Low-code development platforms to grow 25% in 2023

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In the face of an ongoing IT skills gap, technologies such as low-code and no-code platforms that can automate processes and empower workers to accomplish tasks are seeing significant growth, according to a recent study.

In each of the past four years, sales in low-code and no-code application platforms (LCAP) grew more $1 billion annually, from $3.47 billion in 2019 to a projected $8 billion this year.

Over the next two years, the LCAP market is projected to be the fastest-growing segment of the “hyperautomation” technologies market, as research firm Gartner calls it. LCAP is expected to grow 25% to roughly $10 billion in 2023 and to $12.3 billion in 2024, according to Gartner.

“Organizations are increasingly turning to low-code development technologies to fulfill growing demands for [faster] application delivery and highly customized automation workflows,” said Varsha Mehta, a senior market research specialist at Gartner.

Along with LCAP, hyperautomation technologies such as business process automation, robotic process automation and citizen automation and development platforms (CAPD), are expected to reach almost $32 billion in 2024; that’s up from $18.5 billion in 2021.

low code development technologies revenue millions of u.s. dollars Gartner

Low-code development technologies revenue (in millions of US Dollars).

“The high cost of tech talent and a growing hybrid or borderless workforce will contribute to low-code technology adoption,” said Jason Wong, a distinguished vice president analyst at Gartner.

Copyright © 2022 IDG Communications, Inc.



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