Forecast 2023: Low-Code platform market grows by 25%
The global market for Low-code technologies is worth $22.4 billion this year and is expected to grow by 19.6% to $26.9 billion next year.
These are the results Gartner announced in the press release “Gartner Forecasts Worldwide Low-Code Development Technologies Market to Grow 20% in 2023”[1]
The analysis shows the Low-Code platform segment in the market has grown by 25% in 2022, and the same growth rate is expected in 2023 (Table 1), with the market’s value reaching $12.3 billion in 2024 and doubling the turnover in just 3 years.
Table 1 - Low-Code Development Technologies Revenue (Millions of U.S. Dollars) - Forecast 2022 - Source: Gartner
This year's forecasts, compared with those of last year[2] ,show growth in the sector beyond expectations: in 2021 (table 2), a turnover of 5.7 billion dollars was forecast, but it closed with a total of 6.3 billion, an improvement of 10% over forecasts.
Table 2 - Low-Code Development Technologies Revenue (Millions of U.S. Dollars) - Forecast 2021 - Source: Gartner
The demand for developers and the competition from the borderless workforce are growing
What caused this exponential growth? There were multiple factors, and certainly, in 2021, the need for applications to digitize and simplify many processes of work and private activities during the acute period of pandemic crisis was one of them. Many new solutions and digital businesses have arisen, which have increased the demand for development, even for custom enterprise applications. But the simplicity of the Low-Code approach has also attracted new users, non-IT personnel who participate personally in development through the platforms.
The increase in the demand for applications and the consequent growth in the demand for developers have led to an increase in development costs and personnel because talents are increasingly sought after and contested among companies. If we add to these aspects that remote work has brought competition from the borderless workforce[3] (i.e. the workforce without territorial borders because being present in the office is not necessary to carry out one's activities), the developer market has become even more dynamic and competitive and organizations have adopted Low-Code platforms such as WebRatio Platform to increase the productivity of even less experienced resources.
Hyperautomation and Composability will drive the growth of Low-Code
The Gartner analysis[4]also shows the birth in 2022 of the BPA (Business Process Automation) technology sector, present in the WebRatio Platform for the orchestration of automatic processes of web and mobile applications.
This trend derives from the increase in the demand for automatic digital processes to reduce the time and resources allocated to repetitive activities and operating costs. It is time for Hyperautomation[5], i.e. the use of technologies to automate as many processes as possible to improve business performance.
Low-Code platforms, such as WebRatio Platform, prepare companies for the future of the composable enterprise[6] defined by Gartner because the modularity and reuse characteristics present in the platform reflect and support the business structure, bringing agility and resilience to IT and business organizations. The companies will organize themselves with a modular approach: for each business objective and project, a working group with complementary skills will be created. The working groups will be created by integrating the existing skills as many modular blocks.
These features are already present in WebRatio Platform and can now be a strategic tool to reduce automation debt and adopt an agile, rapid and innovative approach in the company.
Find out more on how Low-Code works >
Sources
[5] https://www.gartner.com/en/information-technology/glossary/hyperautomation
[6] https://www.gartner.com/smarterwithgartner/gartner-keynote-the-future-of-business-is-composable