According to Gartner research, low-code technology is expected to grow to nearly $27 billion by 2023, with low-code application platforms expected to be the largest component of the low-code development technology market, growing 25% to nearly $10 billion USD by 2023.
According to Gartner Low-code development technologies such as LCAP, integration platform as a service, robotic process automation, citizen automation and development platforms, and multi-experience development platforms will receive a portion of this funding to support process automation, integration, decision analytics, and intelligence use cases.
This rise is said to be fueled by the fact that developers outside of formal IT departments will flock to low-code technology, as well as an ongoing shortage of tech talent and an increasing number of business technologists. Also included are hyperautomation and composability. In addition, there is an increasing number of enterprise-wide hyperautomation and resizable business initiatives.
Some of the anticipated benefits of low-code application platforms include faster time to market, reduced IT overhead, increased productivity and agility, and improved customer experience.
“Organizations are increasingly turning to low-code development technologies to fulfill growing demands for speed application delivery and highly customized automation workflows,” said Varsha Mehta, senior market research specialist at Gartner.
The sources for this piece include an article in TechRepublic.