Low-Code Development Set To Grow Further in 2023
In recent years, low-code development has gained significant momentum due to the growing demand for automation and digitization across industries. Experts predict that the worldwide market for low-code technologies will see a 19.6% increase in 2023, reaching a value of US$ 26.9 billion, with this growth expected to continue until 2026. The increasing number of business technologists, hyper-automation organization-wide, and composable business tasks drive this trend.
Low-code development allows non-technical individuals to create software without extensive knowledge of programming. This has proven particularly useful for companies with limited IT resources which may struggle to recruit skilled tech professionals to develop innovative apps. Low-code application platforms help companies become less reliant on IT, providing fast access to business-sensitive information to primary stakeholders and enabling IT teams to create, implement, and offer technologies that facilitate digital transformation goals with minimal coding experience.
The adoption of low-code development is rising, with businesses utilizing low-code development software for prompt application delivery and highly personalized mechanized workflows. The low-code development market is expected to grow by 25% this year, reaching nearly US$ 10 billion, with low-code application platforms (LCAPs) accounting for most of the market share.
Two key factors driving the growth of low-code development are hyper-automation and composable enterprise. Hyper-automation is a growing trend due to the need for operational optimization, an expanding skills gap, and rising financial challenges. This year’s expenditure on hyper-automation enabling software is predicted to be over US$ 720 billion, with LCAPs, CADP, RPA, etc., playing a crucial role in process automation, integration, intelligence, and more.
The composable enterprise is another trend that is driving the growth of low-code development. Composable enterprises require improved reuse of packaged business capabilities (PBCs) already used for agile application development, creating personalized user experiences for the latest workflows and processes. The software created this way is agile and resilient, creating and recreating modular components and PBCs that can be adapted to changing business requirements.
In conclusion, low-code development is set to grow even further in 2023 as it provides a valuable solution for companies looking to become more agile and innovative in a rapidly changing business environment. While the concept of low code has been around since the 90s, it has gained popularity in recent years, and its usefulness is expected to increase as time passes. Low-code development has proven to be a boon for fledgling IT companies and tech startups, and as hyper-automation and composable enterprise continue to gain traction,low-code growth is poised to become an essential tool for companies across all industries.