A no-code artificial intelligence (AI) platform is a software tool that allows users to create and deploy artificial intelligence models and applications without the need for coding or programming skills. It simplifies AI development by providing a user-friendly interface for designing and implementing AI solutions.
Sizing and Forecast
The no code artificial intelligence (AI) platform market size has grown exponentially in recent years. It will grow from $4.34 billion in 2023 to $5.55 billion in 2024 at a compound annual growth rate (CAGR) of 27.8%. The growth in the historic period can be attributed to skill gap mitigation, rapid prototyping and development, democratization of ai, cost-efficiency, agile business requirements.
The no code artificial intelligence (AI) platform market size is expected to see exponential growth in the next few years. It will grow to $14.69 billion in 2028 at a compound annual growth rate (CAGR) of 27.6%. The growth in the forecast period can be attributed to ai adoption in diverse industries, enhanced platform capabilities, vertical-specific solutions, integration with existing systems, governance and compliance features. Major trends in the forecast period include increased collaboration, democratization of ai, pre-built models and templates, integration with business applications, explainability and transparency.
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Segmentation & Regional Insights
The no code artificial intelligence (ai) platform market covered in this report is segmented –
1) By Component: No-code AI Platforms, Services
2) By Technology: Natural Language Processing, Computer Vision, Predictive Analytics, Other Technologies
3) By Deployment: Cloud, On-premises
4) By Enterprise Size: Small And Medium Enterprises (SMEs), Large Enterprises
5) By Vertical: Banking, Financial Services And Insurance, Healthcare, Retail And E-Commerce, Information Technology (IT) And Telecom, Energy And Utilities, Government And Public Sector, Other Verticals
North America was the largest region in the no code artificial intelligence (AI) platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the no code artificial intelligence (AI) platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The need for better cybersecurity is expected to propel the growth of the no-code artificial intelligence (AI) platform market going forward. Cybersecurity is the practice of protecting computer systems and networks from digital threats and unauthorized access. It involves measures to safeguard data, privacy and the integrity of digital infrastructure. No-code AI platforms are increasingly employed in cybersecurity, simplifying threat detection and response without requiring extensive coding skills and enhancing overall security measures. For instance, in November 2022, according to the Australian Cyber Security Center, an Australia-based government agency, the number of cybercrime reports received in 2022 was 76,000, up from 13% in 2021. Therefore, the need for better cybersecurity is driving the growth of the no-code artificial intelligence (AI) platform market.
Key Industry Players
Major companies operating in the no code artificial intelligence (AI) platform market report are Amazon.com Inc., Apple Inc., Google LLC, Microsoft Corporation, International Business Machines Corporation, Hewlett Packard Enterprise, BioNTech SE, Medallia Inc., Quickbase Inc., DataRobot Inc., Dataiku Ltd., AgilePoint Inc., Caspio Inc. , Deci.AI Inc., Scale AI Inc., Clarifai Inc., Aible Inc., Aito Intelligence Oy, Akkio Inc., CrowdAI Inc., Intersect Labs, Levity AI GmbH, MLJAR Inc., Noogata Technologies Inc., Obviously AI Inc., Predibase Inc., Runway AI Inc., Studio Creatio, Coach Kinetix Ltd
The no code artificial intelligence (ai) platform market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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