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By Anton Trukhanov
Among all the big technology trends popular today, Artificial Intelligence (AI) is probably the most universally welcomed and praised in the business world. The majority of businesses across industries recognize the enormous potential of this technology and are willing to adopt it as soon as possible.A widening AI talent gap is probably the biggest challenge for businesses wanting to utilize AI technologies in 2021.As companies are rushing to join the new high-tech innovations race, the demand for all tech specialists has increased with the supply unable to catch up. And in the AI field, this is especially the case. According to a by MMC Ventures, the demand for AI talent has more than doubled in 2018-2019 and continues to increase, with 60% of all AI specialists being absorbed by companies in the technology and financial services sectors. The pool of AI talent, however, remains small.As AI demands advanced competencies in mathematics, statistics, and programming; the entry threshold level for this profession is really high, and educational institutions aren’t able to produce capable and qualified graduates fast enough to satisfy the business demand.
According to a by Brandessence Market Research (indicating LANSA as one of the key market players), the volume of the global low-code development platform market was $12.85 bln in 2020, and it is expected to reach $65.15 bln by 2027 with a CAGR of 26.1% over the forecast period.And the need to integrate AI and ML technologies into their daily operations is one of the biggest drivers of the rapidly increasing adoption of low-code platforms by companies all around the globe.
1. Much lower costs
Low-code platforms basically enable companies to create fully-functional AI-powered solutions without the need to hire expensive AI experts, software developers, and other technical specialists. With low-code platforms, the cost of implementation of AI into daily business operations is much lower.2. High accessibility
Low-code makes AI solutions a lot more accessible on a number of levels, not just the financial. Visual and simple drag-and-drop solutions are more accessible to non-technical people and programming beginners, making AI less complex and thus, less intimidating for them.3. High usability
The simple user-friendly interface of low-code platforms also allows more people within an organization to collaborate on the creation and implementation of a custom AI-powered solution and contribute their perspective to the project, which often results in a more functional and effective final product.4. Quick development and deployment
Another major advantage of low-code platforms is speed. As they make the whole process of development and deployment of enterprise apps with AI a lot faster, this allows organizations to be more flexible and experiment with different versions or approaches to a problem. Which, again, results in higher quality in the end.5. Great scalability
Accessing sophisticated AI through third-party APIs also makes your solutions extremely scalable at no additional cost as the server power will automatically increase or decrease according to the current load and needs.6. Gateway to other tech innovations.
Finally, low-code platforms are probably the best way for companies, SMEs especially, to start utilizing other high-tech innovations as well, including Big data, IoT (Internet of Things), robotics, embedded systems, and so on. Low-code allows businesses to build solutions combining these and other technologies in a way that would serve their specific needs and requirements.