Microsoft states that, “82% of low-code/no-code users agree that the technology helps them to advance their technical expertise and knowledge in software development”. Additionally, it has been demonstrated that the usage of no-code or low-code platforms or apps has had an 83% good influence on users’ job satisfaction and workload, as well as an 80% positive impact on users’ morale.
As per the “Mendix 2022 State of Low-Code in Key Verticals” survey, low-code adoption rose from 77% in 2021 to 94% among industries such as financial services, insurance, retail, public sector, and manufacturing. Using OutSystems’ low-code application development platform, Schneider Electric launched 60 applications within 20 months; most of the applications were delivered in just 10 weeks.
As per MarketsandMarkets Analysis, the total market size of low-code development platform is expected to reach USD 45,544 million by 2025 at a growth rate of around 28% during 2020-2025. The key drivers in the low-code development platform market are growing digitalization in IT industry, reduced software development costs, faster app development and launch cycle, and enhanced customer experience. Some of the key vendors operating in the low code development platform market are – Mendix, OutSystems, Salesforce, Microsoft, Appian, and ServiceNow.
MARKET DEFINITION
Low-code/no-code development platform is a visual approach to software development that allows developers to drag and drop application components, connect them together, and create web-based or mobile applications through minimal hand-coding. It accelerates the application development process and relieves non-technical developers from writing codes for developing applications.
Low-code application platforms primarily serve full-time and part-time developers. Low-code application platforms are broad in scope. These platforms cater to both professional developers and citizen developers, however, they still require some coding skills. However, no-code products are specifically targeted to business users, allowing them to create custom applications without the need for expert coding skills.
VALUE ADDITION TO END USERS
The world is digitizing at an unprecedented rate; however, there is still a huge gap between the supply and demand of talented professionals. The shortage of a qualified developer is a setback to the massive pace of application development in the coming years. The low-code development platform enables businesses to develop applications using a visual development approach as opposed to the alternative development route that requires thousands of lines of code.
Organizations are increasingly turning to low-code development platforms to fulfill the growing demands for quick application delivery and highly customized workflows. These platforms help businesses boost productivity along with saving time, effort, and development costs. Due to low-code platforms, businesses have shortened their development life cycle of software and applications. As per findings, ~60% of the application development activities will be low code by 2024.
Businesses have started training their employees to use low-code software and get more applications developed than before. The main reason many business users choose low-code tools is to save time and money. Low-code development platforms play a crucial strategy to help with the quick development and deployment of applications. Banks, e-commerce businesses, healthcare institutes – almost every organization can improve their market value with the help of enterprise applications.
VALUE ADDITION TO LOW CODE DEVELOPMENT PROVIDERS
There has been a spike in the use of low-code platforms during the pandemic as organizations were swiftly transitioning toward digitalization. The surge in the remote development of applications during the COVID-19 pandemic has fueled the low-code adoption. Software applications are now being created to serve even those without a technical coding background – such as citizen developers/integrators. As per findings, in 2021, around 40% of non-IT employees were involved in developing and customizing apps. The increased demand for application speed delivery and custom software solutions in support of rapid digital transformation has stimulated the rise in low-code usage among citizen developers. Low-code tools are gaining popularity among small and medium organizations outside IT – whose aim is to meet their business needs quickly, efficiently, and at a low cost using modern technology.
Low-code and no-code platforms are changing app and software development by making a very low entry barrier for people who don’t have a programming background. An intuitive interface with drag-and-drop features helps users create custom solutions for their business needs. The learning opportunity of low-code or no-code platforms is exactly the kind of professional development that today’s workers are looking for. More than 80 percent of users and potential users of low-code or no-code platforms report that they would be more willing to work for a company that invests in their technical upskilling. By leveraging technology like Microsoft Power Platform, business leaders can foster a strong learning culture that retains and develops employees. These benefits also directly address key concerns for Business Decision Makers (BDMs)—driving innovation and attracting and retaining talent. As per the data from Mendix’s, Low-Code Application Development Trends survey, 70% of their users learned low-code in 1 month or less and 73% of users were developing apps within 3 months or less.
In today’s fast changing environment, customers are better informed, better connected and more demanding than ever before. Digitization is no longer a choice, it is indispensable. However, traditional application development falls short and cannot keep up with the demands from the business. IT organizations need to be able to quickly develop, orchestrate, and iterate processes and applications, and low-code is how that is being accomplished. Low-code enables easy application building through a drag-and-drop interface, which makes it easier and more accessible for citizen developers. Low-code software development approaches support a variety of application types. The knowledge and competences of experienced developers are still a necessity for building high-quality integrated applications. Like traditional software development, more extensive and complex low-code applications also need an effective approach and governance. Low-code platforms proved over the last years to provide a solution to deal with both business and IT challenges. Low-code software development can therefore be a serious accelerator, driving the digital transformation of an organization.
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