At present, the low code market is extremely hot, domestic and foreign giants such as: Google, Microsoft, Ali, Tencent, Huawei and so on, have laid out the low code development platform, and even a lot of domestic start-ups are also grabbing the low code market, what’s more, like those conservative and security-oriented industries and institutions such as: Governments, health care, mining banking, insurance and even national security are all turning to this technology.
First, why the low code market heat is increasing?
1. Market size
Estimated at $3.8 billion in 2019, the track is expected to grow to $15.2 billion in 2021, with 75% of applications being developed on low-code platforms, according to a Forrester report.
According to data published by foreign media, in 2018, the global market size of low-code development platform has reached 5.6 billion DOLLARS, and is expected to climb to 52.3 billion dollars in 2024. 65% of application development will be low-code development, with a compound growth rate of 45.2%.
In this era of rapid development of mobile Internet, with the growing demand for smart phones and app applications, it has also become a key factor driving the development of the global low code market.
2. Continuous financing
In May 2018, OutSystems, a low-code development platform, raised $360 million from KKR and Goldman Sachs. Before this, Google, Dell and other Internet giants have long been in the low-code field layout.
3. Giant franchise
In June 2019, Salesforce, an American cloud computing company, launched a low-code commercial blockchain product. Cloud computing triple-A giants (Amazon, Google, Microsoft) are collectively targeting the low-code space. In addition, at the Microsoft Online Technology Summit held on April 17th this year, Microsoft announced that its low-code/no-code development tool Power Platform would be commercially available in China, and officially launched Power Apps and Power Automate service in the Chinese market.
4. Impact of the epidemic
In addition, with the impact of this year’s pandemic, online working has become a new trend. This is where low-code platforms come in.
Why is the market potential for low code development platforms so great?
1. Development is difficult and has a long cycle
If you are using traditional development, you need to master dozens of different techniques, hire and build teams of professional developers, and make sure they are retrained or hired as new technologies and equipment emerge.
In addition, software developers have a certain technical threshold, generally from the start of 3 years or so can achieve real development requirements for the company’s services. At the same time, the mobility of personnel is very large, and it is unstable from the perspective of talent and technology. Unless you are a head start and have a large budget, you probably won’t be able to get all the developers you need.
2, high labor costs, always over budget
According to the comparison of domestic standards, the average developer cost is 0.8 thousand/person per month for primary, 15 thousand/person per month for intermediate and 25 thousand/person per month for advanced.
According to the standard configuration of enterprise software system, basic systems such as human resource management, financial management, OA and attendance system are generally required for startup, which takes at least half a year to one year.
It is worth noting that enterprises complete a set of software system development, the formal operation of the above line as the standard, but for enterprise informatization, only the first step of the long march, equivalent to just the concentration of troops.
Considering the later upgrade, maintenance and operation, the next system in the actual operation process, the problems and requirements change caused by the upgrade iteration, this is a continuous process. This is the test of enterprise information work long march!
Low market value for code development
Many organizations are looking for ways to innovate, and some of the top companies have put low-code development at the heart of their digital strategies. Let me give you an example.
In practical applications, such as: automated programming kit, design and create data entry forms and reports by mouse click. The tool generates code that implements the business logic based on user input. Generally speaking, more than 80% of the functions of a project are realized through platform configuration, and less than 20% of the special functions are redeveloped based on the platform. Only the required business codes need to be filled in. This is done quickly using platform configuration. The parts that cannot be configured and realized are developed based on the platform. The secondary development is seamless with the platform, which is faster than the traditional development.
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