Chicago, July 03, 2024 (GLOBE NEWSWIRE) -- The No-code AI Platforms Market is expected to grow from USD 4.9 billion in 2024 to USD 24.8 billion in 2029, at a CAGR of 38.2% during the forecast period, according to a new report by MarketsandMarkets™.
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No-code AI Platforms Market Dynamics:
Drivers:
- Rapid Prototyping and Experimentation
- Democratization of AI Development
- Focus on User Experience
- Improved Decision-Making
Restraints:
- Limited Customization Options
- Inflexibility for Unique Requirements
- Mismatch Between Capabilities and User Requirements
Opportunities:
- Streamlining Operations
- Improved Operational Efficiency
- Global Market Expansion
List of Key Players in No-code AI Platforms Market:
- IBM (US)
- Microsoft (US)
- Google (US)
- AWS (US)
- Salesforce (US)
- C3 AI (US)
- H2O. ai (US)
- Qlik (US)
- Clarifai (US)
- DataRobot (US)
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No-code AI democratizes access to artificial intelligence, stimulating innovation and bolstering problem-solving capabilities across diverse user bases. This approach enables the creation of customized AI applications tailored to specific challenges, leveraging the insights and perspectives of its varied users. Collaboration within this inclusive environment enhances the development of AI solutions, ensuring they precisely align with business needs. Consequently, organizations can deploy innovative applications that effectively leverage AI to drive efficiency and growth. By eliminating technical barriers, no-code AI platforms empower a broader range of professionals to contribute to and benefit from the transformative potential of artificial intelligence in practical, impactful ways.
Based on the offering, the market is further categorized into solutions and services. The solutions segment is sub-segmented by type into reporting & visualization tools, AutoML platforms, and automation platforms (flow builder tools, conversational AI building tools, business process automation tools, and others), other solutions and by deployment mode into cloud, and on-premises. Also, the services segment is further divided into managed services and professional services. Further, the professional services is divided into consulting, deployment & integration, and support & maintenance services.
Based on technology segment is further bifurcated into deep learning, natural language processing, computer vision, and predictive analytics. No-code AI platforms democratize advanced technologies such as computer vision, natural language processing, deep learning, and predictive analytics, empowering users without programming expertise. These tools enable the seamless creation of applications for image recognition, language processing, and data-driven insights, revolutionizing industries from healthcare to finance with accessible, powerful AI solutions.
Based on data modality segment the market is further bifurcated into text, image, video, audio & speech, and multimodal. In no-code AI platforms, data modality refers to the diverse types and formats of data that can be integrated and processed effortlessly. These platforms accommodate structured and unstructured data, including text, images, videos, speech & audio, and multimodal, simplifying complex tasks such as sentiment analysis, image recognition, and anomaly detection. By supporting various data modalities, these platforms enable users to leverage a wide range of information sources for creating robust AI applications without traditional programming skills.
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Based on application, the No-code AI Platforms Market is bifurcated into workflow automation, text translation & generation, platform building, chatbot & virtual assistants, predictive lead scoring, digital workflow design, visual recognition & object detection, predictive customer churn, and other applications. The No-code AI Platforms Market is rapidly expanding, offering accessible solutions for businesses across sectors. From automating workflows to building sophisticated chatbots and predicting customer behavior, these platforms empower users with advanced AI capabilities without coding expertise, driving innovation and efficiency in a competitive global market.
Based on vertical, the No-code AI Platforms Market is bifurcated into BFSI, retail & ecommerce, automotive, transportation & logistics, government & defense, healthcare & life sciences, telecommunications, energy & utilities, manufacturing, agriculture, IT/ITeS, media & entertainment, and other verticals. No-code AI platforms cater to diverse verticals, spanning healthcare, finance, retail, and more. They enable seamless integration of advanced AI capabilities such as predictive analytics, virtual assistants, and image recognition into industry-specific applications. These platforms democratize technology, empowering organizations of all sizes to innovate and thrive in their respective markets without the need for deep technical knowledge.
The No-code AI Platforms Market has been segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The No-code AI Platforms Market is experiencing widespread adoption across all regions, driven by its user-friendly interface and accessibility. Businesses worldwide are leveraging these platforms to develop AI solutions without extensive programming knowledge, democratizing AI capabilities. This trend is accelerating innovation in sectors ranging from healthcare to finance, enabling organizations of all sizes to harness the power of artificial intelligence to streamline operations and enhance decision-making processes efficiently and effectively.
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