Low-code development is experiencing a major growth period, with the market expected to reach $94.75 billion by 2028.
Low-code development is gaining popularity as a way for organizations to streamline their development process and meet their customers’ needs at a faster clip. The tech also helps other non-development departments more easily contribute to the company’s software products. In just a year, low-code development has achieved “mainstream status” within the enterprise.
According to research by Fortune Business Insights, low-code is just getting started. The latest numbers show that the development revolution is poised to experience a staggering CAGR of 31.6% from 2021 to 2028 when it jumps from a $13.89 market to one worth $94.75 billion.
Fortune outlines a number of factors that will help promote growth:
The low code development platform (LCDP) offers a continuous and simplified approach for professional and citizen development of a business application. Continuous technological change in industries is expected to fuel the demand of the platform. Solutions considered in the scope include Appian Multi-experience Development, Low-Code Pega Platform, Microsoft Power App, ServiceNow App Engine, Zoho Creator, Oracle APEX, Outsystems Low Code Platform, and more. Also, the challenges faced by small and medium businesses due to limited resources and funds are likely to increase instant application development platform adoption.
The report is good news for the low-code development market and further highlights the transformation currently underway in many industries.