10 investors discuss the no-code and low-code landscape in Q1 2022

'This market is large enough for several standalone hyper-innovative players'

No-code and low-code development suites have so far been used mostly by marketers and analysts. But the winds are shifting, and these suites are increasingly finding a place in DevOps and security.

“Initially, no-code/low-code was primarily a way for non-technical builders to create (sometimes gimmicky) applications,” said Navin Chaddha, managing director at VC firm Mayfield.

“Today, it’s a core capability in many enterprise software companies to give non- or semi-technical end users, even DevOps and security engineers, the ability to easily and quickly deploy applications without the need for custom development. It’s transforming entire categories of enterprise software.”

We need to work against the stigma of using low-code with development/internal IT teams. Ganesh Bell, Insight Partners

The functionality offered by low-code solutions has come a long way in recent times. When we polled five VCs about the space in August 2020, they were largely bullish and predicted many use cases that would spur demand. Since then, though, even the highly technical space of machine learning has started to see no-code and low-code solutions pop up.

However, despite the growing acceptance in DevOps, there remain many obstacles, and according to Ganesh Bell, managing director at Insight Partners, one of the primary hurdles is psychological. “We need to work against the stigma of using low-code with development/internal IT teams,” he said.

“There is still pride in building things from scratch and a fear of not being taken seriously as a developer/development team, when in fact, low-code platforms enhance a developer’s capabilities by enabling them to work faster and do (a lot) more. Similarly, there is a fear of no-code tools getting unruly and somehow lacking governance.”

To get a better picture of the present state of the no-code/low-code market, we spoke to a group of active investors about how the space has fared since 2020, what challenges lie ahead, and when they expect their investments to start paying off.

For our latest survey, we spoke with:

Sri Pangulur, partner, and Paul Lee, partner, Tribe Capital

Has no-code/low-code lived up to the hype it had generated back in 2020? How much has adoption increased since? Are these numbers in line with the growth you expected?

At one point, the no-code/low-code category was seen to be the greatest market enabler for the majority of the non-technical workforce segment. To some extent, there have been some early signs of this.

But generally speaking, there still is a long way to go given that custom application development continues to have strong growth, and there has been no slowdown in hiring technical talent due to no-code/low-code dominance. We think there will be great difficulty in replacing general-purpose software development with no-code/low-code platforms.

That said, over the past year, we have seen existing solutions start to really mature and continue to show traction. Vertically focused, no-code/low-code products have especially found great fit in the market with companies like Instabase and Uncorq in financial services and Olive AI in healthcare.

There have been newer horizontally focused companies like Appsmith that exploded in growth recently as well, going from zero to over a thousand companies using the product in the past year alone.

The continued demand for no-code/low-code platforms is driven by the fact that software continues to eat the world and there is great difficulty in hiring skilled developers to keep up with the demand.

Where are you skeptical about no-code/low-code? Which aspects are overhyped?

There are a few areas where we have some concerns about the no-code/low-code thesis at the moment. First, we do not think that pre-coded element interfaces are going to cover every edge case, and it’s really the edge cases that make the user depend on their current specific workflow.

Second, we think the no-code/low-code category is horizontally getting a little bit saturated. There is some level of user confusion, where a set of co-workers on a team may be pushing for collaboration to be done in one specific application and another set of workers may be pushing for a competing solution. This can slow down productivity.

No-code may work well in verticals with well-defined use cases and a huge pull from non-developers, or in cases where the target user is also the buyer. For example, there are several companies that now make it easy for designers to turn their designs into live mobile or web apps quickly through a drag-and-drop approach. This is highly desirable for designers.

However, when serving larger enterprise customers that require much greater customization, development resources are needed, as a drag-and-drop approach won’t be sufficient.

Which no-code/low code developed apps excite you the most?

We see big opportunities in internal tools that usually require a lot of third-party integrations. Here, low-code platforms replace a lot of the mundane work of creating internal tools and applications.

Modern low-code tools may provide about 90% of the out-of-the-box functionally required for these operations and about 10% wiggle room for customization required by the specific use case. The market for internal corporate applications is quite large and we think companies like Retool and Appsmith have a tremendous opportunity in front of them.

What are some of the obstacles no-code/low-code still has to overcome?

No-code/low-code is still nascent in adoption. Although you may need fewer developers, you do need people to be extra familiar with how the software works. If no-code/low-code solutions truly have the potential to reduce the app development time significantly, then there are still plenty of teams that have yet to experience it.

One oversight that occurs often when thinking about the development of applications is that it’s not always just about the code. When developers build applications, there is a lot that goes into it outside of the coding, such as testing, debugging, version control, sandboxing, code reviews, etc. By removing the coding part of application development, you can solve some of the fundamental issues in dealing with code, but you also lose the benefits.

The knowledge-sharing aspect is also a question here for no-code/low-code companies. Similar to how IaC (Infrastructure-as-Code) products make it easy to share reusable infrastructure components by bringing code to something that was previously visual, removing code entirely from the process raises a question of how to reuse the results, how to create libraries, etc.

Most no-code/low-code use cases today are also primarily for internal applications, because there are established software development techniques, and [there is] a lot of scrutiny if you put applications into customers’ hands.

Providing enough flexibility and scaling integrations may also be a bottleneck for a no-code/low-code company.

Has the no-code/low-code market already started paying off, or do you see it as more of a long-term bet?

Maturity level differs significantly based on the use case. No-code landing page/website and app builders are far more mature than platforms targeting internal tools. We have seen estimates that developer jobs are going to grow between 20% to 25% over this decade, and yet, most companies still find it very hard to recruit and hire developers.

As stated before, there is also still less trust in no-code/low-code approaches to put applications into external customers’ hands. With this in mind, we see the no-code/low-code market as a more long-term bet with the assumption that at some point, there has to be a shift to a less technical user and persona.

To date, we could argue that the most successful no-code/low-code product by durability is still Microsoft Excel, and no company to date has been able to meaningfully chip away at their market share yet. This is because Excel was installed in every PC at one point, so every consumer was educated to use it, and it has allowed specific sets of users, such as financial analysts, to 10x their workflow (beyond collaboration and simplicity).

A lot of these low-code apps, particularly in the collaboration world, look and feel philosophically similar. Is low-code/no-code going to be particularly susceptible to consolidation and winner-take-all competition?

We don’t believe there will be a single, winner-take-all type of scenario, but rather strong players in different categories: Webflow for website building, Notion for workspaces, Retool and Appsmith for internal tools, Accern for building AI applications to automate financial workflows, etc.

The core premise of no-code/low-code is automating frequent use cases, which makes it difficult for one product to dominate multiple domains. Therefore, we do expect consolidation, but more at the category level.

Mo Islam, partner, Threshold Ventures

Has no-code/low-code lived up to the hype it had generated back in 2020? How much has adoption increased since then? Are these numbers in line with the growth you expected? 

Like every new technology trend, no-code/low-code was initially hyped. I believe now we’re in the phase where mainstream adoption is accelerating, and enterprises are getting real business value from low-code/no-code software.

According to Gartner, the market is growing 20+% and is already at about $14 billion, so the opportunity for new entrants is still huge.

Where are you skeptical about no-code/low code? Which aspects are overhyped?

I think no-code/low-code is already creating a lot of value in building internal tools, integrating software, and automating workflows. I also think no-code development platforms are great for non-engineers to quickly build prototypes or basic applications. I’m skeptical of no-code apps working at massive scale (at some point, it makes sense to have engineers involved).

Which no-code/low-code developed apps excite you the most?

The beauty of no-code/low-code is that it democratizes access to modern software development, and I especially like when that has a societal benefit. Some of the work our portfolio company CrowdAI is doing to allow disaster response teams to better fight fires and track hurricane damage with no-code computer vision is inspiring.

What are some of the obstacles no-code/low-code still has to overcome?

I think the shadow IT problem of low-code/no-code tools that are accessing sensitive customer data or powering production workflows is going to be important for vendors to address. Greater customer education and shared best practices will help overcome these obstacles and increase enterprise adoption.

Has the no-code/low-code market already started paying off or do you see it as more of a long-term bet?

It’s already paying off. Customers who have adopted no-code/low-code tools are reporting faster project completion times, lower burden on engineering teams, and lower overall costs. The value proposition is real, and only growing, as these tools improve. For investors, UiPath has already been a huge success (current stock price notwithstanding), and others like Zapier, Airtable and Webflow are on that trajectory.

A lot of these low-code apps, particularly in the collaboration world, look and feel philosophically similar. Is low-code/no-code going to be particularly susceptible to consolidation and winner-take-all competition?

I do think there will be significant consolidation, but I also think that’s generally the case for most enterprise software categories, since there usually are winner-take-most dynamics. I think with respect to low-code/no-code platforms, there will be best-in-class tools for the various categories, like automated integration, database management and website development, that will dominate their respective spaces.

Ganesh Bell, managing director, Insight Partners

Has no-code/low-code lived up to the hype it had generated back in 2020? How much has adoption increased since then? Are these numbers in line with the growth you expected?

The demands of digital transformation, lack of talent, hyperinnovation in data, and increasingly complex cloud infrastructure have created a lot of conversation and hype. The low-code and no-code movement has lived up to the hype/expectations in many categories and companies.

However, low-code/no-code still has some room to grow to live up to the hype fully. While there are impressive solutions in their respective sub-markets, we haven’t seen one offering a complete end-to-end, cloud-native, low-code platform for large-scale web/enterprise apps yet — one that has a programming model combining all aspects of data, intelligence (analytics, AI/ML), workflow, app dev, design, CI/CD in a modern stack.

The “leading” solutions for the enterprise are 10-20 years old and were not designed for the demands of modern digital business. As many categories of application infrastructure see low-code versions emerge, we are bound to see integrated approaches also appear.

We see the business world as a split between digital natives and digital aspirers. While both will benefit from the low-code and no-code movement, the latter need this most, as they can’t attract the developer talent that the natives can. That may prove to be a bigger market.

Where are you skeptical about no-code/low code? Which aspects are overhyped?

First, we need to understand that low-code and no-code are very different in terms of design centers and target audiences. The gap between expectations and the hype, I find, is often a byproduct of a lack of understanding of the differences between the two.

If you understand what to expect from low-code and no-code independently, I don’t think it is overhyped.

There is a massive shortage of developer talent. There will not be enough developer talent for all businesses to reinvent themselves digitally in the world, and that’s why low-code and no-code platforms are necessary. The market opportunity matches the hype.

But you can’t expect no-code platforms to deliver capabilities and customizations comparable to low-code platforms, and you can’t expect low-code platforms to be accessible like no-code platforms.

Which no-code/low code developed apps excite you the most?

Given how large this market could be, there can be winners all along the low-code and no-code stack. We believe there is room for multiple winners, and while we’re impressed with what we have seen, we know there is still a long way to go.

Further, we think there will be new ways to work as low-code and no-code platforms become integral in most software categories.

What are some of the obstacles no-code/low-code still has to overcome? 

As I mentioned earlier, buyers still need a fair bit of education on what to expect from low-code and no-code. I believe we can solve more significant problems or build better apps both via low-code and no-code. It is about matching the right users with the appropriate use cases for both these approaches.

We need to continue educating the market and marketing the platforms by use case. I think it’s rare to find people who have tried low-code and failed with it – they don’t know how helpful and meaningful it will be to their business. They don’t know they have a use case yet.

We also need to work against the stigma of using low-code with development/internal IT teams. There is still pride in building things from scratch and a fear of not being taken seriously as a developer/development team, when in fact, low-code platforms enhance a developer’s capabilities by enabling them to work faster and do (a lot) more. Similarly, there is a fear of no-code tools getting unruly and somehow lacking governance.

Has the no-code/low-code market already started paying off, or do you see it as more of a long-term bet?

Low-code and no-code have been and will remain a secular trend in software — the only difference is that it will constantly be accelerating. We have built giants of enterprise apps businesses on the backs of low-code; I don’t see why we will not continue to do so.

We’ve seen significant progress, but we’re early in low-code and no-code spreading across the modern cloud stack. We think Bubble is tackling at least a $14 billion market, and we are less than 1% penetrated. But in speaking to customers, we know there is a terrific product-market fit here, and we need to get the solution in front of more people.

We think this market will develop in two directions: one where there will be low-code or no-code versions of existing software categories like app dev, data engineering, and automation, and another where low-code and no-code become an essential feature of categories like collaboration, productivity apps, business apps, internal tools, and analytics.

A lot of these low-code apps, particularly in the collaboration world, look and feel philosophically similar. Is low-code/no-code going to be particularly susceptible to consolidation and winner-take-all competition?

I don’t think there will be unique consolidation because of the inherent nature of no-code or low-code. But I can see hyperinnovation of low-code options in a particular category, leading to scaled players picking up many smaller players, or many fragmented but complementary solutions stitched together for an end-to-end low-code platform.

The ease of consolidation is determined by how compatible or co-existent the underlying metadata/model-driven the architecture is. So it is not automatically easier or more difficult than non-low-code/no-code options.

We think this market is large enough for several standalone hyper-innovative players that can be true winners in each of their respective markets.

There are many low-code systems that are decades old that will be replaced. While low-code and no-code will cannibalize some workloads coded from scratch, I see it increasing the market pie. As every industry and business gets reimagined and re-coded in software, we can build an infinite number of apps.

We are still a way off from making the highest tech in the world accessible to more people. The most significant breakthroughs of cloud/data/AI of the last decade cannot be just for the one-percenters of the tech world. Low-code and no-code are about platforms and tools for the rest of us.

Renato Valente, general partner, Iporanga Ventures

Has no-code/low-code lived up to the hype it had generated back in 2020? How much has adoption increased since then? Are these numbers in line with the growth you expected?

We have been long-term believers in no-code/low-code. Nowadays, we think that low-code/no-code platforms are going to be an important part of web3 and the decentralized world, and it will empower even more builders and creators.

But, in general, we think that this solution is in the “early-adopters” phase. Despite a large increase in dollars going to no-code/low-code, there is still a lot of skepticism on the part of the technical decision-makers, especially in larger companies.

We’re seeing much more adoption In the startup ecosystem, mostly for MVPs, workflows, collaboration, etc. We think this is very empowering for companies at this stage, as, for example, it allows them to test and beta-phase products that would be less viable in terms of time and staff if they had to be developed in a high-code way.

Where are you skeptical about no-code/low code? Which aspects are overhyped?

We are pretty positive about what’s happening, but we know that it is going to take time for no-code/low-code to be a relevant part of organizations. There is a strong cultural mindset of building your own code, and as companies’ current needs are so diverse [and require customization], it may take some time for low-code/no-code tools to replace much of high-code development.

To be honest, low-code/no-code will never replace coding entirely, but perhaps a large part. Highly critical systems and routines will perhaps always be custom-made.

Which no-code/low code developed apps excite you the most?

Bubble, Notion, Abstra, Airtable, Retool, Webflow, Figma, Zapier, Zazos, Jestor, Back4app, Pipefy, and Fieldlink to name a few. With creativity, companies can create almost anything with these tools.

What are some of the obstacles no-code/low-code still has to overcome?

Transition between no-code and high-code is limited. Today, no-code tools are monoliths, and this makes adoption complex.

Also integration with legacy systems is a challenge, and integration companies have no incentive to let things get easier. We also need to overcome the cultural mindset of internal development.

Has the no-code/low-code market already started paying off or do you see it as more of a long-term bet?

More of a long-term bet. COVID-19 definitely accelerated adoption, but the solution has a lot to overcome to become mainstream. We imagine it has the potential to make building an app as easy as making an Excel spreadsheet.

A lot of these low-code apps, particularly in the collaboration world, look and feel philosophically similar. Is low-code/no-code going to be particularly susceptible to consolidation and winner-take-all competition?

Probably one or two will dominate the market as “independents” and the others will be bought by big companies like Microsoft, Oracle or Salesforce. These companies already have some projects related to this space, and that’s going to be an important source of revenue for them, just like the cloud is today.

Another possible development for low-code companies is to specialize in sectors, providing the best tools and building blocks for a certain context while being flexible, so that “citizen developers” (as low-code users/developers) can still “code”.

Tommi Uhari, founding partner, Karma Ventures

Where are you skeptical about no-code/low code? Which aspects are overhyped?

Vision, investment and staying power are required to build easy-to-use tooling for developers. No-code and low-code simplify software development, but for the tooling to be successful, the key paradigms of software development need to be there and made easily understandable to developers.

What are some of the obstacles no-code/low-code still has to overcome?

Quite a few of the no-code/low-code development environments are not very powerful. The most ambitious way to think about no-code is to think of it as visual programming. Few platforms have a vision and a plan here.

Has the no-code/low-code market already started paying off or do you see it as more of a long-term bet?

The market has definitely started paying off. Most, if not all, of the big enterprise tech players have no-code/low-code solutions their customers can use to build various applications. There are also solutions more targeted at independent developers. The monetization in the indie developer space is not obvious.

A lot of these low-code apps, particularly in the collaboration world, look and feel philosophically similar. Is low-code/no-code going to be particularly susceptible to consolidation and winner-take-all competition?

I think not. Low-code and no-code apps will have stickiness, legacy and integrations that are forces speaking against a winner-take-all approach.

Navin Chaddha, managing director, Mayfield

Has no-code/low-code lived up to the hype it had generated back in 2020? How much has adoption increased since then? Are these numbers in line with the growth you expected?

No-code/low code software has evolved since 2020 into something much broader and much more powerful. Initially, no-code/low-code was primarily a way for non-technical builders to create (sometimes gimmicky) applications.

Today, it’s a core capability in many enterprise software companies to give non- or semi-technical end users, even DevOps and security engineers, the ability to easily and quickly deploy applications without the need for custom development. It’s transforming entire categories of enterprise software.

Where are you skeptical about no-code/low code? Which aspects are overhyped?

I’m skeptical about startups that hype their no-code/low-code products without the corresponding understanding of the specific use case or category of enterprise software they are targeting to revolutionize.

For instance, we have a company that is providing a no-code/low-code option for DevOps and security engineers to easily and quickly deploy and secure cloud applications. By offering it as DevOps-as-a-Service and building in compliance, they are truly delivering an out-of-the-box solution.

Which no-code/low code developed apps excite you the most?

I focus more on the infrastructure layer of the no-code/low-code stack versus the app layer. There is a lot of innovation across the [infrastructure] stack.

What are some of the obstacles no-code/low-code still has to overcome?

No-code/low-code doesn’t work for all end users, use cases, or categories of software. For example, when implementing enterprise software, there are often corner cases, custom integrations, or just very technical users that want the customizability of a full programming language.

Has the no-code/low-code market already started paying off or do you see it as more of a long-term bet?

It’s already paying off. We are seeing many high-growth startups, especially middleware and API companies, leverage no-code/low-code to get quicker bottom-up, self-service adoption.

Instead of having to ask prospects to go through a long, drawn-out sales cycle and implement custom professional services, a non-technical business user can sign up and start using products immediately. It’s very powerful and a trend that will continue long term.

A lot of these low-code apps, particularly in the collaboration world, look and feel philosophically similar. Is low-code/no-code going to be particularly susceptible to consolidation and winner-take-all competition?

Again, we don’t see no-code/low-code as a single category to be consolidated. Rather, it’s a feature or approach that can be leveraged in many categories such as DevOps, identity, security, fraud, robotic process automation, e-commerce, and integration software.

We see no-code/low-code as an approach that transforms many of those markets, creating more winners.

What are some of the biggest changes that have happened in the no-code/low-code market since you contributed to our last survey in August 2020?

The proliferation of no-code/low-code outside the realm of more obvious use cases like website or app builders, to being a core functionality embedded in many categories of enterprise software.

How does the no-code/low-code market compare now to 2020? Has it grown more competitive since? Has pricing increased?

It’s expanded dramatically to many, many new categories. Legacy and traditional software vendors need to think about how to build these capabilities into their software to stay competitive.

Alex Nichols, vice-president, and Laela Sturdy, general partner, Capital G

Has no-code/low-code lived up to the hype it had generated back in 2020? How much has adoption increased since then? Are these numbers in line with the growth you expected?

While we’ve seen the hype cycle slow down a bit, breakout no-code companies have emerged over the last year spanning automation (UiPath), web development (Webflow), internal tooling (Retool and Unqork), and other areas.

No-code/low-code is the continuation of a trend that’s been happening for decades with tools like Excel, which empower non-programmers to build powerful tools via visual interfaces. The backdrop is more attractive than ever before for platforms serving that purpose.

On the demand side, we’re seeing robust demand for software, limited technical resources for custom builds, and huge numbers of critical processes being run out of spreadsheets. Additionally, advancements like increased API surface area and enterprise adoption of cloud are making it more possible than ever to build and deploy powerful applications.

Where are you skeptical about no-code/low-code? Which aspects are overhyped?

No-code is not going to replace software developers. Much like industrial automation technology, we believe no-code solutions will emerge in areas that are critical but less central to a company’s competitive differentiation (data dashboarding, integration, contract automation, procurement approvals, etc.). Instead, companies will be able to apply those important and constrained resources to the areas most impactful to their businesses.

Which no-code/low code developed apps excite you the most?

We’re extremely excited about our portfolio companies UiPath (automation), Webflow (web development), and Unqork (enterprise internal tooling). We’re also very excited about vendors enabling easier development of dashboards and internal apps, such as Stacker, Retool, Airplane, and others

What are some of the obstacles no-code/low-code still has to overcome?

Startups selling to enterprises have to navigate IT’s comfort levels around allowing business users to integrate with important data sources in a safe and compliant manner.

Has the no-code/low-code market already started paying off or do you see it as more of a long-term bet?

There are certainly already large winners (UiPath, Notion) and many exciting growth-stage companies (Webflow, Unqork, Retool, Zapier, Airtable, etc.), but we expect to see multiple waves of opportunities in the coming years given the large horizontal nature of the opportunity.

A lot of these low-code apps, particularly in the collaboration world, look and feel philosophically similar. Is low-code/no-code going to be particularly susceptible to consolidation and winner-take-all competition?

We don’t think no-code is more susceptible to winner-take-all competition than any other software market. Of course, there are scale advantages to brand and customer love (Webflow, Notion, and Zapier are examples of this), but there are so many different sub-categories under the broad no-code umbrella that we believe there is opportunity for many large winners.

What are some of the biggest changes that have happened in the no-code/low-code market since our last survey in August 2020?

There are more high-growth breakout companies than when we last discussed the sector in 2020.

How does the no-code/low-code market compare now to our last survey in August 2020? Has it grown more competitive since? Has pricing increased?

As with most software categories, the level of competition and valuation have both increased substantially since the beginning of COVID. We’re still seeing an exciting number of early-stage no-code opportunities.

Raviraj Jain, partner, Lightspeed Venture Partners

Has no-code/low-code lived up to the hype it had generated back in 2020? How much has adoption increased since then? Are these numbers in line with the growth you expected?

With digital transformation, even the non-core functions of the organization want to automate their processes, but unsurprisingly, they find it impossible to get any technical resources to do so.

As a result, companies are turning towards low-code/no-code applications to make application development more accessible by enabling less technical people to develop them and/or helping developers expedite application development, thereby making them more efficient.

I believe we’re still in the early stages of this trend, and low-code/no-code is going to permeate organizations of all sizes and types. There are so many flavors of low-code/no-code — from automation and collaboration tools to more powerful software that is easy to configure without needing any technical expertise. The possibilities are endless.

We’ve seen rapid adoption in the last few years, and it is bound to accelerate further in the coming years.

Where are you skeptical about no-code/low code? Which aspects are overhyped?

I’m skeptical of companies that add no-code/low-code as a part of their branding/messaging because it might help them get more customer attention without truly living up to the promise.

Which no-code/low code developed apps excite you the most?

A lot of no-code/low-code applications are designed for internal use cases. Some of the most exciting no-code/low-code startups include Retool, Airtable, Bubble.io, Tonkean, Unqork and Webflow.

What are some of the obstacles no-code/low-code still has to overcome?

One major obstacle for low-code/no-code companies is user education and onboarding. Even tools like Airtable have a learning curve, which is where the higher user drop-off happens.

Has the no-code/low-code market already started paying off or do you see it as more of a long-term bet?

Both. We’re already seeing the rise of companies like Retool and Webflow in the low-code space, and Unqork and Tonkean in the no-code space are getting a lot of customer love.

A lot of these low-code apps, particularly in the collaboration world, look and feel philosophically similar. Is low-code/no-code going to be particularly susceptible to consolidation and winner-take-all competition?

Low-code/no-code is very horizontal. It defines the way in which a user can access/interact with the software to achieve desired outcomes, including app development or process automation.

Every low-code/no-code company will need to focus on a specific problem to solve and become best-in-class in that vertical. There are so many verticals for them to go after that we will see a large number of no-code/low-code unicorns in the next five years.

What are some of the biggest changes that have happened in the no-code/low-code market since our last survey in August 2020?

We’re seeing no-code/low-code become more widespread and there are more functions and applications that are now seeing companies in this space come in.

How does the no-code/low-code market compare now to our last survey in August 2020? Has it grown more competitive since? Has pricing increased?

While it’s certainly gotten more competitive, there’s a lot of white space for everyone to grow.