Gartner predicts that the market for Low-Code Development Technologies will increase by 20% by 2023
Gartner released a new report forecasting the worldwide low-code development technologies market will grow by 20% in 2023.
What are low-code development technologies?
Low-code development technologies are tools and platforms that enable faster development of software applications with fewer lines of code. The technology has become increasingly popular in recent years. Organizations looking to improve their software development productivity and speed continue to integrate low-code development into their processes.
Gartner’s low-code development technologies report
The Gartner report highlights the growing demand for low-code development tools. They are becoming increasingly integrated into the everyday workflow of many businesses. The report also projects that low-code application platforms (LCAPs) will dominate the market for low-code development technology. LCAPs are expected to expand by 25% to reach around $10 billion in 2023.
According to the report, the global market for low-code development technologies will reach $26.9 billion in 2023. The number has seen a 19.6% increase from 2022.
Source – Gartner, December 2022
From now through 2026, the main factors boosting the use of low-code solutions will be –
- An increase in business technologists
- A surge in the number of enterprise-wide hyperautomation
- Composable business initiatives and a few others
The biggest market category is LCAP, but the fastest-growing market segment is the citizen automation development platform (CADP). CADP has a growth rate of 30.2%, predicted for 2023. CADP is incredibly functional with fascinating use cases. These include automating workflows, developing web-based forms, connecting data and content across software-as-a-service applications, and producing reports and data visualizations.
By 2026, developers outside of official IT departments will make up at least 80% of users of low-code development tools. According to Gartner, the percentage went up from 60% in 2021.
What drove the growth?
Gartner identifies a number of key drivers behind this growth, the main ones being hyperautomation and composable organizations.
Growing demands for operational efficiency, a widening skills gap, and escalating financial pressures drive up interest in hyperautomation. According to Gartner, $720 billion will be spent in 2023 on software technologies that enable hyperautomation. Hyperautomation supports several use cases. These include automated processes, integration, decision analytics, intelligence, and technologies like LCAP, iPaaS, RPA, CADP, and MXDP.
As businesses adopt the composable enterprise model, investments will increase in low-code solutions that facilitate innovation and composable integration. For rapid application development and to offer a unique user experience when implementing new workflows and processes, composable organizations must effectively repurpose current packaged business capabilities (PBCs).
The Gartner report also highlights the impact of the COVID-19 pandemic on the market for low-code development technologies. The pandemic has accelerated the need for organizations to quickly develop and deploy applications to meet customer demands and the need for organizations to develop secure and resilient applications rapidly. The pandemic has also led to the increased adoption of cloud-based solutions, which support low-code development technologies.
Low-code technologies market
Gartner also identified a number of leading vendors in the low-code development technologies space, including Microsoft, Salesforce, Oracle, IBM, and Mendix. These vendors offer a wide range of low-code development platforms, tools, and services. The report also highlights the growing demand for low-code development platforms from smaller vendors such as Outsystems, Kony, and Appian.
The future of low-code
Gartner also points out a number of steps that organizations should take when adopting low-code development technologies –
- Organizations should invest in the required training and skills to use these technologies
- Organizations should ensure their applications are secure and resilient, and
- Organizations should ensure their applications are compatible with other applications and platforms.
The Gartner report forecasts that the worldwide low-code development technologies market will continue to grow rapidly over the next few years. The growth will be driven by the need for organizations to develop applications to meet customer demands rapidly. Organizations will have to develop secure and resilient applications to meet this demand rapidly.
