By Steve Rotter, OutSystems
If you look into the most recent analyst reports about the low-code development market, there’s no room for doubt that the industry is on the rise. In its latest report, Gartner, for example, states low-code application platforms will be responsible for more than 65 percent of all app dev activity by 2024. In the same way, Forrester expects the low-code market to represent $21B in spending by 2022.
This is all great news for the low-code market.
Unfortunately, hot tech attracts a wide variety of providers and posers, so it’s no surprise that things got a little confusing. In fact, while more low-code platform choices might sound appealing, a closer look reveals that many products are a far cry from what most enterprises need. Think of the electric car—there's the Kid Trax Cool Car 12V and then there's the Tesla.
Clarifying the Low-Code Market Size
The first analyst firm to name the market back in 2014, Forrester defines low-code platforms as "platforms that enable rapid delivery of business applications with a minimum of hand-coding and minimal upfront investment in setup, training, and deployment."
This year’s Forrester report is interesting in that, while it includes two more vendors than the last two previous reports (13 now instead of 11), Forrester acknowledges that the low-code market size, in their view, is starting to tighten, with some previous vendors now moving into a separate classification that includes process automation vendors.
So while the low-code market appears to be growing, it’s also become more specific, allowing Forrester to better classify vendors based on core capabilities rather than “also-ran” functionality.