In the US, the Bureau of Labor Statistics estimated the shortage of software engineers to exceed 1.2 million by 2026. The projected growth for the software development employment sector is at 22%
year over year growth. This is significantly higher than the average for all sectors, namely 4%, from 2019 to 2029.
While the job opportunities appear great for developers, the growing crisis of skilled labor shortages in the area of software developers seems dire. To counter businesses’ limited ability in making software and to address the industry’s challenges of underperforming efficiency and slowed innovation, Low-Code/No-Code platforms offer an alternative solution.
According to a recent Gartner survey, by 2024 more than 65% of the world's applications will be developed on LCNC platforms. The projected growth rate during this period is 165%. With the introduction of LCNC tools in companies, the number of LCNC developers can be increased. As already mentioned, LCNC tools are designed for people without any prior experience. This means that the main driver for solving the skilled labor shortage are the companies themselves. The key challenge at present is that the power of LCNC tools has not yet reached a common understanding at the C-level and therefore lacks wide support. Nonetheless, users are gradually realizing the benefits of rapid, problem-free application development for virtually any business task and are starting to either request such training or are simply doing it by themselves.
Thinking globally, even at a time when the adoption of DevOps is highly accelerated, the time it takes for an application to evolve is still enormous. This slow implementation is driven by complexity both in engineering as well as bureaucratic terms, which results in prolonged launch cycles.
However, change is in sight. The mixture of low-code and conventional innovation is projected to be adopted by 75%
of businesses in the next five years and by 2030, the global low-code development platform market is expected to produce $187 billion in revenue.