The market for low-code development technologies is projected to increase 19.6 percent to $26.9 billion in 2023, according to Gartner.
A rise in business technologists and a number of enterprise-wide hyperautomation and composable business initiatives will be the key drivers accelerating the adoption of low-code technologies through 2026, Gartner report said.
“Organizations are increasingly turning to low-code development technologies to fulfill demands for speed application delivery and highly customized automation workflows,” said Varsha Mehta, Senior Market Research Specialist at Gartner.
“Equipping both professional IT developers and non-IT personas — business technologists — with diverse low-code tools enables organizations to reach the level of digital competency and speed of delivery required for the modern agile environment.”
Low-code application platforms (LCAPs) are projected to be the largest component of the low-code development technology market, growing 25 percent to reach nearly $10 billion in 2023
While LCAP is the largest market segment, citizen automation development platform (CADP) is projected to grow at the fastest pace, with a 30.2 percent growth forecast for 2023. Use cases of CADP include automating workflows, building web-based forms, bridging data and content across multiple software-as-a-service applications and creating reports and data visualizations.
By 2026, developers outside formal IT departments will account for at least 80 percent of the user base for low-code development tools, up from 60 percent in 2021.
Spending on hyperautomation-enabling software technologies will reach $720 billion in 2023. A portion of this spending will be directed at low-code development technologies including LCAP, iPaaS, RPA, CADP and MXDP, to support process automation, integration, decision analytics and intelligence use cases.
Investments in low-code technologies that support innovation and composable integration will also grow as organizations embrace the composable enterprise. Composable enterprises require better reuse of existing packaged business capabilities (PBCs) for agile application development and to create custom user experience for new workflows and processes.