According to the latest forecast from Gartner Inc., the worldwide market for low-code development technologies is projected to total $26.9 billion in 2023, an increase of 19.6% from 2022.
The increase in business technologists and the rising number of enterprise-wide hyperautomation and composable business initiatives are the key drivers accelerating the adoption of low-code technologies through 2026.
Organizations are using low-code development technologies more often to meet demands for fast application delivery and custom automation workflows. This technology enables both professional IT developers and people without an IT background (business technologists) to create apps quickly, which is important in the modern agile environment.
Companies leading in artificial intelligence (AI) are engaging non-technical employees to create AI applications using low-code programs, which accelerate the creation of AI applications.
Low-code application platforms will be the largest market segment
The high cost of tech talent and a growing hybrid or borderless workforce will lead to more adoption of low-code technology. The largest component of the low-code development technology market will be the Low-code application platforms (LCAPs). LCAPs are expected to grow 25% to reach nearly $10 billion in 2023 as shown below.
The citizen automation development platform (CADP) is expected to grow at the fastest pace of 30.2% in 2023. CADP can be used for automating workflows, building web-based forms, bridging data and content across multiple software-as-a-service applications, and creating reports and data visualizations.
The intuitive, flexible and increasingly powerful features of low-code development tools are helping technologists to develop lightweight solutions that meet business unit needs and enhance productivity, efficiency, and agility. As compared to 60% in 2021, by 2026, developers outside formal IT departments will constitute at least 80% of the user base for low-code development tools.
Hyperautomation and composability will drive low-code adoption
Due to rising operational optimization demands, a widening skills gap, and increasing economic pressures, businesses are becoming more interested in hyperautomation. Automation and low-code features will reduce the skills gap and enable professionals to be more productive and focus on higher value-add activities.
According to Gartner, the spending on hyperautomation-enabling software technologies will reach $720 billion in 2023. Some of this money will go to low-code development technologies. This includes LCAP, iPaaS, RPA, CADP, and MXDP. These technologies help with process automation, integration, decision analytics, and intelligence use cases.
Investments in low-code technologies that help with innovation and composable integration will grow as more organizations start using them. Composable enterprises need to be able to reuse existing business capabilities for agile application development and create custom user experiences for new workflows and processes.
Low-code development technologies help the composable enterprise by making it easier to create software solutions that are more agile and resilient. These technologies can be used to put together modular components and PBCs, to create custom applications that can adapt to changing business needs.
As organizations face the increasing pressures of faster application delivery and custom automation workflows, low-code development technologies are becoming more appealing. Moving to low-code can help reduce the skills gap within your organization and increase efficiency and profitability.
Source: Gartner
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