No-Code AI Platforms Market Expected to Reach $13.2 Billion in Revenue by 2033 at a 9.8% CAGR: Dimension Market Research

Global No-Code AI Platform Market Analysis, Recent Trends and Key Insights

NEW YORK, July 02, 2024 (GLOBE NEWSWIRE) — overview

Global No-Code AI Platform Market is $4.7 billion It is expected to reach the US by 2024SD82.2 billion According to Dimension Market Research, the market is expected to register a CAGR of 2.5% through 2033. 37.5% From 2024 to 2033.

The market for no-code AI platforms shows great growth potential at a global level due to the need for effective use of AI implementations that are less dependent on coding. These platforms make AI accessible to everyone, in the sense that users do not need extensive programming knowledge to develop and configure AI models.

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It eliminates sub-project congestion, reduces project development time, and cuts expenses. Leading market participants are implementing concepts such as machine learning and latest advancements in graphical user interfaces. It is growing rapidly in the BFSI, healthcare, retail, and manufacturing industries to improve business performance, customer satisfaction, and decision-making.

Key Insights

• market price: The global no-code AI platform market is $4.7 billion By 2024 $82.2 billion By 2033, CAGR 37.5%.

• Segments served: With a large consumer base and diverse offerings, the solution is expected to become mainstream and account for the highest market share in 2024.

• Enterprise Segment Insights: Large companies are likely to lead the segment in 2024 and capture the highest market share.

• Technology Segments: Predictive analytics is expected to dominate this segment in 2024, accounting for 29.1% of the market share.

• Data Modality Segment Insights: Text modulation is projected to lead the way by 2024, accounting for 33.2% of revenue share.

• Vertical Segment Insights: BFSI is expected to hold the largest share in 2024 and dominate the market.

• Regional Analysis: North America is expected to lead the global no-code AI platform market 38.2% of market share in 2024.

Latest Trends

• Increasing adoption of AI: True no-code AI solutions democratize AI by enabling anyone to use and create AI models without a technical background. This democratization reduces the need for programming experience and drives innovation, positively impacting industry growth.

• Integration with cloud services: AI can be easily deployed with cloud services, avoiding heavy IT investments, and no-code AI platforms ensure quick and effective solutions, helping to democratize the use of AI in business.

The story continues

No-Code AI Platforms Market: Competitive Landscape

The no-code AI platforms market is expected to have many competitors due to the fierce competition from big players such as Google, Microsoft and AWS, which are the most well-known in this market due to their vast resources and customer base. Startups are also creating specialized solutions, such as Levity AI GmbH.

Innovation and collaboration, as well as player acquisitions, are the key drivers in this market. The general trend of sector growth in unemployment benefits and across various industries has also made PEO service providers highly competitive with new entrants and innovations based on PEO services appearing frequently.

The main market players are:

• Akkio Co., Ltd.

• Microsoft

• com Inc.

• Swisscom

• AI Bridge

• AI Foundation

• Starmind

• love

• Levity AI Inc.

• Cordless Platform

• Uncork

• OutSystems

• Mendix

• AppWay

• Betty Blocks

• Apple.

• Simplification

• Caspio Co., Ltd.

• Data Robot Inc.

• Google

• Levity AI Inc.

• Other Key Players

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Market scope of no-code AI platforms

Drivers of growth

• Automation demand: AI development and process automation implementation requirements enable no-code AI implementation, benefiting budgets and allowing organizations to focus on value creation.

• Cost reduction: This means that no-code AI tools allow most business organizations to implement AI without the need for professional AI developers offering paid models, hence it comes with ready-made models and interfaces, thus saving most small and medium-sized businesses the high cost of implementation.

Constraints

• Exclusive Customization: No-code for AI development may not be flexible enough for common AI applications, and certain applications may require more traditional development approaches.

• Data Privacy Concerns: Due to guidelines and regulations around data usage and storage, such as the European Union’s GDPR, concerns about privacy and security remain obstacles to the implementation of no-code AI in enterprises.

Opportunities for growth

• Small Business Recruitment: By incorporating no-code AI tools into their operations, small and medium-sized enterprises are improving efficiency, customer satisfaction, and product enhancements, ultimately driving market development.

• Expanding into emerging markets: Growth opportunities exist in emerging markets as no-code AI is applied to business processes to improve efficiency, reduce expenses, and drive the development of new products and services.

Market Analysis

Predictive analytics is expected to dominate the no-code AI platform market, 29.1% It will account for 10% of the market share in 2024. This will enable organizations to forecast trends and make data-driven forecasting decisions without necessarily having coding knowledge.

Therefore, as well as facilitating the analysis of previous scenarios and outcomes and subsequent forecasting, predictive analytics helps refine corporate strategies and improve management of business functions. This is especially in demand in the fields of finance, healthcare, retail, and manufacturing. As data-driven decision-making gains importance, the need for simple, easy-to-integrate predictive analytics tools in no-code AI platforms remains high.

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No-Code AI Platform Market Segmentation

By providing

• solution

  • By Type

  • By deployment mode

• service

By company size

By Technology

• Predictive analytics

• Natural Language Processing

• Deep Learning

• Data Preparation and Integration Tools

• Automated Machine Learning (AutoML)

• Computer Vision

By Data Modality

• Article

• image

• video

• Audio and Speech

• Multimodal

By Application

• Workflow Automation

• Text translation and generation

• Platform construction

• Chatbots and Virtual Assistants

• Predictive Lead Scoring

• Digital Workflow Design

• Visual Recognition and Object Detection

• Customer churn prediction

• Other Applications

Vertical direction

• United Kingdom

• Retail and E-commerce

• Automotive, Transportation & Logistics

• Government and Defense

• Healthcare and Life Sciences

• communication

• Energy & Utilities

• Manufacturing

• Agriculture

• IT/ITeS

• Media and Entertainment

• Other Industries

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Regional Analysis

• North American AdvantageNorth America 38.9% The no-code AI platform market is expected to grow in 2024 owing to technological advancements, frequent AI adoption, major market players, ample funding for new technologies, skilled professionals, and a favorable regulatory environment.

• Europe’s rapid growth: Driven by extensive AI research, government support, digitalization efforts, and competitive innovation, the European No-Code AI Platform market is growing rapidly from 2024 to 2033. European countries such as Germany, Italy, and Switzerland have major key players leading the European market including Celonis, Swisscom, Levity AI GmbH, and Peltarion.

By region

North America

Europe

• Germany

• England

• Switzerland

• France

• Italy

• Russia

• Spain

• Benelux

• Nordic

• Other Europe

Asia Pacific

• China

• Japan

• South Korea

• India

• Australia

• ASEAN

• Rest of Asia Pacific

latin america

• Brazil

• Mexico

• Argentina

• Columbia

• Other Latin America

Middle East and Africa

• Saudi Arabia

• United Arab Emirates

• South Africa

• Israel

• Egypt

• Remaining MEA

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Latest Trends in the No-Code AI Platform Market

• May 2024: IBM and Salesforce have expanded their partnership to integrate IBM Watson and Salesforce Einstein to power an AI and data ecosystem with a focus on customer choice, responsible AI and industry-specific solutions.

• April 2024: C3 AI and Google Cloud have partnered to democratize generative AI with no-code tools to improve data access and productivity for enterprises. Google has launched Vertex AI Agent Builder, a no-code tool for creating AI agents.

• October 2023: Salesforce acquired Airkit.ai to power AI-powered customer service, CyborgIntell introduced Feature Store and Model Risk Management (MRM) for BFSI to automate feature creation and reduce data preparation time, Akkio Inc. launched Generative Reports to enable SMEs to generate insights in real-time.

• May 2023: Microsoft has integrated its AI assistant, Natasha, into Microsoft Teams and invested in Builder.ai to power app creation with Microsoft’s AI algorithms.

• April 2023: AWS announced Amazon Bedrock, a cloud service for integrating AI into applications, similar to OpenAI’s ChatGPT.

• March 2023: Google has launched Gen App Builder to enable developers to create generative AI applications without any machine learning expertise.

• June 2023: AWS has launched AppFabric, a no-code tool to reduce operational costs and improve SaaS integration.

• February 2023: AWS worked with Hugging Face to focus on deploying and training models for generative AI applications.

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