November 4, 2022
According to ISG research, the current low-code/no-code market is worth about $25 billion and is expected to grow at an annual rate of 28% to $45.5 billion by 2027. Low-code/no-code development will more than double over the next five years to reach about $15 billion. This expansion is aided by an exponential increase in app demand.
Platforms for developing low-code/no-code programs usually allow users to configure programs with drag-and-drop tools and little to no coding, and the growing presence of low-code means changes in both the IT and business job roles.
For starters, Anindeep Kar, principal consultant at ISG, claims that this approach can speed up software development tenfold, and that by the end of next year, half of all mid- to large-scale companies will have low-code “as one of their strategic platforms.”
ISG classifies vendors in the landscape into three quadrants. The first category includes those offering low-code development. In contrast to full-stack vendors, low-code vendors offer development platforms that require significantly less coding.
The second category includes those that do not have code development and provide development platforms with drag-and-drop functionality and built-in business logic for app configuration.
This third category is a comprehensive solution package provided by the third group of vendors, which includes low-code and no-code solutions. A low-code/no-code development platform uses a graphical user interface to set up, deploy and deploy programs.
The world is modernizing and digitizing at an unprecedented pace, but there is a huge gap between the supply and demand for talented professionals. The lack of skilled developers is a setback to the tremendous pace of application development that is expected in the coming years. According to IDC, more than 500 million apps will be developed by 2023, and it is low-code/no-code development that will drive some of these developments and consolidate their market position.
The sources for this piece include an article in ZDNet.
