Low-code Development Technologies Market to Expand by 20 per cent in 2023
CIO Review Europe | Monday, December 19, 2022
The market for worldwide low-code development technologies is projected to total USD 26.9 billion in 2023, an increase of 19.6 per cent from 2022.
FREMONT, CA: According to the most recent projection, the market for global low-code development technologies will reach USD 26.9 billion in 2023, an increase of 19.6 per cent from 2022. Through 2026, the main factors boosting the use of low-code solutions will be an increase in business technologists, a growth in the number of enterprise-wide hyper-automation and composable business initiatives, and so on.
Organisations increasingly resort to low-code development solutions to address increased expectations for speedy application delivery and highly customised automation workflows. Organizations can achieve the level of digital proficiency and delivery speed necessary for the contemporary agile environment by arming both professional IT developers and non-IT personas business technologists with a variety of low-code solutions.
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The market for low-code development technology is expected to consist primarily of low-code application platforms (LCAPs), which are expected to expand by 25 per cent to reach about USD 10 billion in 2023.
The largest market category is LCAP, but the fastest-growing market segment is the citizen automation development platform (CADP), with a growth rate of 30.2 per cent predicted for 2023. Automating workflows, developing web-based forms, connecting data and content across many software-as-a-service applications, and producing reports and data visualisations are some of the typical CADP use cases.
The high cost of tech personnel and a growing hybrid or borderless workforce will contribute to the adoption of low-code technology. Business technologists and citizen technologist personas are creating lightweight solutions to meet the business unit's need for increased productivity, efficiency, and agility to the intuitive, flexible, and increasingly powerful features of low-code development tools frequently in fusion teams.
By 2026, developers outside of official IT departments will make up at least 80 per cent of users of low-code development tools, up from 60 per cent in 2021, according to Gartner.
Hyperautomation and Composability to Drive Low-Code Adoption
Due to growing operational optimisation requirements, a widening skills gap, and escalating economic pressures, interest in hyper-automation continues to increase. Spending on software technologies that enable hyper-automation will exceed USD 720 billion in 2023. Low-code development technologies like LCAP, iPaaS, RPA, CADP, and MXDP will receive a portion of this budget to serve use cases involving process automation, integration, decision analytics, and intelligence.
As organisations adopt the composable enterprise, investments in low-code solutions that promote innovation and composable integration will also increase. Composable organisations must create unique user experiences for new workflows and processes and effectively repurpose current packaged business capabilities (PBCs) for agile application development. Low-code development tools enable the production of more agile and robust software systems, supporting the composable enterprise. These technologies can be used to combine and reassemble modular parts and PBCs to build flexible, personalised applications that can adapt to changing business requirements.
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