Interview Synopsis

Low-code and no-code app development

  • Private Equity
  • TMT
  • North America

Low-code and no-code application development has become increasingly sought-after among businesses looking to digitalise their operations. According to a former executive at Quickbase, both areas have “robust” market opportunities.

“Robust” market opportunities for low-code and no-code application development 

In an Interview with Third Bridge Forum, the specialist explained the different uses for low-code and no-code applications. They told us low-code and no-code customer adoption within enterprise IT is now in the “top-third inning”, meaning it is still in early adoption.

The specialist said it is “hard to overstate” the potential of low-code and no-code application development. This potential has been recognised by the three largest public cloud vendors – Microsoft, Amazon and Google – with all three having entered the low-code market, we were told. According to the specialist, Microsoft is the “furthest along” in terms of vision and execution. 

The specialist highlighted OutSystems as a low-code app developer on the up, with annual recurring revenue of approximately USD 400mn. In no-code app development, the specialist said Quickbase, Smartsheet, Airtable and Unqork were companies to watch – with Unqork currently experiencing “high growth” in the insurance and financial services market. 

We were told that the low-code app development market is more “evolved” than no-code. The former is currently growing at 10-20% YoY, with a global TAM in the “double-digit billions”. No-code app development could see 30-50% YoY revenue growth over the next five years, according to the specialist, as citizen development increases. 

Over the next five years, the specialist expects the industry to consolidate as large-scale SaaS franchises such as ServiceNow, SAP, Sageworks and Salesforce “pick off” smaller companies that fit their model. The specialist said they would not be surprised if Airtable was acquired by Salesforce, and expects Amazon to look for acquisitions, claiming its current offering has been “poorly thought out [and] very poorly executed”. 

The specialist concluded by further evaluating vendors Microsoft, Amazon and Google, as well as predicting which is most likely to be the “big winner” in the battle for public cloud dominance. 

To access all the human insights in Third Bridge Forum’s low-code & no-code app development sector update – H2 2022 outlook Interview, click here to view the full transcript.

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The information used in compiling this document has been obtained by Third Bridge from experts participating in Forum Interviews. Third Bridge does not warrant the accuracy of the information and has not independently verified it. It should not be regarded as a trade recommendation or form the basis of any investment decision.

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