A massive claim has been made by Global News Wire– low code development can actually reach the mark of $187 billion by 2030 with a robust CAGR of 31.1% during the 2020-2030 forecast period. But is it really achievable?
Several factors contribute to this optimistic outlook, including the increasing demand for rapid application development, the shortage of skilled developers, and the push for digital transformation across industries.
Low code has taken off in the past few years, and it’s significantly impacting the software industry. Thanks to this technology, businesses can now develop applications more rapidly, giving them a competitive edge and helping them seamlessly integrate digital technologies to transform their operations.
So, what’s all the excitement about? Essentially, low-code innovation lets you build fully functional apps quickly without delving into complex coding. Imagine using advanced third-party toolkits to create SaaS products, websites, or mobile apps. These toolkits simplify app development with their visual, drag-and-drop interfaces, allowing you to take an idea, design it, and bring it to life in no time at all.
Role Of Low-Code In Market Growth
The term “low-code” was first coined by the analyst firm Forrester in 2014. At the time, it was described as a development platform for customer-facing applications and hinted at the beginnings of a new software trend. By 2017, Forbes was calling low-code and no-code platforms “extraordinarily disruptive,” recognizing them as a movement in the software industry.
In the past year, the market for low-code has surged, partly due to the pandemic, which has accelerated digital transformation across organizations. Additionally, the growing pressure on IT departments to deliver value not only to businesses but also to their end-users has fueled this growth.
So, how does low code shape the software industry? Well, Gartner predicts that by 2026, about 75% of new applications will be built with low-code technologies. Why? It’s all about the pressure to automate and the struggle to find skilled workers. Companies need to keep up by streamlining and automating their processes, but they’re running into a shortage of tech talent. As Jason Wong, a Distinguished VP Analyst at Gartner, puts it, “The high cost of tech professionals and the rise of remote work will drive more businesses to embrace low-code solutions.
Interesting Applications Of Low-Code
Customer-Facing Apps
The influence of low code is evident in how it has removed the need for specialized web or app development skills to create websites, applications, or user interfaces. With low-code platforms, the technical barriers have been lowered, offering robust solutions to craft engaging customer experiences. These platforms often feature user-friendly drag-and-drop interfaces, empowering citizen developers to build customizable sites for various devices from a single platform.
Many low-code application tools provide drag-and-drop functionality that allows users to create highly customizable websites or user interfaces without extensive coding knowledge.
Beyond websites and apps, low-code tools have also revolutionized marketing. They enable users to design and launch email campaigns and advertisements in just minutes. A prominent example is MailChimp, which features an in-app email builder that leverages drag-and-drop capabilities for easy campaign creation.
Internal Apps
Low-code platforms increasingly enhance core business functions such as HR processes, marketing automation, and financial data management. These platforms enable seamless data orchestration between different SaaS applications, reducing the need for manual data entry. For example, when a new contact or lead is captured through a marketing campaign or contact form, low-code integration can automatically trigger updates within an integrated workflow.
This functionality creates a cohesive SaaS ecosystem, streamlining operations and improving overall efficiency.
Features of Low-Code/No-Code Development
Visual Modeling
Low-code/no-code platforms offer a visual modelling environment with drag-and-drop functionality, making app development quick and intuitive. Real-time app visualization and one-click deployment simplify the creation and launch process.
Reusable Components
These platforms enhance efficiency with pre-configured logic, templates, and modules. Reusable components enable the fast development of cross-platform apps, with customization options for specific needs.
Collaboration Tools
Integrated tools streamline collaboration by facilitating feedback, tracking revisions, and managing user stories. The visual approach ensures clear communication among all stakeholders.
Scalable Environments
Cloud-based low-code/no-code platforms offer scalability to meet changing demands. They support rapid app deployment and enhancement, providing flexibility and continuous delivery.
Low-Code and Citizen Integrators
Low-code and citizen development have become significant trends, expanding rapidly and showing no signs of slowing down. The ongoing impact of the pandemic has only intensified the demand for low-code applications as businesses adapt to a new, streamlined normal for both customers and employees.
Forbes highlights that “organizations simply cannot spend years trying to get their IT shops in order so that they can compete. Low-code provides a real and proven way for organizations to develop new digital solutions much faster and leapfrog their competitors.”
The rise of low-code and no-code platforms is closely linked with the growth of citizen developers. At the start of this year, we predicted that new roles would emerge within organizations driven by the adoption of these platforms, leading to the creation of automation architects and citizen developers. These individuals can handle customer automation and integration requests swiftly and effectively.
While web developers won’t become obsolete, there is a shift toward enabling more people to design and create web applications, apps, and integration workflows using low-code tools. The benefits of low code are clear: faster time to market, enhanced digital transformation, reduced costs, increased productivity and agility, improved customer experiences, and accelerated app development.
Why Businesses Are Embracing No-Code and Low-Code
1. Soaring App Demand
Gartner predicts a fivefold gap between app demand and delivery capacity. No-code and low-code platforms empower citizen developers, letting pros focus on complex tasks and speeding up development.
2. Freedom from Legacy Systems
Legacy systems were rigid and error-prone. No-code platforms offer flexible, automated solutions that adapt quickly, reducing reliance on outdated technology.
3. Cost-Efficiency
No-code eliminates the need for coding experts, cutting costs by avoiding the need for specialized coding skills.
4. Cloud Accessibility
Cloud technology makes app development accessible to even small businesses. With an internet connection, startups can build and deploy apps without high infrastructure costs.
5. Addressing Developer Shortages
With a global shortage of developers, no-code platforms allow non-developers to contribute to app development, easing the talent crunch.
6. Reduced IT Dependence
No-code and low-code platforms shift app development from IT departments to citizen developers, freeing up IT for more complex tasks and cutting costs.
7. Enhanced Agility
Drag-and-drop tools make updates and redesigns quick and easy, allowing businesses to adapt swiftly to market changes.
The Future of Low-Code/No-Code (LCNC) Development
The low-code/no-code (LCNC) market is on a rapid ascent, with forecasts highlighting its growing importance in tech. Forrester expects the low-code market to reach $50 billion by 2028. This year, 65% of app development activities are projected to use low-code methods, indicating swift adoption.
Major organizations are preparing for this shift, with 75% planning to use at least four low-code tools for various projects. The market’s impressive 31% Compound Annual Growth Rate (CAGR) suggests a potential $187 billion in global revenue by 2030.
LCNC platforms are lauded for their efficiency, cutting development and deployment times by up to 90%. Businesses using these platforms for customer-facing applications have seen a 58% increase in revenue and can build solutions 56% faster compared to traditional methods.
Considering the statistics, predictions, and low-code’s ability to speed up development, cut costs, and empower a wider range of users, these platforms are set to reshape the industry. As adoption rises, low-code and no-code could indeed be the next major trend in IT.
