AI Spurs Growth of Low-code Application Platforms

AI Spurs Growth of Low-code Application Platforms

Customers Drive IT Democratization, Hyperautomation, and Composable Businesses with Modern Low-code Platforms

As businesses emerged from the COVID-19 pandemic operating environment, they found themselves facing the Great Resignation, an economic downturn, and a potential recession. These dynamics caused them to reassess spending and force business units to do more with less. Low-code application platforms (LCAPs), a technology that was just gaining popularity at the start of the pandemic, are well suited to help businesses meet these challenges. LCAPs allow for faster, easier application development, enabling businesses to quickly create and deploy new services that automate both employee tasks and customer interactions. They also allow line-of-business team members to take a more active role in creating the services they need to work smartly in a completely new operating environment.

The LCAP market has rapidly expanded in the last two years. While some providers have mature services, new entrants continue to appear. Frost & Sullivan estimated LCAP market revenue to be approximately $25 billion in late 2022 and expects it to approach $70 billion by 2026. This Growth Opportunity report offers an overview of the LCAP market and discuss prime growth strategies that will help vendors boost adoption of their platforms in the coming years.