TeamLease Digital invests INR 5 million to build a focused ‘Low Code No Code’ delivery center for the Indian IT industry
One of the leading tech staffing firms, TeamLease Digital, has today announced, that they will be investing INR 5 million to build delivery capacity for the adoption of ‘Low Code No Code (LCNC)’ tools for the IT industry. The investment is aligned to the firm’s goal to capitalize on the growing LCNC market and create delivery solution for IT firms. In the first phase, TeamLease Digital will be investing INR 5 million and will also infuse further capital in the coming fiscal.
According to industry experts and TeamLease Digital’s research paper, LCNC market generated $400 million revenue in FY2021, growing at a CAGR of 15%. However, 70% of India’s LCNC revenues are currently from global markets. India has over 150 LCNC players, vast majority of which are bootstrapped start-ups. With the necessary interventions, India has a potential to generate $4 – $4.2 billion revenue from the LCNC market by 2025, which will account for 10% of the global market.
Sharing his views about the investment plan, Mr Sunil C, Chief Executive Officer, TeamLease Digital, said, “Low code no code is an extremely enterprising avenue for the IT industry, yielding promising results for companies, while creating aspirational employment opportunities for job seekers. LCNC has enabled organizations to rapidly adapt and respond to diversified business conditions. Companies who have adopted LCNC have seen exciting result to the tune of 7X reduction in development & deployment time, 3X reduction in development costs, 1.5X increased productivity and 30% increase in ROI. Industries such as BFSI, Healthcare, Fin-tech, Start-ups and large IT services companies are currently the key consumers of LCNC platforms. Now, with the market at the cusp of exponential growth, it is imperative to create dedicated LCNC delivery units. Our investment is towards this goal.”
LCNC industry is also adding more jobs to the IT industry, especially for budding and amateur developers. Currently, there are approximately 16,500+ open jobs in this domain for about 9,000+ job seekers. In fact, by 2025, close to 40,000+ profiles will emerge for LCNC roles with exciting salary packages. A low code no code developer can earn between INR 15 – 18 lacs PA (with 3 – 5 years of experience) and INR 18 – 25 lacs PA (with 7-10 years of experience). Minimal programming skills along with basic knowledge of web/cloud-based applications with a bachelor’s or masters’ degree in computer science or similar field is an added advantage to become a LCNC developer.
As the industry grows, up-skilling talent to meet industry requirements will also be a game changer. “We have signed MOUs with leading Edtech companies, including our in-house firm TeamLease Ed-tech to help build the supply chain for LCNC. We are also looking at adopting non-engineering graduates, up-skilling and placing them as citizen developers in the LCNC space. Incidentally studies indicate that 70% of developers with no programming background have learnt to build applications on low-code platform in a month or less, whereas 28% learnt in just two weeks or less”, added Sunil.
Low-code/no-code development platforms are emerging as an alternative facilitator to fill the talent shortage that the industry is currently facing in terms of software developers. The platform also empowers both citizen and enterprise developers to connect and drag-and-drop application components to construct mobile or web apps in a massive way. LCNC is the future of software development as it has potential to improve development speed and productivity tremendously. It is also projected that by 2030, global LCNC development platform will generate $187 billion in revenue and account for more than 65% of application development activity.