1. Low-code momentum: steady growth.
By early 2021, the low-code application platform will maintain a compound annual growth rate of 40%. By 2022, the total low-code application market is expected to reach $21.2 billion. It is expected that 65% of application development activities will be done through low-code in 2024; 75% of large enterprises will use at least four low-code development tools to develop applications.
Low-code is gaining momentum abroad, with market incubation and business models maturing. In China, it is not far behind. 2020 has seen a wave of enterprise digitization rapidly expanding the size of the low-code market, encouraging many software manufacturers to transition to low-code. The low-code market in China is expected to maintain its trend of good scale expansion from 2021 to 2025.
2. Opportunity: IoT and big data also need low code
Both IoT and Big Data are technology themes in the New York Times, and their development also requires the help of low-code. For example, IoT platforms need to schedule cloud . Management . Edge . . resources at the endpoint and take into account sensing, voice and other interactions to adapt to the changing environment-as you can imagine it’s very difficult to develop. Low code has flexible, agile development capabilities that can help lower the development barrier for IoT projects and alleviate cost, talent and other pain points.
As far as I know, IoT and geo-information big data system makers, such as Youyu Tech. Changtu Technology, are working with the low/zero code manufacturer Mindo Cloud with good results. Personally, I think it is a very smart differentiation expansion strategy for low code development platform to seize the way out of IoT and big data and explore the possibility of cooperation of their products in the field of high precision.
3. Challenge: Customer perceptions have not yet been reversed.
Many companies say they need a big data. Artificial intelligence tools, but rarely say I need a development tool. What customers want is not a low-code platform, but a low-code value that can be generated. Customers are still accustomed to seeking personal services, their mindset has not been turned around, and it is difficult to develop low-code development capabilities. Low-code needs to continue to educate the market and customers to truly popularize it.
The low-code market continues to change, top manufacturers are actively promoting low-code education, some niche manufacturers are exploring niche tracks under the market, and traditional ISVs are joining the fray. As the opportunities and challenges grow, we continue to witness the changes in low-code.