Low-code development is an increasingly popular trend in the world of software development and for good reason. It allows businesses to quickly and easily create software applications without the need for extensive coding experience.
In this post, we will be taking a closer look at the latest statistics and facts surrounding low-code development and how it is impacting businesses and industries in 2023. Furthermore, we will take a look at some future predictions for low-code development. Low-code platforms have revolutionized the way software is developed, making it possible for non-technical users to build and deploy their own applications.
Whether you’re a developer looking to learn more about low-code, a business owner looking to streamline your software development process, or simply interested in the topic, this post will provide valuable information on the current state and future of low-code development. So, join us as we dive deep into the world of low-code in 2023.
The growth of low-code market
- The low-code development market will generate $187 billion by 2030
- Low-code tools will be responsible for over 65% of application development by 2024.
- By 2023, over 500 million apps and services will be developed using cloud-native approaches
Why low-code solution is imperative
- No-code and low-code platforms help reduce app development time by 90%.
- 70% of new business applications will use low-code/no-code technologies by 2025.
- In 2021, the low-code platform market was valued at $7.61 billion. It’s projected to reach $36.43 billion by 2027.
- By 2024, 80% of non-IT professionals will develop IT products and services, with over 65% using low-code/no-code tools.
- Compared to conventional app-building platforms, no-code solutions consume 70% fewer resources.
Low code market forecast
- By 2024, low-code application development will be responsible for more than 65% of application development activity.
- The global low-code development platform market is predicted to generate a revenue of $187 billion by 2030, rising from $10 billion in 2019, and is expected to advance at a fast pace, 31% CAGR, during the forecast period.
- By 2024, 75% of large enterprises will be using at least four low-code development tools for both IT application development and citizen development initiatives.
- 70% of new applications developed by organizations will use low-code or no-code technologies by 2025, up from less than 25% in 2020.
- 41% of businesses have active citizen development initiatives and 20% of those who don’t are either evaluating or planning to start citizen development initiatives.
- About 79% of businesses build a web application with citizen development within a year.
- Half of all new low-code customers will come from business buyers outside the IT organization by the end of 2025.
- Nearly 60% of all custom apps are now built outside the IT department. Of those, 30% are built by employees with either limited or no technical development skills. (451 Research)
The average forecasted market size is expected to grow from US$ 16.1 billion in 2021 to US$ 84.8 billion by 2027, at a CAGR of 31.9 %.
Stats on Challenges with Low-Code Adoption
- While 4 out of 5 businesses in the US currently use low-code, there are still 20% that do not. Worldwide, that number is 23%.
- According to Appian, 31% of enterprises currently using low-code haven’t built or delivered any of their highest-value applications.
- The Outsystems’s State of Applications Development Report from 2019 states several reasons businesses provided as to why they do not currently use or have a plan to use low-code:
- Lack of knowledge about low-code: 43%
- Concern about “lock-in” with a platform or vendor: 37%
- Don’t think low-code fulfills needs: 32%
- Concerns about low-code app scalability: 28%
- Concerns about low-code app security: 25%
- The workforce continues to change. Currently, millennials make up 35% of the US workforce. By 2025, millennials will make up 75% of the workforce. Gen Z made up 11.6% of the workforce in 2020 with that number expected to rise significantly.
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Make An Informed Decision When Choosing A Low-Code Platform For Your Company
As low-code platforms gain in popularity and more businesses see the benefits of using them, it’s likely that we’ll only see these numbers grow. If you’re thinking about implementing a low-code platform at your company, or if you’re looking for a LCNC solution, contact us today. Our team would be happy to help you find the right platform for your needs and get started on your digital transformation journey.
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