With skilled software developers in short supply, enterprises are turning to artificial intelligence (AI) and lowcode/no-code (LCNC) platforms to get their work done quickly while reducing development costs. Lowcode software development uses a platform that requires minimal coding to create software. Low-code platforms are suitable for rapid application development and automating business processes. No-code software development provides an interface with drag-and-drop functionality to develop applications from various templates and components of pre-programmed software. This helps to create an application without coding. Nocode platforms are suitable for small businesses and offer quick solutions.
Gartner predicts that by 2026, developers outside formal IT departments will account for at least 80% of the user base for low-code development tools, up from 60% in 2021. According to IDC, sales of nocode platforms will grow at an annual rate of 13.9% through 2026, with that of low-code platforms growing at 14.1% over the same period.
A market research study published by P&S Intelligence states that the global low-code market will witness a 31.1% CAGR between 2020 and 2030 to reach US$ 187 billion by 2030.
Key characteristics of LCNC platforms LCNC platforms enable developers to quickly build applications by leveraging a library of pre-built components, such as user interfaces, databases, and APIs. Check Figure 1 for the key characteristics of these platforms.
Some of the most common characteristics are:
Accelerated application development and a drag-and-drop interface, which allows creation of applications by using flow charts and other diagrams. These platforms democratise development as there is no need of experience and training to build effective custom apps.
Reusable code functionality, which saves time as users donât need to re-create core components.
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