Is No-Code AI Redefining What's Possible in Tech?
According to Kings Research, the global market for No-Code AI Platforms was valued at USD 4,447.0 million in 2023 and is projected to grow to USD 31,155.5 million by 2031, with a robust CAGR of 27.70% from 2024 to 2031.
This market is expanding rapidly worldwide due to increasing demand for AI solutions that do not require coding expertise, democratizing AI development and enabling business users to independently create and deploy AI models.
Leading market players are enhancing platforms with intuitive drag-and-drop interfaces for functionalities like data preprocessing, model building, and deployment, significantly reducing development time and costs. The growing prioritization of AI adoption is expected to sustain market expansion. Read Full Analysis Here.
Key insights
The cloud deployment segment dominated with a 58.33% market share in 2023.
The services segment is projected to grow at a CAGR of 29.01% from 2024 to 2031.
Natural Language Processing (NLP) led in revenue, reaching USD 2,441.4 million in 2023.
Asia-Pacific held a substantial market share of 22.98% in 2023.
Akkio Announces the Launch of its Machine Learning Platform -'Chat Data Prep'
January 2023: Akkio , a no-code AI company, unveiled a new data interaction method, which integrated advanced ML into Excel. The recently launched Chat Data Prep feature allows users to transform spreadsheet data using conversational language instead of traditional commands. Akkio's platform interprets conversational inputs, enabling data changes based on user instructions, leveraging AI and large language models.
Growing Emphasis on Streamlining Data Integration Processes to Aid No-Code AI Platform Market Growth
There is a growing emphasis on streamlining data integration processes within no-code AI platforms to meet the demand for seamless connectivity across diverse data sources, crucial for accurate AI model training. This trend is driving investments in robust connectors and APIs to facilitate efficient data workflows, essential for AI model development.
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Improving Natural Language Processing (NLP) Capabilities to Present Lucrative Opportunites for No-Code AI Platform Market Development
Improvements in Natural Language Processing (NLP) capabilities present lucrative opportunities for market growth, catering to rising demands for AI solutions capable of understanding and processing human language. This includes advancements in NLP models, language support expansion, and integration of semantic analysis tools, enabling users to build sophisticated AI applications.
Automation of Model Deployment and Monitoring Processes to?Offer Promising Growth Opportunities
Automation of model deployment and monitoring processes presents significant opportunities, as the scaling up of AI initiatives by businesses increases the demand for automated deployment solutions. No-code AI platforms are evolving to offer seamless deployment pipelines, automated model versioning, and real-time monitoring capabilities. This enables users to deploy AI models with ease, monitor their performance, and iterate based on real-world feedback. Automated deployment and monitoring capabilities streamline the AI development lifecycle, thereby enhancing?efficiency and scalability for businesses adopting these platforms.
Asia-Pacific to Record a Significant Share of 26.79% by 2031
Based on region, the global no-code AI platform market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. Asia-Pacific is anticipated to lead the market over the forecast period (2024-2031). This remarkable growth is attributed to several factors, including the region's burgeoning tech-savvy population, increasing adoption of digital transformation initiatives by businesses, and supportive government policies promoting AI innovation. Additionally, the presence of a large number of emerging economies in the region provides ample opportunities for the proliferation of no-code AI platforms across various industries.
Companies Focus on Launching Cutting-Edge Products and Services to Expand Their Market Reach
The global no-code AI platform market reveals a fragmented landscape, featuring prominent companies including Akkio Inc., Amazon Web Services (AWS) , Inc., 苹果 ., Caspio , Inc., Clarifai , Inc., DataRobot , Inc., 谷歌 , 微软 , Quickbase , and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their global business footprint and enhance their competitive position. Read Full Analysis Here.
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7 个月Good to know!
Exciting topic! No-Code AI platforms are definitely reshaping possibilities in tech. At WinSavvy, we're always intrigued by innovations that simplify processes and boost productivity. Looking forward to diving into your insights on the Global No-Code AI Market!