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No Code Artificial Intelligence (AI) Platform Global Market Report 2024 Market Segments, Analysis, Overview, Outlook Report 2024-2033
No Code Artificial Intelligence (AI) Platform Global Market Size
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the no-code artificial intelligence (AI) platform market are focused on integrating SaaS (software as a service) applications to gain a competitive edge. Integration of SaaS applications can enhance the automation capabilities of no-code AI platforms, allowing for more efficient and effective workflows. This integration can unlock new possibilities and intelligence, accelerating the delivery of AI apps. For instance, in June 2023, Amazon Web Services Inc., a US-based provider of on-demand cloud computing platforms and APIs (application programming interfaces), launched AWS AppFabric, a new no-code service that quickly connects software-as-a-service (SaaS) applications with security tools. AppFabric allows IT and security teams to quickly connect SaaS applications without the need for custom code development or maintenance. The service automatically normalizes application data, enabling administrators to set common policies, standardize security alerts and easily manage user access across multiple applications.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
No Code Artificial Intelligence (AI) Platform Market 2024 Key Insights:
• The no code artificial intelligence (ai) platform market is expected to grow to $14.69 billion in 2028 at a compound annual growth rate (CAGR) of 27.6%.
• Rising Cybersecurity Concerns Fueling Growth In The No-Code Artificial Intelligence (AI) Platform Market
• Focus On Integration Of SaaS (software as a service) Applications To Gain A Competitive Edge
• North America was the largest region in the no code artificial intelligence (AI) platform market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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