Low-code/no-code (LCNC) platforms are gaining momentum to cut down software development cycles. This has resulted in a year-on-year fivefold rise in the venture capital funding into LCNC platforms in 2021, according to GlobalData, a data and analytics company.
Kiran Raj, Principal Disruptive Tech Analyst at GlobalData, said: “VCs seemingly consider LCNC technologies as part of their core investment strategy backed by the ‘software is eating the world’ phenomenon now more than ever while most companies are still challenged to quickly develop software due to the lack of skilled developers. LCNC vendors claim to address this gap, notably in the enterprise race to digital transformation, by enabling non-IT professionals to develop new applications remarkably fast.”
Also read: Can low-code/no-code save development time?
GlobalData’s FutureTech Series report, ‘Codeless Tomorrow: Can Low-Code/No-Code Platforms Revolutionize Application Development in Digital Age?’, reveals the VC funding trends in LCNC platforms over the past four years.
Raj added: “The focus of VC investors has been on funding high-value LCNC startups that offer enterprise-grade applications to enhance customer journeys, streamline workflows, modernize legacy applications, and support data visualization for increased business productivity. Over the last four years, digital workflow automation is the most targeted area by VC investors, followed by simpler spreadsheets representation and fast and secure transactional development.”