The no-code AI platform market is forecasted to experience a growth of 28.3% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to be valued at US$ 4,094.7 million in 2023.
The surging establishment of AI enterprises across the world is assessed to positively impact the global market. As the count of domain experts increases, so does the gulf between them and the AI specialists.
AI specialists’ wide knowledge helps domain experts in solving technology-related issues. No-code AI tools are expected to generate new prospects for domain experts to effectively communicate and try out their ideas with AI experts.
The significant rate of evolution and utilization of machine learning and AI across the globe are also fueling market growth for the no-code AI platform industry. Moreover, technologies like automated machine learning are gaining traction as they are developed for firms deficient in ML competence.
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The adoption of edge computing, IoT, and data science services and solutions has surged across several industries, further cementing market development. If we see comprehensively, no-code AI platforms help in minimizing defects, enhance delivery time, and make data science practical. All these aspects of this platform attract investment opportunities for market expansion.
No-code AI solutions further reduce the entry barrier for enterprises and individuals to start experimenting with machine learning and AI. These solutions empower businesses to quickly and reasonably execute AI models, permitting domain experts to gain from this cutting-edge technology.
Top Highlights from the FMI’s Analysis of the No-code AI Platform Market:
- North America’s no-code AI platform industry obtained more than 30.4% market share in 2022.
- Europe’s no-code AI platform industry is estimated to fall behind North America in terms of market share, gaining more than 23.4% of market value in 2023.
- The United States’ no-code AI platform industry is expected to procure a market share of above 19.3% in 2023.
- Germany’s no-code AI platform industry is predicted to reach beyond US$ 10.4% in 2023.
- Japan’s no-code AI platform industry is estimated to gain a market share of 4.3% in 2023.
- Australia’s no-code AI platform industry is projected to attain more than 3.1% value share in 2023.
- India’s no-code AI platform industry is anticipated to expand at a CAGR of 32.3% over the forecast period.
- China’s no-code AI platform industry is assessed to register a CAGR of 30.4% in the upcoming period.
- The United Kingdom’s no-code AI platform industry is expected to record a CAGR of 28.1% in the assessment period.
- Under the solution category, the no-code AI tools segment is estimated to gain a market share of more than 64.3% over the estimated period.
- Based on technology, natural language processing gained a 43.3% market share of the global no-code AI platform industry in 2022.
How are Leading Players Scoring New Clients?
Key players in the market are grabbing new clients by innovating and introducing new products. This is followed by embarking on new territories. Additionally, mergers and acquisitions, agreements, contracts, collaborations, and partnerships are some of the prime strategies for businesses to gain a large hold in the market. Key players have deployed these tactics in the past as well, to drastically expand their reach and upscale their position in the market competition.
- Moveworks, Inc. introduced Creator Studio, which is a conversational AI platform, in April 2023. The new no-code generative AI platform empowers customers to construct huge language model interfaces. With the launch of Creator Studio, clients can upscale the agency of generative AI to develop their own customized conversational AI chatbots sans wide coding knowledge.
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No-code AI Platform Outlook by Category
By Solution:
- No-code AI tools
- Cloud-Based
- On-Premises
- Services
- Professional Services
- Consulting Services
- Support and Maintenance Services
- Training and Education
- Software Development
- Managed Services
- Professional Services
By Technology:
- Natural Language Processing (NLP)
- Computer Vision
- Predictive Analytics
By Enterprise Size:
- Small and Mid-Sized Enterprises (SMEs)
- Large Enterprises
By Industry:
- BFSI
- IT & Telecom
- Retail
- Healthcare
- Manufacturing
- Government
- Education
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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