Appian (NASDAQ: APPN) has certainly fallen out of favor with investors recently. The stock is down by more than 85% from its all-time high and has lost more than half of its value over the past year alone.

However, to say that I'm still a long-term believer in the company would be an understatement. The provider of low-code app development software could still have a very bright future ahead of it, and of all the beaten-down growth stocks in my portfolio, it's my favorite as we head into 2023. Here's why.

Now more than ever, businesses, government agencies, schools, and other organizations need applications to automate processes, improve customer experiences, and drive efficiency. But one major problem is that traditional means of development -- such as hiring a team of in-house developers -- can be prohibitively costly. Companies such as T-Mobile and GlaxoSmithKline use Appian, as do several U.S. government agencies.

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Source Fool.com