The world of app startup ideas is rapidly evolving, driven by the growing influence of low-code and no-code solutions. In this article, we'll explore key statistics that highlight the impact, adoption rates, and potential for shaping the future of technology.
Low-Code Market Forecast
According to GlobeNewswire, the global low-code development platform market is predicted to generate a revenue of $187 billion by 2030, rising from $10 billion in 2019. This growth is expected to advance at a fast pace, with a Compound Annual Growth Rate (CAGR) of 31% during the forecast period.
Furthermore, Gartner predicts that 75% of large enterprises will be using at least four low-code development tools for both IT application development and citizen development initiatives.
Market Adoption
Gartner also reports that by 2026, 70% of new applications developed by organizations will use low-code or no-code technologies. This is a significant increase from less than 25% in 2020. Moreover, 41% of businesses have active citizen development initiatives, and 20% of those who don't are either evaluating or planning to start citizen development initiatives.
Why Low-Code Matters
Low-code app development has the potential to revolutionize the way we build applications. IT is the second-largest area for businesses to address potential skill gaps after data science. By leveraging low-code solutions, developers can focus on more complex projects while reducing costs. In fact, no-code solutions don't fully replace a developer functionally but help them save time and money.
Low-Code AI Development
As AI technologies and expertise continue to evolve, businesses are recognizing the importance of developing custom AI applications. According to Deloitte, 40% of companies state that AI technologies and expertise are too expensive. However, with low-code AI development, businesses can invest in citizen data scientist practices for AI development.
Benefits of Low-Code
Low-code/no-code solutions have numerous benefits, including the potential to reduce development time by 90%. Additionally, Forrester found that the average company avoided hiring two IT developers using low-code tools, reaping about $4.4 million in increased business value over three years from the applications designed.
Low-Code Development Use Cases
Gartner reports that top low-code development use cases include forms or data-collection apps (58%), apps that orchestrate business processes and workflows within apps (49%), and apps that replace paper, email, or spreadsheets (42%).
Case Studies
Several companies have successfully implemented low-code solutions, achieving impressive results. Schneider Electric launched 60 apps in 20 months, with most delivered in just 10 weeks. Ricoh replaced legacy systems with a low-code platform, achieving a 253% ROI and a payback in just seven months.
Facts About the Low-Code Industry
The low-code industry is rapidly growing, with over 223 platforms for development and 13 platforms for developing machine learning solutions. Forrester reports that 42 vendors of low-code development tools primarily structured as PaaS (platform as a service). Additionally, ease of use is the most used positive word describing low-code/no-code development platforms.
Funding Raised by Low-Code Application Development Vendors
Several low-code application development vendors have received significant funding. OutSystems has raised a total of $422.1M in funding over five rounds. Mendix has raised a total of $38M in funding over three rounds. ServiceNow has raised a total of $83.7M in funding over six rounds.
As the app startup ideas space continues to evolve, it's clear that low-code and no-code development solutions will play an increasingly important role. By leveraging these technologies, businesses can reduce costs, increase efficiency, and drive innovation.