THANK YOU FOR SUBSCRIBING
The low-code development platform market is expected to grow at a CAGR of 25.26% from 2022 to 2027 to reach a cap of USD 64.56 billion by 2026
FREMONT CA: According to Gartner, by 2025, 70 percent of new apps produced by businesses will leverage low-code or no-code resources. In 2020, only about a quarter of new apps will be produced in this way at businesses. By 2025, 75 percent of big organizations will be using at least four low-code solutions for IT app and citizen development.
Several low-code and no-code platforms compete to be the preferred development and deployment platform for businesses. Sway AI offers a no-code AI platform to implement AI and machine learning applications. In this industry, many firms are developing, like DuploCloud, which secured $15 million in a Series A round in February for its low-code/no-code infrastructure automation product. TrueSource, for example, raised $1.1 million in a pre-seed round for their no-code platform, which can turn complex datasets into monetizable apps. Cyclr, Mendix, and Hyland are among the other low-code/no-code platform vendors, and the list is growing.
As stated by Jason Wong, distinguished Research Vice President at Gartner, there are products out there that use AI to analyze all of the different applications that are built on a platform, anonymizing data models and UI elements from customers, and can be used to give organizations advice on the construction of applications and more effective data uses. Mr. Wong explained that in the early days of low code, barely four or five years ago, such platforms were considered a tactical or experimental alternative for developing new apps. Organizations would strive to construct their own SaaS application rather than buying another one. This might have been for prototyping before coding the program in AWS, Azure, or Google Cloud Platform.
In the C-suite and beyond, a greater appreciation of low code and no code appears to be part of a broader shift in how businesses manage their needs. According to Gartner's 2022 Board of Directors Survey, 40 percent of boards are approving additional technology funding for digital projects to go into the lines of business. Low code is one of the primary methods through which business units will implement their applications, automations, data models, and algorithms, in other words, everything they need to solve their business challenges.