Summary
- • The low code industry is experiencing a 23% compound annual growth rate (CAGR) from 2020 to 2025.
- • Low code platforms are expected to account for 65% of application development by 2024.
- • The global low code development platform market is projected to reach $187 billion by 2030.
- • Low code adoption is expected to increase by 10% year over year.
- • 62% of organizations are using or planning to use low code development platforms.
- • 72% of low code users reported increased developer productivity.
- • Low code platforms can reduce development time by up to 90%.
- • 75% of organizations cite time-to-market as a critical reason for adopting low code platforms.
- • By 2024, over 65% of all application development will be done using low code platforms.
- • In 2020, the low code market size was estimated to be $13.2 billion.
- • 78% of IT professionals say low code development platforms are key for digital transformation.
- • The adoption of low code platforms has doubled in the past two years.
- • The low code market is expected to grow to $45.5 billion by 2025.
- • 80% of organizations will use low code development tools by 2024.
- • 62% of low code developers have no formal computer science training.
Hold onto your coding hats, because the low code industry is on an exponential rise that even a seasoned developer would envy! With a forecasted 23% compound annual growth rate, low code platforms are set to dominate the realm of application development, accounting for a whopping 65% share by 2024. Buckle up as we delve into the mind-boggling statistics that project a global market worth of $187 billion by 2030, showcasing how low code adoption is not just a trend, but a transformative force in the tech world. Get ready to witness the meteoric rise of low code development tools, where even those without formal computer science training are shaping the future of software creation.
Adoption Rate Trends
- Low code adoption is expected to increase by 10% year over year.
- 62% of organizations are using or planning to use low code development platforms.
- By 2024, over 65% of all application development will be done using low code platforms.
- 78% of IT professionals say low code development platforms are key for digital transformation.
- The adoption of low code platforms has doubled in the past two years.
- 62% of low code developers have no formal computer science training.
- 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.
- By 2023, over 50% of medium to large enterprises will have adopted a low code development platform.
- According to a Gartner survey, 66% of organizations plan to increase their investment in low code development.
- 74% of organizations believe that low code platforms are essential for digital transformation.
- 87% of organizations believe that low code platforms are important for achieving their digital transformation goals.
Interpretation
In a world where low code is king, traditional coding might start feeling like yesterday's news - with 62% of organizations jumping on the low code bandwagon, it's clear that the winds of change are blowing through the software development landscape. Like a digital superhero swooping in to save the day, low code platforms are the caped crusaders of efficiency and innovation, with IT professionals hailing them as the Holy Grail for digital transformation. With more organizations embracing low code faster than a flash sale at a tech store, it's no wonder that even those without formal computer science training are joining the revolution. So, buckle up, fellow tech enthusiasts, because it seems we're all headed toward a future where low code isn't just an option - it's the only code in town.
Cost and Time Efficiency Benefits
- Low code platforms can reduce development time by up to 90%.
- Low code platforms have been shown to reduce application development costs by up to 70%.
- Low code platforms can reduce the time needed for application development by up to 80%.
- The use of low code platforms can result in a 90% reduction in development time for certain projects.
- Low code platforms can reduce the cost of application development by up to 50%.
- The use of low code platforms can result in a 70% reduction in application development costs.
- Organizations can achieve a 50-60% reduction in total cost of ownership with low code platforms.
- Low code platforms can reduce time-to-market by up to 50% for new applications.
- Low code application development can reduce the risk of project failure by up to 70%.
Interpretation
In a world where time is money and innovation is key, the low code industry is making waves with statistics that could make even the most seasoned developer raise an eyebrow. With claims of reducing development time by up to 90% and cutting application development costs by as much as 70%, low code platforms are presenting themselves as the superheroes of the tech world. Imagine a world where projects that used to take months now only take weeks, and where the risk of failure is slashed by 70% - it's a tantalizing prospect for any organization aiming to stay ahead in the ever-evolving technological landscape. You might call it the ultimate shortcut for success, or perhaps just a much-needed dose of efficiency in a world that can't afford to waste a single second.
Industry Growth Projections
- The low code industry is experiencing a 23% compound annual growth rate (CAGR) from 2020 to 2025.
- 81% of IT leaders believe low code platforms will be central to business application development in the next five years.
- The number of low code platform vendors increased by 64% between 2019 and 2020.
- 69% of organizations expect low code platforms to be central to their digital transformation strategy in the next three years.
Interpretation
As the low code industry continues to rocket forward with a 23% compound annual growth rate, it's clear that the days of clunky, time-consuming application development are numbered. With 81% of IT leaders placing their bets on low code platforms as the future of business application development, it's no wonder the number of vendors in the space has surged by 64%. Embracing the power of low code isn't just a trend—it's a strategic imperative, with 69% of organizations already positioning these platforms at the core of their digital transformation strategies. In a world where efficiency and agility are paramount, low code isn't just a buzzword—it's the key to unlocking innovation and staying ahead in the digital race.
Market Size and Forecast
- Low code platforms are expected to account for 65% of application development by 2024.
- The global low code development platform market is projected to reach $187 billion by 2030.
- In 2020, the low code market size was estimated to be $13.2 billion.
- The low code market is expected to grow to $45.5 billion by 2025.
- 80% of organizations will use low code development tools by 2024.
- The low code market is estimated to grow at a CAGR of 28.1% during the forecast period of 2021-2026.
- Low code application development will be responsible for 65% of all application development activity by 2024.
- The low code development platform market is expected to reach $46.2 billion by 2025.
Interpretation
As the low code industry continues to skyrocket at an impressive rate, one thing is becoming abundantly clear - the future of application development is embracing simplicity and efficiency. With projections showing that low code platforms will dominate the field by 2024, it's evident that organizations are recognizing the value of streamlining their development processes. As the market size climbs from $13.2 billion in 2020 to an estimated $187 billion by 2030, it's not just about saving time and resources, it's about unlocking endless possibilities and innovation. So, strap in and get ready for a wild ride of rapid growth and endless potential - because in the world of low code, the sky's the limit.
Organizational Impact and Use Cases
- 72% of low code users reported increased developer productivity.
- 75% of organizations cite time-to-market as a critical reason for adopting low code platforms.
- Nearly 70% of respondents report improved customer experiences as a result of using low code technology.
- 56% of IT professionals believe that low code platforms are key to reducing workload pressure.
- 63% of organizations reported faster project completion times after adopting low code platforms.
- 75% of businesses believe that low code platforms can help them innovate faster and stay ahead of their competition.
- 70% of businesses that have adopted low code platforms report increased collaboration between business and IT teams.
- 82% of organizations believe that low code platforms can improve the customer experience.
Interpretation
In a world where time is money and innovation is key, the low code industry appears to be the superhero cape that organizations have been desperately seeking. With statistics painting a picture of increased productivity, faster project completion times, improved customer experiences, and enhanced collaboration between business and IT teams, it's no wonder low code platforms are being heralded as the secret weapon to staying ahead of the competition. For IT professionals feeling the pressure of heavy workloads, low code seems to offer a light at the end of the tunnel, promising to not only ease the burden but also pave the way for swift and efficient project delivery. So, if you're still in doubt about the power of low code, just remember this: in a fast-paced world, it's the tortoise with the low code platform that ultimately wins the race.
