No code projects are just application software bundles that combine popular, almost essential data processing components into a framework. These companies tend to be building their own components that fit into a chassis. None of the chassis are compatible, and frankly these products remind me of Rober Carr's brilliant and rather ahead of its time PC product called "framework". Lotus also worked on product suites like this. One could even argue that VB6 was the first no code system, where it had a marketplace of components for sale from 1000's of developers that allowed you to generate pie charts with zero coding, you just filled in the blanks in the little parameter table associated with each control.
The truth is that businesses do the same kinds of things all day long: they sum sales by regions, and want breakdowns by different time periods and geographical levels, and want to make pretty pictures and graphs of what might be a very boring Excel sheet. So we are going to see 1000 of these companies, as the web is now good enough graphically to match what we did in the desktop, but with Software as a service you can mostly skip the previous worries about installation and piracy. Its a very low friction space the web app.
But just the very term " no code" is a fraudulent statement. If you ask for an arbitrary product, like i want 3 clocks on the screen showing the time in LA, London and Tokyo, that is going to take some code. You either use code someone write ahead of time, or you write it yourself, but code is there, and the lack of generality in these products and the general chaos of 1000 incompatible module systems will be annoying at some point.
I think what is powering all this, is the massive success of SalesForce, which has a huge market cap, and has successfully built their own cadre of captive developers that they entice with badges and wonderfully presented training sessions. Salesforce has built up a programmer army faster than any other company in history that I can think of save for the Apple 2, which was an incredible breakthrough in simplicity.
With hundreds, soon to be a 1000 companies trying for the brass ring in this space, we are going to see a lot of dead bodies. There is no way the marketplace can sustain this many alternatives. This is the natural evolution of Excel, which has been stagnant for a while, and represents the drive for a more sophisticated system that doesn't dump you into raw Javascript. Javascript is so awful and it being the #1 programming language above Excel/VBA, there is a gigantic chasm between those two points.