The Low Code market grows worldwide
The worldwide market size of Low Code Development Platform was USD 10.82 billion in 2020. In 2021, revenue reached USD 13.89 billion, and it is estimated that in 2028, this figure will rise to USD 94 .75 billion: an annual growth rate of 31.6% during the period (Grand View Research). The market is expected to grow in the coming years, due to increased demand for technological advances seeking to accelerate the digitalization of companies.
The growth can be credited to the growing interest of organizations in digital transformation and automation of their business processes. The growing need to quickly implement solutions to automate business operations has opened new avenues for the adoption of low code development platforms. These platforms provide building blocks that business users or IT developers can use to assemble workflows and applications without hand coding.
Many sectors, including IT solutions, telecommunications network infrastructure, healthcare, banking and finance, retail and utilities are investing in Low Code development platforms. In addition, governments are collaborating with market participants to accelerate the rollout of 5G technology.
The growing leaning of companies to develop Low Code is creating a need for better ways to scale applications and educate users, whether they are professional developers or ordinary users of these companies.
Low Code development platforms offer streamlined, seamless techniques for developing professional processes and building effective business applications. Several industries are expanding their businesses through technological advances and this is expected to fuel the growth of the Low Code market.
LOW CODE TRENDS
As the digital transformation accelerates, the volume of data grows and industrial facilities become smarter, there will be an even greater need to rely on non-developer workforce to handle business applications without involving IT departments. Due to its simplicity and speed, the use of a Low Code platform makes implementation much easier for non-specialized teams. Experience shows that Low Code users without previous experience with this type of platform manage to become familiar with the tools in a short time. The growing need for rapid customization and scalability is driving revenue in the Low Code development platform market.
The emergence of Industry 4.0 is supporting the growth of the Low Code development platforms market. Facilities are quickly adapting to the ever-changing environments of Industry 4.0, and their data flows reflect this. In today’s Industry 4.0 scenarios, operations can be a field of data mining, and this will only grow. The simplest and most effective way to monitor all activities in sync is to ensure centralized orchestration, especially for companies with different locations present in multiple countries, each with multiple process areas and custom IT configurations. Centralized orchestration combined with a hybrid integration framework is an ideal fit for the enterprise. This is common on Low Code platforms.
Provider knows that Low Code development platforms can help save a lot of wasted resources on costs due to project delays. We aim to significantly reduce delays and help the development team complete more tasks in less time. Our main goal with Low Code development frameworks is to create cost-effective, flexible and fast applications that are adaptable to improvements and less complex in terms of maintenance.
If your company wants to make the most of its data and needs Low Code tools that are flexible enough to offer individualized experiences, Provider IT can help.
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Provider IT has been in the market for over 25 years, operating in various market sectors and always delivering results to customers and partners.