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Generative AI In Software Development Market Size, Share, Growth & Trends 2024-2033 | Competitive Insights
Generative AI In Software Development Market Size
According to The Business Research Company's, The generative AI in software development market size has grown exponentially in recent years. It will grow from $42.95 billion in 2023 to $53.40 billion in 2024 at a compound annual growth rate (CAGR) of 24.3%. The growth in the historic period can be attributed to increased computational power, advances in deep learning algorithms, availability of large-scale datasets, increased requirement for coding optimization, emergence of cloud computing platforms.
The generative AI in software development market size is expected to see exponential growth in the next few years. It will grow to $129.43 billion in 2028 at a compound annual growth rate (CAGR) of 24.8%. The growth in the forecast period can be attributed to integration of generative ai into software development tools, expansion of applications in creative industries, adoption of generative ai for personalized content generation, enhancement of natural language understanding capabilities, acceleration of research in self-improving ai systems. Major trends in the forecast period include increased focus on ethical and responsible AI development, proliferation of generative AI in low-code and no-code platforms, rise of AI-augmented software development workflows, emergence of generative AI-powered cybersecurity solutions, integration of generative AI into DevOps practices.
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Market Drivers and Trends:
The rising demand for automation is expected to propel the growth of generative AI in the software development market going forward. Automation refers to using technology and machinery to perform tasks with minimal human intervention, increasing efficiency and productivity. The rising demand for automation is driven by the need to streamline processes, increase efficiency, reduce costs, and improve accuracy across various industries. Generative AI enables the automation of design tasks such as generating UI layouts, graphics, and architectural designs, allowing human designers to dedicate more time to creative endeavors. For instance, in October 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, 517,385 new industrial robots will be installed in industries worldwide in 2021. This indicates a 31% growth rate year over year. Therefore, the rising demand for automation drives the growth of generative AI in the software development market.
Major companies operating in the generative AI software development market are introducing an advanced set of generative AI offerings to enhance efficiency and drive revenues in the market. Generative AI services encompass a variety of applications that leverage artificial intelligence to create new content and ideas, such as conversations, stories, images, videos, and music. For instance, in July 2023, Capgemini SE, a France-based information technology company, launched a generative AI portfolio of services such as generative AI strategy, generative AI for customer experience, generative AI for software engineering, and custom generative AI for enterprises. The inclusion of generative AI for software engineering offers a unique portfolio of services that enhance efficiency and quality throughout the software life cycle, from design and coding to documentation, testing, deployment, and operations. It expedites the time to market for new software and diminishes technical debt for enterprises by supporting large-scale modernization programs for legacy software. Additionally, it bolsters security measures by reducing the attack surface by automatically identifying bugs or vulnerabilities and suggesting adjustments to software development teams.
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Major Key Players of the Market:
Amazon Inc., Google LLC, Microsoft Corporation, Tencent Holdings Ltd., International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, Red Hat Inc., Atlassian Corporation Plc, Alteryx Inc., Itransition Inc., Visionet Systems Inc., BairesDev LLC, Nordcloud Ltd., CloudBees Inc., 15Five Inc, ScienceLogic Inc., Waverley Software Inc., Alibaba Cloud, 10Clouds SP. Z O.O., Radiansys Inc., Tooploox, Blue Label Labs, ASG Technologies Ltd., HatchWorks Inc
Generative AI In Software Development Market 2024 Key Insights:
• The generative AI in software development market size is expected to see exponential growth in the next few years. It will grow to $129.43 billion in 2028 at a compound annual growth rate (CAGR) of 24.8%.
• Automation Drives Growth In Generative AI Software Development Market
• Revolutionizing Software Development With Advanced Generative AI Services
• North America was the largest region in the generative AI in software development market in 2023
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