Home »
Reading Time: 4 minutes
The demand for new applications has experienced an extraordinary surge, aligning with the increasing need for automation and agility. As per Research and Markets LCNC is anticipated to surge at a rapid pace, the global low-code development platform market is projected to achieve a revenue of $187.0 billion by 2030, marking a substantial increase from $10.3 billion in 2019. This trajectory reflects a significant Compound Annual Growth Rate (CAGR) of 31.1% throughout the forecast period spanning from 2020 to 2030. The escalating adoption and maturation of Industry 4.0, combined with the capabilities of Artificial Intelligence and other cutting-edge technologies, are compelling industries to invest in custom software. This custom software serves to enhance human efforts by enabling real-time analytics and delivering superior digital experiences.
Traditional software development, constrained by the considerable time and effort involved, is facing challenges amid the pressing demand for custom software solutions within tight timeframes. In this context, the appeal of evolutionary Low Code No Code development (LCNC) methodologies is on the rise. These methodologies require minimal expertise and significantly reduce development time, offering a compelling alternative to standard software development. Leaders are eager to swiftly integrate the unparalleled capabilities of AI into their processes and systems. Facilitating the realization of this vision are the development methodologies of Low Code No Code (LCNC). This blog explores five crucial areas that empower organizations to accelerate their AI development, ensuring competitiveness, stability, and relevance.
In the current dynamic business landscape, companies frequently encounter a scarcity of proficient IT professionals and developers. Low Code and No Code platforms empower business users with limited technical expertise to actively engage in application development, alleviating the workload on IT departments and expediting the development process. According to The Gartner 2021-2023 Emerging Technology Roadmap, hiring developers claimed the top position as the most significant staffing challenge for companies in both 2022 and 2023. With 58% of companies aiming to bolster IT investment and drive digital transformations, the demand for skilled developers is surpassing the available supply. As per the US Labor Department estimates the global shortage of software engineers may touch 85.2 million by 2030.
Traditional software development can be time-consuming and expensive. Low-code and no-code platforms streamline the development process, reducing the need for extensive coding and testing. This not only saves time but also lowers development costs significantly. Businesses can allocate resources more efficiently and invest in other critical areas. According to an IDC report, customers experienced a remarkable Return on Investment (ROI) of 509% over five years through the utilization of low-code and intelligent process automation.
Businesses operate in diverse markets with varying regulatory requirements and customer preferences. Low-code and no-code platforms enable the rapid development and customization of applications to meet local needs. This adaptability is crucial for staying competitive and compliant in different regions. Highly valued businesses such as Netflix and Airbnb have invested and realized significant benefits in integrating LCNC development into their localization strategies.
The ability to quickly develop and deploy applications is crucial in the rapidly evolving business landscape. Low-code and no-code platforms allow for faster iteration and deployment cycles, enabling businesses to respond promptly to market changes and customer demands. This agility is a key factor in staying ahead of the competition.
Low-code and no-code platforms democratize the development process by allowing non-technical users to contribute to application development. This widens the pool of contributors, fosters innovation, and promotes collaboration between business and IT teams. This democratization ensures that solutions align closely with business needs.
The integration of AI further enhances the capabilities of low-code and No-Code platforms. AI can automate complex tasks, provide intelligent insights, and enhance the overall functionality of applications. This not only improves the user experience but also allows businesses to leverage advanced technologies without a deep understanding of AI programming.
Modern businesses need scalable solutions to accommodate growth and changing demands. Low-code and no-code platforms often come with built-in scalability features, allowing applications to scale seamlessly as the business expands. This scalability is essential for handling increased workloads and maintaining optimal performance.
In summary, the combination of Low Code, No Code, and AI addresses the challenges posed by resource shortages, the need for cost optimization, localization requirements, and the demand for increased agility in the business landscape. Innover’s Software Engineering Solutions help businesses to strategically and confidently utilize contemporary technologies to innovate rapidly, respond to market dynamics, and achieve operational efficiency in a resource-constrained world.
Your submission is received and we will contact you soon
