Mumbai: Tech staffing company TeamLease Digital will invest Rs 5 million (approx $62,870) to build a delivery centre focused on low code no code (LCNC) tools for the IT industry.
The investment is aligned with TeamLease Digital’s goal to capitalise on the growing LCNC market and build a delivery centre for IT firms. In the first phase, TeamLease Digital will invest Rs 5 million and will also infuse more capital in the coming fiscal.
According to industry experts and TeamLease Digital’s research paper, the LCNC market generated $400 million in revenue in FY2021 at a CAGR of 15%. However, 70% of India’s LCNC revenues are currently from global markets.
India has over 150 LCNC players, of which the vast majority are bootstrapped startups. With the necessary interventions, India has the potential to generate $4 to $4.2 billion in revenue from the LCNC market by 2025, which will account for 10% of the global market.
According to TeamLease Digital CEO Sunil Chemmankotil, the 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 organisations to rapidly adapt and respond to diversified business conditions. Companies who have adopted LCNC have seen exciting results to the tune of a 7x reduction in development and deployment time, a 3x reduction in development costs, 1.5x increased productivity and a 30% increase in ROI.
“Industries such as BFSI, Healthcare, Fintech, Startups 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 toward this goal,” said Chemmankotil.
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 Rs 15 – 18 lakh per annum (with 3 – 5 years of experience) and Rs 18 – 25 lakh per annum (with 7-10 years of experience). Minimal programming skills along with basic knowledge of web/cloud-based applications with a bachelor’s or master’s degree in computer science or a similar field is an added advantage to becoming an LCNC developer.
TeamLease Digital has signed MoUs with edu tech companies including its in-house firm TeamLease Ed-tech for upskilling talent and to build a supply chain for LCNC.
“We are also looking at adopting non-engineering graduates, upskilling 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,” informed Chemmankotil.
By 2030, the global LCNC development platform will generate $187 billion in revenue and account for more than 65% of application development activity.