India's LCNC market reaches $4bn in 2021: Nasscom
India’s low code/no code (LCNC) market crossed $400 million in FY21 growing at a compounded annual rate of 15 per cent since FY19, says a new Nasscom study.
image for illustrative purpose
Hyderabad: India's low code/no code (LCNC) market crossed $400 million in FY21 growing at a compounded annual rate of 15 per cent since FY19, says a new Nasscom study.
According to the study, 70 per cent of India's LCNC revenues currently come from global markets. It is a highly competitive market with close to 150 players, although the majority of them are bootstrapped startups.
According to the report titled 'Low Code No Code: The India Story', sectors such as BFSI, Retail, and SaaS are leading adopters of LCNC solutions and India today has the absolute opportunity to sell scalable solutions across Banking, Financial Services, Insurance, Pharma, and IT services.
"For the sector to realise its full potential, a collaborative approach to increase awareness of Low Code No Code solution in partnership with providers and building scalable talent through reskilling and offering courses relevant for LCNC development skills will be the key in this techade," said Sangeeta Gupta, Senior Vice President & Chief Strategy Officer, Nasscom.
At $13.8 billion in 2021, Global Low-Code Development Industry is expected to grow at a CAGR of 28.1 per cent from 2021-2027, according to Nasscom.
"LCNC is reshaping the way software is developed and provides an India advantage due to the availability of a large talent pool and a testbed for scalable global solutions," Gupta said.
Accelerated digital transformation across industries has geared up the adoption of LCNC solutions. These platforms aid firms in providing a user-friendly interface and enable them to quickly automate operations and construct unique applications.
"Technology is disrupting other industries, but we must not forget that technology can also disrupt our own industry. I believe that LCNC development is one such technology. it requires a different type of smarts, a different degree of agility and a new breadth of imagination. The good news is that now a lot more can be done with software and much faster, which makes this a very exciting opportunity for all of us," said Manas Fuloria, Co-founder and CEO (Custodian of Entrepreneurship), Nagarro.
