Code Technologies
Low-code platforms have undergone significant advancements, offering more robust features, integrations with emerging technologies like artificial intelligence and machine learning, and improved scalability. These advancements have made low-code solutions capable of addressing complex use cases and scaling to meet enterprise-level demands.
Integration with Emerging Technologies
Low-code platforms have embraced the integration of emerging technologies to augment application capabilities. By incorporating artificial intelligence, the Internet of Things (IoT), and blockchain functionalities, low-code solutions can deliver smarter and more innovative applications to meet evolving customer expectations.
Growing Developer Community
The low-code movement has led to the emergence of a vibrant developer community, where enthusiasts and professionals collaborate, share knowledge, and contribute to open-source low-code projects. This community-driven approach fosters innovation and accelerates the evolution of low-code technology.
Benefits and Challenges of Low-Code Development
Understandably, low-code technology is often met with skepticism about its ability to carry out complex functions. However, over time since its advent, this technology has evolved steadily and improved to be able to carry out complex coding requirements. As a bonus, developers have discovered that they can quickly change the look and feel of an application or add new features without having to write large amounts of code. This increased flexibility has led to improved time to market, reduced development costs, and a more agile response to changing business requirements.
Reduce Dependency on Hiring Specific Resources
A unique benefit of low-code is its reduced dependency on hiring specific resource personnel! Low-code technology can reduce the dependency on hiring specific resources, such as highly skilled developers, by allowing non-technical users to participate in the application development process. This can lead to a more diverse team of contributors, allowing organizations to tap into a wider talent pool and potentially reduce their dependency on hiring specific technical resources. The drag-and-drop functionalities also make it easier for organizations to quickly and easily develop new applications without relying on a limited pool of specialized developers.
Better Utilization of Technical Resources
Low-code application development permits development teams and business users to create more applications (of any level of complexity) in less time than traditional coding. Low-code application development platforms enable organizations to become more agile and quickly meet enterprise business requirements such as workflow automation, streamlined business operations, improved customer journeys, and policy and regulation compliance. You could also stop by our post on how to measure and maximize the ROI of low-code for more insight.
Use Cases of Low-Code Solutions in Different Industries
Low-code solutions have proven to be versatile and practical across various industries, offering tailored solutions to meet their unique needs. In the finance and banking sector, these platforms expedite the development of customer-facing applications, ultimately enhancing operational efficiency and customer experiences. The healthcare and life sciences industry benefits from low-code by creating robust patient management systems, electronic health records (EHRs), and facilitating medical research applications.
Retail and e-commerce businesses leverage low-code to build responsive e-commerce websites, efficient inventory management systems, and effective customer engagement tools. The manufacturing and supply chain sector utilizes low-code to optimize production processes and enable real-time tracking for better efficiency. Additionally, the government and public sector find value in low-code’s ability to enhance citizen services, streamline administrative processes, and swiftly deliver digital solutions to the public. Across these diverse industries, low-code technology is reshaping how organizations innovate and respond to their unique challenges.
Low-code application development is a streamlined approach toward digital transformation across organizations that Autonom8 would be happy to assist you with. If you are still figuring out how to begin your journey, our low-code pros can help! Our expert team will guide you through the entire process, ensuring smooth implementation and empowering your business to flourish in the digital age. Embrace the power of low-code technology now to experience faster innovation, increased agility, and remarkable success in your digital transformation journey. Join us today and unlock the potential of low-code for your business’s growth and prosperity.
Low-code development is a game-changer in the software development landscape, offering a simplified and visual approach to application building. It empowers businesses to accelerate their digital transformation initiatives, enabling faster time-to-market, increased agility, and cost-effective solutions. As we move forward, low-code’s potential to drive innovation, bridge the IT-business gap, and fuel business growth is bound to revolutionize how organizations develop and deploy applications.
FAQs on Low-code market
Leading companies include OutSystems, Autonom8, Mendix, and Microsoft's Power Apps, shaping the low-code landscape. AI integration, mobile app development, and advanced integrations are driving low-code's evolution. Balancing customization, security, and scalability are key considerations when implementing low-code solutions. The low-code market is expected to continue growing, with more innovations and integrations on the horizon.
Who are the key players in the low-code market in 2023?
What are current low-code market trends?
What challenges come with adopting low-code?
What's the future outlook for the low-code market?
Leading companies include OutSystems, Autonom8, Mendix, and Microsoft's Power Apps, shaping the low-code landscape.
AI integration, mobile app development, and advanced integrations are driving low-code's evolution.
Balancing customization, security, and scalability are key considerations when implementing low-code solutions.
The low-code market is expected to continue growing, with more innovations and integrations on the horizon.