What Does the $35.2 Billion Market for Low-Code Development Platforms in 2030 Mean for Software Engineers?

What is the definition of low-code development? Is it possible that low-code development will remove the requirement for software developers? What is the overall size of the market for low-code development platforms? Low-code development is an approach to software development that makes use of graphical user interfaces and configuration rather than traditional coding to create applications. Low-code platforms are designed to reduce the amount of coding needed to develop an application, enabling developers to create applications quickly and efficiently. However, it is unlikely that low-code development will completely remove the need for software developers, as there are certain tasks that require custom coding and cannot be achieved through a low-code platform. The global low-code development market is expected to reach $37.2 billion by 2026, showing that it is a rapidly growing sector of the software development industry.

So, let’s find out.

When do you use the term “low code”?

By definition, low-code development refers to the process of creating software, websites, and apps with little to no coding.

The global low code development market was worth $5.5 billion in 2021, according to industry estimates. Grand View Research forecasts a compound annual growth rate of 22.9% for the market between 2022 and 2030. This anticipated growth rate is expected to generate new opportunities for businesses to capitalise on low code development technology.

Here are some of the most important factors that have contributed to the rapid expansion of the low-code platform.

  • As organisations seek to advance their operations, they are increasingly exploring the potential of digital transformation to automate processes and enhance efficiency. By capitalising on the capabilities of emerging technologies, businesses can streamline their operations and stay competitive in their respective markets.
  • Covid-19 has spurred development as businesses race to complete their digital transformations.
  • Over a very short period of time, low-code development has become more reliable and is now being used by major corporations.

Let us review the primary findings of the report. The report performs an analysis of data from 2021 and provides a forecast for the years 2022 through 2030.

Consider the following as well: Low-Code Development Environments: The Top 10 for 2022

For what kinds of apps does low-code development often get used?

In 2021, the low-code development platform market was largely driven by mobile application creation, which accounted for 34.0% of the total market value. This suggests that mobile app development has become a key industry, with a significant share of the market.

Mobile low code development often makes use of a mobile client application, a mobile middleware server, and application programming interfaces.

Over the period of 2022 to 2030, the market for web-based applications is projected to experience a compound annual growth rate (CAGR) of 22.1%. Low-code development platforms, which include powerful integrated development environments (IDEs) and user interfaces, have significantly facilitated the process of creating web-based business applications. This shift towards greater control over integrations, testing, and deployment has the potential to significantly enhance the efficiency of software and web development teams.

In what regions are low-code development environments being rolled out?

As more and more low-code development platforms are being incorporated into existing cloud infrastructures, organisations are presented with an increased range of possibilities and bolstered business strategies. According to estimations, the cloud deployment market is predicted to grow by 24% from 2022 to 2030.

Which businesses have started using low-code development environments? What will the final result be for programs that take use of this platform?

In order to maximise the productivity of their software developers and gain more control over their software development process, large companies are increasingly turning to low-code platforms. According to market research, the majority of revenue generated by low-code development platforms in 2021 came from large organisations.

The utilisation of low-code development platforms is becoming increasingly popular among small and medium-sized enterprises (SMEs) due to the expediency and efficiency they offer in the creation of applications. This has resulted in a predicted 24.3% expansion of the low-code development platform market between 2022 and 2030, with SMEs constituting the majority of this growth.

When it comes to industries that are reaping the most benefit from applications built using a low-code development platform, the Banking, Financial Services, and Insurance (BFSI) sector accounts for more than 26% of the total revenue generated. This is followed by the business services sector, which is closely followed by growth in the retail, information technology and telecommunications, automobile and manufacturing, logistics, and education industries.

Exactly which area is making use of a low-code development environment?

The highest rate of low-code platform adoption is in North America, with 31% of the regional revenue pie.

Use is also on the rise throughout Asia and the Pacific, with a 26 percent compound annual growth rate (CAGR) forecast between 2022 and 2030.

What are the implications of this expanding market for low-code development platforms for programmers?

Should we expect low-code to replace programmers? Yes, of course not!

Many businesses around the world are recognising the potential of low-code solutions for software development, which can help to boost the productivity of their existing development teams, rather than replacing them. Even with low-code platforms, the expertise of software engineers is still essential for designing the program and sketching out the steps required for development and deployment.

By utilising low-code development, the amount of code necessary to produce desired results is decreased, ultimately accelerating the time it takes to arrive at a successful outcome. This, in turn, enhances the user experience of the software development process, making it more enjoyable.

Summary

As digital transformation accelerates across the global enterprise landscape, the utilisation of low-code development platforms continues to increase in popularity. This surge in demand for these platforms is creating a heightened need for skilled low-code programmers to deliver the enhanced capabilities associated with these solutions.

Are you a software developer with experience in low-code platforms who is seeking employment in the United States? If so, consider using Works, a remote platform that is both fast-growing and financially rewarding, to take the first steps towards achieving your goal of a successful engineering career from the comfort of your own home.

FAQs

  1. Should we expect low-code to replace programmers?

    Despite the widespread misconception that low-code development platforms will replace the role of software engineers, the reality is far from it. Low-code development platforms do not completely eliminate the requirement for programming expertise; instead, they provide pre-defined templates that need to be written and developed by software engineers. This streamlining of the software development process enables faster delivery of value to customers, making low-code development an attractive option for many businesses.
  2. So, what exactly does “low-code development” entail?

    A low-code development platform is a type of software development environment that allows users to build and deploy applications with minimal coding requirements. This platform simplifies the development process by utilising graphical user interface (GUI) tools and pre-built components to generate code for the application, eliminating the need for manual coding. With a low-code development platform, users are able to rapidly create and deploy applications with minimal technical expertise, saving them time and money.

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