A Billion Dollar Market of Low-Code & No-Code Application Platform.

CodeResist
5 min readNov 27, 2023

Market of Low-Code by Industry Experts

IT organizations are noticing new trend in the development approach of a product or applications. Customers or client are now asking for platforms which can help rapid prototyping and development , reduce dependency on IT department, flexibility to build and customize own applications. Such trending tractions are leaning towards No-Code / Low-Code kind of platforms in the market. In last few years , 100s of new platforms have emerged to capture the market sentiments. Majority of industry experts, leaders and analyst also believe that this is the right time to adopt the No-Code/Low-Code platforms.

Many analyst and leaders like Gartner, Avasant , Forester, Everest Group are conducting research and working with clients & IT service providers to gather the feedback and providing their point of view.

Low-Code & No-Code Application Platform Market Forecast

  • By 2024, 75% of large enterprises will be using at least four low-code development tools for both IT application development and citizen development initiatives (Gartner)
  • The worldwide low-code development technologies market is projected to total $13.8 billion in 2021, an increase of 22.6% from 2020, according to the latest forecast by Gartner, Inc. The surge in remote development during the COVID-19 pandemic will continue to boost low- code adoption, despite ongoing cost optimization efforts (Gartner)
  • The global low-code development platform market is predicted to generate a revenue of $187.0 billion by 2030, rising from $10.3 billion in 2019, and is expected to advance at a fast pace, 31.1% CAGR, during the forecast period (2020–2030). (Global NewsWire)
  • Forrester predicts that by the end of 2021, 75% of development shops will use low-code platforms (up from just 44% in 2020)
  • The global low code application development platform market size is expected to reach USD 86.92 billion by 2027, according to a new report by Grand View Research, Inc. The market is projected to register a CAGR of 22.7% during the forecast period (GrandViewResearch)

Low-Code & No-Code Market Trends and Adoption

The future of software development is here, and it’s called Low-Code. Low-Code is a process that allows companies to build applications without necessarily having to learn and understand how to code. Low-Code is a process by which a company can develop an application with a very small amount of code. Sending low-code is a process by which a company can quickly create the application, and deliver it to the market. Therefore, software development is now easier than ever before. If you have an idea and you want to bring it to life, Low-Code is for you. Low-Code is a process that allows companies to develop applications without necessarily having to learn and understand how to code. Low-Code is a process by which a company can develop an application with a very small amount of code. Sending low-code is a process by which a company can quickly create the application, and deliver it to the market. Therefore, software development is now easier than ever before.

  • The market size for hyper-automation is anticipated to reach USD 23.7 billion by 2017, while the low-code market size is estimated to reach USD 86.92 billion by 2027, almost four times the size of the hyper-automation market (Wipro)
  • 24% of low-code users reported starting with 0 experience and 70% of those users learn low-code in a month or less than month which leading to 55% high growth organizations focus on innovations and customer engagement (Mendix)
  • Low-code platforms are increasingly becoming the go-to platforms for developing web and mobile applications, as they offer increased agility, faster time to market, and a minimal learning curve, as well as requiring little investment in software maintenance and deployment. This trend shows no sign of slowing down (Zoho Creator)
  • In a Gartner survey on business unit IT, 46% of respondents stated that increase for business-led IT spend was due to increased development of software, applications or databases. In another Gartner survey on citizen development, 41% of respondents have active citizen development initiatives and 20% of those that don’t are either evaluating or plan to start citizen development initiatives (Gartner)
  • By 2023, over 500 Million Digital Apps and Services Will Be Developed and Deployed Using Cloud-Native Approaches, Most of Those Targeted at Industry-Specific Digital Transformation Use Case (IDC)
  • IT departments struggle with insufficient staff and resources to meet all the demands put upon them, In fact, a survey by IBM in 2014 found that 80 percent of cutting-edge enterprises were turning to citizen developers to plug these gaps. (AppSheet)
  • The overall benefit of a DAP is speed. In general, they can potentially shave 50–90% off development time vs. a coding language. We believe low-code DAPs will craft nearly half of all applications developed in the coming years because they take less time to porotype, test and deploy to production.(Redhat)

Top Findings — Low-Code/No-Code Platforms

  • OutSystems has raised a total of $572.1M in funding over 7 rounds. Their latest funding was raised on Feb 17, 2021 from a Series E round
  • Mendix has raised a total of $38M in funding over 3 rounds. Their latest funding was raised on Jan 23, 2014 from a Series B round.
  • Appian has raised a total of $47.5M in funding over 2 rounds. Their latest funding was raised on Mar 3, 2014 from a Venture — Series Unknown round
  • Airtable has raised a total of $617.6M in funding over 8 rounds. Their latest funding was raised on Mar 15, 2021 from a Series E round
  • AppSheet has raised a total of $18.5M in funding over 6 rounds. Their latest funding was raised on Apr 25, 2019 from a Series A round
  • Bubble has raised a total of $106.3M in funding over 2 rounds. Their latest funding was raised on Jul 27, 2021 from a Series A round
  • Nintex has raised a total of $135M in funding over 3 rounds. Their latest funding was raised on Nov 13, 2019 from a Corporate Round round

Disclosure: The opinions on this page are taken from various sources and reference available in market and we try our best to keep things fair and balanced, in order to help you to make the best option.

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With the introduction of low-code, software development is changing. It is important to keep up with the changes to ensure your company stays up to date.

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