A report published by NASSCOM stated that the low code no code market generated around USD 400 million in revenue during the fiscal year 2021 for Indian IT service providers and startups. The market has been growing at a CAGR of 15 per cent since 2019. The report also projects that the market has the potential to generate revenue between USD 4 billion and USD 4.2 billion by 2025. There are currently 150 users in the low code no code market in India, most of which are emerging startups.
Developers can use LCNC to create applications easily regardless of their coding skills, saving time and resources for companies. Industry experts said that the COVID-19 pandemic pushed more companies towards LCNC technologies as the digital transformation accelerated. Released in collaboration with IT services firm Nagarro, the report stated that BFSI, tech and healthcare companies are the leading players in the LCNC market.
Salil Parekh, the chief executive at Infosys, spoke at a NASSCOM conference about the growing popularity of LCNC platforms, saying, “What we’re seeing more and more is now what we call low code, no code work. You see more and more automation, more machine learning, artificial intelligence. These technology elements are going to impact the business model because the way they interact with clients is going to be automated and is going to be driven by artificial intelligence.”
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The Global LCNC Development industry is projected to increase at a CAGR of around 28 per cent from 2021 to 2025.