According to a recent forecast from Gartner, the worldwide market for low-code development technologies is expected to reach $26.9 billion in 2023, representing a growth rate of 19.6% from 2022. The adoption of low-code technologies is being driven by a rise in business technologists and the increasing number of enterprise-wide hyperautomation and composable business initiatives.
Low-code application platforms (LCAPs) are projected to be the largest component of the low-code development technology market, with an estimated growth of 25% to reach nearly $10 billion in 2023. Other low-code development technologies, such as business process automation (BPA), multiexperience development platforms (MDXP), robotic process automation (RPA), integration platform as a service (iPaaS), and citizen automation and development platforms (CADP), are also expected to contribute to the market growth.
The adoption of low-code development technologies is driven by the need for faster application delivery and highly customized automation workflows. By equipping both professional IT developers and non-IT personas, such as business technologists, with diverse low-code tools, organizations can achieve the digital competency and speed of delivery required in today’s agile environment.
The report also predicts that by 2026, developers outside formal IT departments will make up at least 80% of the user base for low-code development tools, up from 60% in 2021. This indicates the growing importance of citizen technologists and the empowerment of business users to develop lightweight solutions to meet their specific needs.
Hyperautomation and composability are expected to drive the adoption of low-code technologies. Hyperautomation, which includes process automation, integration, decision analytics, and intelligence use cases, is a growing trend due to operational optimization demands, skills gaps, and economic pressures. Furthermore, organizations are embracing the concept of the composable enterprise, which requires the reuse of existing packaged business capabilities (PBCs) for agile application development and the creation of custom user experiences for new workflows and processes.
Overall, the low-code development technologies market is poised for significant growth in the coming years, driven by the need for faster application delivery, automation, and digital transformation initiatives.
Tags: Low-Code, Development Technologies, Hyperautomation, Composability