Hanwha Systems Accelerates Manufacturing Smartization... Signs Business Agreement with Low-Code Company

Hanwha Systems announced on the 29th that it has signed a Memorandum of Understanding (MOU) for business cooperation with OutSystems, a global leader in low-code application platforms (LCAP).

LCAP is a low-code based platform. Low-code is a technology that minimizes complex coding processes to develop apps and systems quickly and efficiently. Applying this technology can improve productivity in system development and operation by about 30% compared to existing methods.

OutSystems, established in Portugal in 2001 and headquartered in Boston, USA, is a specialized LCAP company. It has more than 2,000 global clients, including the US military, Germany’s Mercedes-Benz, and France’s Schneider Electric.

From the left, Yunsu Kim, Executive Director of Technology at Hanwha Systems Value Creation Division, and Mark Weiser, Head of Asia-Pacific at OutSystems.
Photo by Hanwha Systems

Through this cooperation, Hanwha Systems plans to jointly discover business models utilizing LCAP-related technologies with OutSystems. LCAP will be applied in the system development processes of various industries, starting with manufacturing sectors such as smart factories and smart logistics, as well as defense, finance, and services. This will accelerate digital transformation in manufacturing, reduce labor costs, and improve yield rates (the ratio of good products).

Hanwha Systems also plans to directly engage in LCAP development projects for non-manufacturing customers. According to global market research firm Gartner, the LCAP market, which was valued at $6.3 billion in 2021, is expected to rapidly grow to $12.4 billion (approximately KRW 16.5 trillion) this year.

Kim Yoon-su, Executive Director of Technology at Hanwha Systems’ Value Creation Business Division, said, "We expect the growth of the LCAP market to help alleviate the recent shortage of IT developers in the industry. Through collaboration with OutSystems, we will continue to promote smart manufacturing in Korea and improve the overall industrial ecosystem."

This content was produced with the assistance of AI translation services.