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

RELEASE DATE
18-Aug-2023
REGION
North America
Research Code: K8DE-01-00-00-00
SKU: TEMP_2023_93
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$2,450.00
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Description

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.

Author: Karyn Price

Table of Contents

Why is it Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top 3 Strategic Imperatives on the Low-code Application Platform Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Market Overview

Market Overview (continued)

Growth Drivers

Growth Restraints

Growth Opportunity 1: Develop Vertical- and Persona-specific Workflows, SDKs, and IDEs

Growth Opportunity 1: Develop Vertical- and Persona-specific Workflows, SDKs, and IDEs (continued)

Growth Opportunity 2: Integrate Virtual Reality into LCAPs

Growth Opportunity 2: Integrate Virtual Reality into LCAPs (continued)

List of Exhibits

Legal Disclaimer

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. Author: Karyn Price
More Information
Author Karyn Price
Industries Information Technology
No Index No
Is Prebook No
Keyword 1 Low Code Market
Keyword 2 Low Code Market Growth
Keyword 3 No Code Development Platforms Market
Podcast No
WIP Number K8DE-01-00-00-00