Mendix Survey Says Low Code is Winning

 Mendix, a Siemens business, has announced the results of its “2022 State of Low-Code in Key Verticals” survey, which shows that most organizations expect to use low-code more than traditional coding by 2024. In line with that,  Gartner estimates that, by 2025, 70% of applications developed by enterprises will be built with low-code or no-code technologies, up from less than 25% in 2020.

The report also shows that low-code has evolved from a crisis technology during the pandemic to a core technology today in 69% of respondent organizations. Nearly all (94%) of these companies use low-code, up from 77% in 2021.

The survey, which was commissioned by Mendix and conducted by research consultancy Reputation Leaders, captures the experiences, observations, and opinions of business leaders in France, Germany, the Netherlands, the UK, and the U.S. who work in the banking, financial services, insurance, public sector, industrial manufacturing, and retail sectors. The survey was fielded from June 8 through June 20, 2022.

“The way we run our businesses has fundamentally changed in the last two years. It is now absolutely critical to digitalize operations and engage with customers and employees through different modalities and touchpoints,” said Tim Srock, CEO of Mendix. “At the same time, growing technology complexity and the accelerating speed of business necessitate the use of low-code to ensure that delivering business value is technologically possible and can be achieved in a fast and agile way.”

Finance, banking, and insurance companies are automating quote services and simplifying processes

Fintechs and insurtechs were already disrupting the incumbents before the pandemic hit, and in 2020, the traditional organizations had no choice but to become digital-first just to maintain their customer bases. Low-code played a pivotal role in making the leap. Now, low-code is being used on the back-end to improve internal efficiencies and on the front end to deliver better customer experiences.

The top three perceived benefits in these industries are quote automation (60%), standardizing and simplifying the buying process (55%) and providing better customer service (50%). Meanwhile, data integration is helping to improve internal efficiencies and customer experience for about two-thirds of the respondent base.

In 2022, finance, banking, and insurance companies are using low-code to build secure and cost-effective applications, and to accelerate software development further.

About alastair walker 10203 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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