Low-code development platforms have significantly disrupted the way businesses across the globe respond to the challenges posed by the advancement of technologies and automation.
The rapid growth of low-code adoption comes after businesses moved to digital modernization, which includes improving user experiences, automating processes, and upgrading key systems.
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What is the forecast outlook of the low code development platform market?
Popularized in recent years, low-code adoption is picking up steam in a big way. Gartner predicts low-code app development will account for more than 65% of all app development functions by 2024. Meanwhile, two-thirds of enterprise companies will deploy at least four low-code platforms.
The global low code development platform market size was USD 10.82 billion in 2020. The market size is expected to rise from USD 13.89 billion in 2021 to USD 94.75 billion by 2028 at a CAGR of 31.6% during the forecast period. The market is expected to grow in the coming years, owing to increase in demand for technological advancements for business digitalization. The market is estimated to witness a robust growth in the forecast period owing to increase in demand for technological advancements for business digitization.
Now, comes the big question?
Why is the low code development market growing so fast all of a sudden? Over the past few years, low-code adoption among businesses have literally exploded. What trends and factors are really driving the growth of low-code adoption? In this blog post, we earnestly attempt to explore the key factors that may have contributed to the rapid expansion of low-code development platform adoption.
At the outset, the key factors that are responsible for the growth of the global low-code platform market include the increase in demand for business digitization, less dependency on IT professionals, stringent government norms, rise in need for automation of workflows, and increased use of low-code development tools that minimizes the problem of “shadow IT”. Another major factor propelling the growth is the rapid increase in the demand for digitalization and a strong digital ecosystem.
Low code app development platforms are being implemented as a way of facilitating the usage and fast production of functional software that is capable of meeting the data needs and the unique process of the enterprise. Moreover, it is capable of developing more applications in less time, which further leads to low-cost investment.
Does the rising number of citizen developers and increasing demand for apps are also the reasons contributing to the rapid growth of this market?
A definite yes. The rising number of citizen developers as well as the increasing demand of innovative applications for business organizations are key factors driving the advancement of low-code platforms. IT operations take place in dynamic environments which demand rapid customization options in the software development process, which low-code development platforms seek to address. As a result, these platforms reduce time to market and backlogs, allowing businesses to realize value sooner at less cost
Furthermore, software automation, and the ease of deployment are some other factors, which are significantly contributing to the growth of the global low code development platform market.
Impact of Covid-19 Pandemic on the Low-Code Development market
The widespread outbreak of the covid-19 pandemic has positively impacted the increasing demand of the global low code development platform market. The pandemic has affected various businesses due to stringent restrictions imposed by governments over the movement of people which has encouraged the businesses to continue working remotely with their clients and customers.
It is evident that the Covid-19 pandemic boosted the adoption of low code application development platforms and could gain more momentum in the coming years. The surge in remote development during the COVID-19 pandemic will continue to boost low- code adoption, despite ongoing cost optimization efforts.
The reason for the phenomenal growth of low-code market lies in the increasing pressure on IT to deliver value to the business, accelerated by the COVID-19 pandemic and lockdowns and the limitations of traditional development that hinder developer productivity and increase backlogs. With its visual approach to coding, low-code app development platforms can empower your existing development teams to build high-quality business class applications. The digitalization initiatives by the businesses during the pandemic has promoted the adoption of low-code platforms and has significantly increased the market growth of low-code platform market.
The following could be some other factors that have contributed to the growth of the low-code development market.
- The pertinent need for automation and digital transformation
- The need for agility
- The ‘talent gap’
- The ‘push to do more with less’
- It’s the ‘glue’ between multiple diverse systems (cohesive integration)
- Low-code platforms lowers the barriers for custom applications
All the above stated just few of the key real-world factors and trends driving the growth of low-code application development platforms.
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Choosing the right low code application development platform
Digitization and automation efforts may not always be the operational panacea for the businesses despite having many known benefits. When an automation effort is limited to just task automation rather than end-to-end process automation, they may not realize the complete benefits with limited ROI. Going ahead with their conventional automation strategies and investing in the best in breed automation tools heavily upfront may not be a prudent move.
So, the businesses must think and act rationally by carefully evaluating smart and modern automation solutions such as iLeap that can effectively address their digital transformational/automation challenges as well as seamless integration with a variety of legacy, disconnected systems, improvised public communications from a unified interface.
The best aspect of adopting a smart digital automated solution such as iLeap is that firms do not have to invest in additional cost upfront and still leverage or do more with their existing IT set up. Choosing the right sort of modern digital automation platform such as iLeap will go a long way in realizing the benefits the businesses would like to offer for their customers seeking better digital experiences. Try iLeap free trial.