Low-code development technologies market to grow 20% in 2023

The worldwide market for low-code development technologies is projected to total $26.9 billion in 2023, an increase of 19.6% from 2022, according to the latest forecast from Gartner, Inc. A rise in business technologists and a growing number of enterprise-wide hyperautomation and composable business initiatives will be the key drivers accelerating the adoption of low-code technologies through 2026.

“Organizations are increasingly turning to low-code development technologies to fulfill growing demands for speed application delivery and highly customized automation workflows,” said Varsha Mehta, Senior Market Research Specialist at Gartner. “Equipping both professional IT developers and non-IT personas — business technologists — with diverse low-code tools enables organizations to reach the level of digital competency and speed of delivery required for the modern agile environment.”

Low-code application platforms (LCAPs) are projected to be the largest component of the low-code development technology market, growing 25% to reach nearly $10 billion in 2023 (see Table 1).

Table 1. Low-Code Development Technologies Revenue (Millions of U.S. Dollars)

While LCAP is the largest market segment, citizen automation development platform (CADP) is projected to grow at the fastest pace, with a 30.2% growth forecast for 2023. Typical use cases of CADP include automating workflows, building web-based forms, bridging data and content across multiple software-as-a-service applications and creating reports and data visualizations.

CT Bureau