Low code is a software development approach that employs minimal hand-coding techniques. It requires little to no coding to build new applications and programs. Simple features like basic logic and drag-and-drop method constitute the low code development process. The platform makes use of visual interfaces rather than complex coding languages. Low code platforms offer a powerful visual software interface that uses spreadsheet imports and picklist selection boxes. Quick and simple low-code software development platforms are slowly replacing traditional software development platforms.
Complex coding methods are replaced with visual modelling functions. The low code platforms are pre-equipped with core module functions like customer service management and data management. These pre-configured modules can be reused in different applications at a faster rate. The cross-platform compatibility of the low code system allows users to build apps for all core platforms and devices. Both professional and non-professional developers can easily handle these platforms. Users with no formal coding and software development knowledge can easily access the platform and create new applications.
Low-code platforms can be used effectively to design new apps without the complicated coding techniques of traditional software development approaches. Here are some significant benefits of low code:
Business agility and legacy integration - Low code platforms help in increasing business agility. Applications built using these platforms can respond to rapid change and adapt accordingly. Low code allows businesses to keep up with the pace of the ever-expanding digital world and the fluctuating needs of customers. It can help produce innovative solutions to problems within a short period. Modern cloud applications are integrated into legacy systems to satisfy customers' changing needs. Low code also helps maintain business agility by taking advantage of technical tools like microservices and containers.
Speed - Low code platforms accelerate the development of new software and applications. It has the potential to make the software development process proceed at a much faster rate than the traditional methods. Drag-and-drop features and pre-built user interfaces are prevalent. The APIs and connectors can easily be integrated with third-party tools, resulting in no time loss. It eliminates time-consuming processes.
Multi experience for users - Low code provides the users with frictionless experience across multiple channels. It captures the pulse of customers and proceeds with the functions accordingly. It enables the customers to interact with the business in their unique way. It can be done by creating omnichannel features like pre-built templates, easy chatbots, automated refactoring, AI integration, and related technologies. It helps maintain consistency in user experience and encourages customer interaction.
Automated governance - Low code features a built-in automated governance technique that monitors every action performed. A central point focuses on the visibility of infrastructure, environments, applications, IT users, and security. The officials can monitor and control the system using this data. Automated governance is initiated with the help of a governance dashboard that analyzes low code implementation and execution metrics using AI. It also recommends performance, security, architecture, and overall user experience reforms.
Beneficial for all - Low code helps all factors in an organization to express their potential capacities. The people in business and the IT team can collaborate and reap benefits by using low-code software development platforms. It supports visual development that allows for creating new applications without coding systems' complexities. People categorized as "citizen developers," with no formal knowledge about coding, can take an active part in the process and enjoy its advantages. It is the best option for a person trying to replace the tiring and time-consuming traditional hand-coding.
The global low-code development platform's market size is projected to grow from USD 13.2 billion in 2020 to USD 45.5 billion by 2025 at a Compound Annual Growth Rate (CAGR) of 28.1% during the forecast period. The rising need for digitalization and the capability of agile DevOps practices is presumed to magnify the use of low code development platform markets worldwide. The BFSI industry is expected to earn the highest CAGR during the forecast period. Low code development platforms provide the BFSI industry with new and improved solutions that enhance its business operations.
The BFSI industry uses low-code development platform market services and platforms on a large scale due to the abundant information it produces. Organizations utilize the low code development platform to promote automation in customer service business functions. It is one of the main factors responsible for customer addition and maintenance in the BFSI industry. The BFSI industry continually creates new and improved financial products and services to enhance its business operations. The low code development platform assists the industry by providing them with the most advanced solutions.
The low code development platform market is flourishing due to the following factors:
Some of the prominent names in the low code development platform market are Salesforce.com Inc (Salesforce), Microsoft, Appian Corporation (Appian), Oracle Corporation (Oracle), Pegasystems Inc. (Pegasystems), Magic Software Enterprises, AgilePoint NX (AgilePoint), OutSystems, Mendix Tech BV (Mendix), Zoho Corporation (Zoho), and QuickBase (Quick Base).
Banking, financial services, and the insurance industry have continuously evolved over the past few decades. From the introduction of ATMs to the advent of the internet, the banking system has undergone unforeseeable changes. The modern banking system has enabled users to access banks through their mobile screens. The new and faster methods of intelligent banking enhance the user experience. Several innovative ideas are incorporated into the banking system to level with challenging competitors. The financial sector is exposed to technological advancements and digital transformation. To enhance customer experience, the banking sector is relying on artificial intelligence and cloud mechanisms.
The primary objective is to make the system more flexible and improve business agility. Agility is an essential factor in a world shaped by constantly evolving trends. The banking companies have adopted common code development techniques to heighten their performance. There are officials on board who will garner customer feedback and employ it while developing newer platforms. Low code development software has helped the BFSI industry improve its marketing efficiency and customer experience. Employees with no in-depth knowledge of the technical development process could develop new applications with the help of inbuilt tools like drag-drop and point-click.
The newly developed mobile applications cater to the customers' needs and make the process smooth and steady. The changing atmosphere of the global economy due to the COVID-19 crisis is effectively fought with the help of low-code platforms. Any rapid changes in the business world are handled efficiently using workflow automation. The common code platforms have helped the BFSI industry increase its operational efficiency even amid the ongoing pandemic. There is no longer the need for hiring technical experts and employing third-party tools because the low-code software development platform makes the job easy and practical.
The striking digital revolutions have transformed the phase of the healthcare industry, particularly during the pandemic. As hospitals and nursing homes are flooded with Coronavirus infected patients, they are persuaded to consider implementing new ways of dealing with excess digital data. Low code automation platforms have helped healthcare facilities to optimize resources and ensure that no patient is left out of the picture. With the help of low-code software development platforms, users are trying to create resource management applications that have the potential to maintain normalcy during the chaotic turn of events.
Digital revolutions are starting to show signs of establishing power in modern times. A staff checker application that checks the health conditions of the staff can be of great help since the virus is continuing its journey through the human world. Medical experts can also use the applications to evaluate their overall performance and the level of care that needs to be provided for specific groups of patients.
The COVID-19 pandemic has caused a wave of change in the retail business industry. It has forced both small and large businesses to carry their whole strategy online and focus on the digital side of marketing. To survive and keep up with this technology, it is crucial to have a strategic plan and the right mode of conduct. Physical retailers must take their entire business into online platforms and e-commerce websites.
Low code development platforms have become a constant aid for retailers with no prior knowledge about the complex coding system. The low budget of low-code platforms and the increasingly profitable results attached to them have helped many business owners. They were able to use low-code solutions to adapt to the changing environment of business. That too under a budget-friendly rate.
One of the largest banks in Australia, Bendigo Banks, made use of the Appian low code platform to boost its proficiency. The bank focuses on providing customers with the best experience through any means. But this came at a huge cost. That is when Bendigo Banks took help from the Appian low code platform featuring the function of Rapid App Development. It is the perfect solution for companies struggling to find an impetus in their business but with a low-budget financial outlook. Within less than one and a half-day, the officials at Bendigo Banks were able to successfully develop 25 customer-centred apps made through a simple and less time-consuming process. Adopting smart technology has made the bank emerge first in the highly competitive digital world.
One of the leading healthcare providers in Ul, Saga Healthcare, has an extremely successful story regarding using low-code platforms. It started as a standard health care centre but soon felt the need for innovative changes in the method of operating. To earn customers' trust by treating them well, the company had to develop new and improved solutions. The goal was to devise an entirely new scheme that ensures good quality service to customers. Since the in-home care was flooded with people, the company decided to develop a home-care scheduling system that could easily take care of the complex arrangement.
When the company approached several software developers, they were shocked to hear that the program would cost enormous money and would take almost three years to finish building it.
That's when they turned for help towards the low code platforms. Users ran one of the most beneficial low-code platforms, Mendix, to develop an application cost-effectively within just six months.
Interface Financial is yet another firm noting the growing phases of the global market. They have been trying to observe the changing global economy and implement new techniques to maintain their position. They realized that the need of the hour is the controlled and intelligent usage of low-code platforms. With the regulated and informed use of low code platforms, the company was able to solve their concern and rise in the market.
The citizen developers were able to develop and test new products at a faster rate within a short period. Interface Financial doesn't have a team of highly skilled technical experts and professional developers to work daily. Instead, they hosted 17 no-code applications that deal with loan processing and improve performance. The company proves to be a striking example of making use of technology to ensure success.
Comparison of low code capabilities - Kony/Outsystems/Mendix/Appian