6 Reasons CXOs Are Interested in Low-Code/No-Code Platforms

If you look at the business landscape today, the challenges every organization is confronted with become obvious ─ from constantly emerging trends to economic instability, new customer demands to rising competition. According to a Forbes article, the biggest challenges business may face from 2023 may include:

• Inflation and economic downturn
• Supply chain security
• Rising customer expectations
• Accelerated digital transformation
• Talent war
• Data and device security 
• Sustainability

Act Fast with Low-Code Platforms

Staying ahead in this era requires organizations to act fast or stand the risk of poor employee productivity, a declining customer base, and a diminishing market base. Low-code/no-code platforms offer a great way to achieve all this with agility. 

A low-code/no-code strategy can pave the way for an enterprise-wide transformation that can push companies into the future. Using a visual or graphical user interface, drag-and-drop components, and carefully crafted workflows, low-code and no-code platforms can allow users with varying skill levels to build and deploy solutions in a short frame of time.

It is due to these capabilities that analysts at Gartner are estimating the low-code market to grow to $30 billion by 2025. Market research firm Statista suggests similar growth, with global low-code development market revenue valued at $65.15 billion in 2027.

What is the Hype Around Low-Code and No-Code Platforms?

The sheer lack of skilled software developers and the pressing need to improve turnaround time for development projects have led to a sudden and massive proliferation of low-code and no-code platforms. They enable a completely new approach to software development that involves little or no coding. 

According to Tech Target, low-code/no-code development platforms are types of visual software development environments that allow enterprise developers and citizen developers to drag and drop application components, connect them, and create mobile or web apps. 

By relieving users of the need to write a thousand lines of code, these platforms enable business analysts, office administrators, and everyday employees to build and test applications. 

Leveraging intuitive GUIs and APIs, users can combine components and craft new apps and solutions to solve everyday business problems. Using these platforms, CXOs can respond quickly to new trends and changes and always keep up with evolving forms of available technology. 

With the digital world in constant upheaval, low-code and no-code platforms can enable the creation of cutting-edge employee and customer solutions─ while drastically reducing the programming efforts of citizen developers and software engineering teams.

Read Blog: Low Code Platform - Future of SaaS Applications

Why are CXOs Getting Interested in Low-Code Platforms?

As CXOs succumb to the pressure of bringing high-quality products into the market as quickly as possible, there is immense interest in the adoption of low-code and no-code platforms. Let’s look at the top reasons for the surging growth of these platforms:

Global Disruptions: The long-term impact of the pandemic continues to be felt across the business world. Add to it the ongoing war between Ukraine and Russia, a global economy that’s headed for a recession, and several small and big regulatory changes that constantly plague organizations and the picture becomes bleak.

To build a robust and personalized innovation agenda, organizations need to enable capabilities that closely align with their broader business and IT strategies. Low-code and no-code solutions enable the rapid build and deployment of applications. What would have taken months can now be launched in a matter of weeks, with the ability to integrate new iterations in a jiffy, thus allowing for an agile approach to business operations.

Increasing Competition

The competitive dynamics across every industry are evolving, with new players constantly threatening the status quo of established corporations. With 100 million tech jobs expected to be created by 2025, low-code and no-code platforms offer the perfect way for businesses to build new solutions – without investing in strong expertise or technical training.

These innovative and easy-to-use platforms are democratizing the app development space, allowing organizations to build innovative solutions to business problems before their competitors do. 

Evolving Trends

The last couple of years have witnessed a rapid growth of digital transformation efforts. With technology now becoming the foundation of businesses, low-code and no-code platforms are helping organizations to stay relevant and keep pace with evolving trends. These technologies are making technology implementation quick and easy while ensuring business and customer requirements are catered to in the best possible manner.

Dynamic Customer Needs

As customer needs continue to evolve, organizations need to find new ways to respond to fluctuating demands and expectations. Low-code and no-code platforms enable organizations to quickly get software development projects off the ground with the minimum demand for skilled programmers.

With customers wanting immediate solutions to their problems, these platforms help bridge the growing skill gap while allowing organizations to possess capabilities that cater to evolving customer needs in almost real-time.

The Shift to Hybrid Work

Though we are witnessing work from office, the hybrid work culture is here to stay. While the pandemic forced companies to rethink how work gets done, we see a heightened interest in low-code and no-code platforms.

As the volume of apps required for day-to-day operations is beyond the capacity of professional developers, CXOs around the world are realizing the role these platforms can play in the rapid delivery of applications across the organization and in establishing the new future of work.

Return on Investment

Low-code and no-code platforms don’t just help in overcoming the pressure to deliver new digital experiences; they also improve business agility and keep pace with market trends.

They aid in driving high returns on investments by leveraging the principles of reusability, high-abstraction coding, and one-click development. Since organizations do not have to invest in innovative tools or skill sets, they can achieve substantial cost savings while also achieving higher revenue via accelerated software delivery.  

Way Forward

Developing a digital strategy in 2023 and beyond requires CXOs to keep track of a slew of moving parts, from changes in global trends to innovations in new technologies. As a trusted technology service partner working with leading hi-tech companies, banks, and enterprises, we are observing consistent adoption of low-code development in the evolution of SaaS-based application development. 

Create technology-agnostic applications using low-code and no-code platforms

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