No-Code AI Platform Market Is Expected To Reach Revenue Of

New York, July 02, 2024 (GLOBE NEWSWIRE) — Overview

The Global No-Code AI Platform Market is to reach USD 4.7 billion by 2024 and is further anticipated to reach USD 82.2 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 37.5% from 2024 to 2033.

The market for no-code AI platforms has shown significant potential for growth at the global level due to the need for effective uses of AI implementations, which are not very dependent on coding. These platforms make AI available to everyone in the sense that a user does not require extensive programming knowledge to develop AI models and set them up.

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They eliminate the congeries of subprojects, shorten the time to develop the project, and decrease expenses. The key participants in the market implement concepts, such as the latest advancements in machine learning and graphical user interfaces. It is growing at a fast pace in BFSI, healthcare, retail, and manufacturing industries to improve business performance, customer satisfaction, and decision-making.

Important Insights

• Market Value: The Global No-Code AI Platform Market is projected to grow from USD 4.7 billion in 2024 to USD 82.2 billion by 2033, at a CAGR of 37.5%.
• Offering Segment: Solutions are expected to dominate, holding the highest market share in 2024 due to a large consumer base and diverse products.
• Enterprise Segment Insights: Large enterprises are likely to lead this segment with the highest market share in 2024.
• Technology Segment: Predictive analytics is set to dominate this segment holding 29.1% of the market share in 2024.
• Data Modality Segment Insight: Text modulation is projected to lead, with 33.2% of the revenue share by 2024.
• Vertical Segment Insights: BFSI is expected to dominate the market, holding the highest share in 2024.
• Regional Analysis: North America is expected to lead the global no-code AI platform market holding 38.2% of the market share in 2024.

Latest Trends

• Increased Adoption of AI: True no-code AI solutions are democratizing AI as it becomes possible to use and create these AI models without having any technical background. This democratization has a positive impact on the industry growth because it shrinks the programming experience necessity as well as stimulates innovations.
• Integration with Cloud Services: AI can be easily deployed along with cloud services, avoiding potentially significant investments in IT, while no-code AI platforms guarantee fast and effective solutions, contributing to the popularization of its use in business.

No-Code AI Platform Market: Competitive Landscape

The no-code AI platform market is expected to have many competitors due to the raging competition due to giants like Google, Microsoft, and AWS the biggest names in this market because of their massive resources and customer base presence. The startups that are emerging also come up with specialized solutions such as Levity AI GmbH.

Innovation and cooperation as well as acquiring players are the key forces in the market. There is also a general trend of growing sectors across the unemployment benefits and different industries meaning that the providers of PEO services are incredibly competitive with new entrants and innovations building upon the PEO services more frequently.

Some of the prominent market players:

• Akkio Inc.
• Microsoft
• com, Inc.
• Swisscom
• AI Bridge
• AI Foundation
• Starmind
• ai
• Levity AI GmbH
• Codeless Platforms
• Unqork
• OutSystems
• Mendix
• Appway
• Betty Blocks
• Apple Inc.
• Simplifier
• Caspio, Inc.
• DataRobot, Inc.
• Google LLC
• Levity AI GmbH
• Other Key Players

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No-Code AI Platform Market Scope

Growth Drivers

• Demand for Automation: AI development and the requirement to implement process automation lead to no-code AI implementation, benefiting the budgets and letting organizations focus on the value creation.
• Cost Reduction: It encapsulates that through no-code AI tools, most business organizations can implement AI without requiring professional AI developers who come with charged models thus sparing most SMEs the high costs of implementation since they come with ready-made models and interfaces.

Restraints

• Limited Customization: Non-code for AI development might not have sufficient flexibility to be utilized in general AI applications and they might require conventional development approaches for certain applications.
• Data Privacy Concerns: Privacy and security concerns remain an obstacle to no-code AI implementation in companies due to the guidelines and regulations on data usage and storage such as the GDPR in the European Union.

Growth Opportunities

• SME Adoption: SMEs have been incorporating no-code AI tools in their business operations hence improving efficiency, customer satisfaction, and product enhancement consequently enhancing market advancement.
• Expansion into Emerging Markets: Growth opportunities exist in emerging markets, as no-code AI is applied to the work processes, improving efficiency, reducing expenses, and encouraging the development of new products and services.

Market Analysis

Predictive analytics is expected to dominate the no-code AI platform market, holding 29.1% of the market share in 2024. This makes it possible for an organization to predict trends and make data-based decisions for predictions without necessarily being a coder.

Thus, as in the case of facilitating the analysis of previous scenarios and outcomes, and subsequent making of predictions, predictive analytics helps in the refinement of corporate strategies and the improved management of business functions. It is particularly sought in the financial, medical, retail, and manufacturing areas. Since, data-oriented decision-making is gaining importance; the need for simple, easy-to-integrate predictive analytics tools in no-code AI platforms will remain high.

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No-Code AI Platform Market Segmentation

By Offering

• Solutions
  • By Type
    • Reporting & Visualization Tools
    • AutoML Platforms
    • Automation Platforms
      • Flow Builder Tools
      • Conversational AI Building Tool
      • Business Process Automation Tools
      • Others
    • Others
  • By Deployment Mode
• Services
• • • Professional Services
      • Consulting Services
      • Deployment & Integration Services
      • Support & Maintenance Services
  • Managed Services

  By Enterprise Size

By Technology

• Predictive Analytics
• Natural Language Processing
• Deep Learning
• Data Preparation and Integration Tools
• Automated Machine Learning (AutoML)
• Computer Vision

By Data Modality

• Text
• Image
• Video
• Audio & Speech
• Multimodal

By Application

• Workflow Automation
• Text Translation & Generation
• Platform Building
• Chatbot & Virtual Assistants
• Predictive Lead Scoring
• Digital Workflow Design
• Visual Recognition & Object Detection
• Predictive Customer Churn
• Other Applications

By Vertical

• BFSI
• Retail & eCommerce
• Automotive, Transportation & Logistics
• Government & Defense
• Healthcare & Life Sciences
• Telecommunications
• Energy & Utilities
• Manufacturing
• Agriculture
• IT/ITeS
• Media & Entertainment
• Other Verticals

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Regional Analysis

• North America’s Dominance: North America is projected to hold 38.9% of the no-code AI platform market in 2024 due to technological advancements, frequent AI deployment, major market players, abundant funding for new technologies, skilled professionals, and a favorable regulatory climate.
• Europe’s Rapid Growth: Europe’s no-code AI platform market is growing rapidly from 2024 to 2033, driven by extensive AI research, government support, digitalization efforts, and competitive innovation. European countries such as Germany, Italy, Switzerland has some of the main key players of the market like Celonis , Swisscom, Levity AI GmbH, and Peltarion leading in the European market.

By Region

North America

Europe

• Germany
• The U.K.
• Switzerland
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Recent Developments in the No-Code AI Platform Market

• May 2024: IBM and Salesforce expanded their partnership, integrating IBM Watson with Salesforce Einstein to enhance AI and data ecosystems, focusing on customer choice, responsible AI, and industry-specific solutions.
• April 2024: C3 AI and Google Cloud partnered to democratize generative AI with no-code tools, improving enterprise access to data and productivity. Google launched Vertex AI Agent Builder, a no-code tool for creating AI agents.
• October 2023: Salesforce acquired Airkit.ai to enhance AI-driven customer service. CyborgIntell introduced Feature Store and Model Risk Management (MRM) for BFSI, automating feature creation and reducing data prep time. Akkio Inc. launched Generative Reports, enabling SMEs to generate real-time insights.
• May 2023: Microsoft invested in Builder.ai to integrate its AI assistant, Natasha, into Microsoft Teams, enhancing app creation with Microsoft’s AI algorithms.
• April 2023: AWS unveiled Amazon Bedrock, a cloud service for integrating AI into applications, similar to OpenAI’s ChatGPT.
• March 2023: Google launched Gen App Builder to enable developers to create generative AI applications without machine learning expertise.
• June 2023: AWS launched AppFabric, a no-code tool to reduce operational costs and enhance SaaS integration.
• February 2023: AWS collaborated with Hugging Face to focus on model deployment and training for generative AI applications.

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