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AI Studio Market Size, Share & Growth Forecast 2024-2033 | Key Players & Trends
AI Studio Market Size
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According to The Business Research Company's, The artificial intelligence (AI) studio market size has grown exponentially in recent years. It will grow from $5.77 billion in 2023 to $8.06 billion in 2024 at a compound annual growth rate (CAGR) of 39.8%. The growth in the historic period can be attributed to increased computational power, increased availability of large datasets, rise in demand for personalized experiences, increased investments in AI research and development, surge in remote work, increased social acceptance and integration of AI technologies, and increased demand for automation across industries.
The artificial intelligence (AI) studio market size is expected to see exponential growth in the next few years. It will grow to $31.09 billion in 2028 at a compound annual growth rate (CAGR) of 40.1%. The growth in the forecast period can be attributed to increasing demand for personalized AI solutions, growing investment in AI research and development, emerging regulatory frameworks shaping the AI landscape, increasing AI adoption, increasing adoption of edge computing, and expansion of AI-driven personalized marketing solutions. Major trends in the forecast period include advancement in AI-driven content creation tools, integration of machine learning for personalized user experiences, advancements in AI-powered voice and natural language processing technologies, expansion of AI-driven creative collaboration platforms, advancements in AI-powered music composition and production tools, and advancements in AI-driven visual effects and animation technologies.
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Market Drivers and Trends:
The increase in remote work is expected to propel the growth of the artificial intelligence (AI) studio market going forward. Remote work refers to the practice of carrying out job duties and responsibilities from a location outside the conventional office, commonly from home or another remote site, using digital tools. The increase in remote work due to technological advancements, shifting employee preferences, and the impact of the COVID-19 pandemic. AI studios facilitate remote work by providing cloud-based access to AI development tools, enabling collaboration among remote team members, automating workflows, offering scalable computing resources, and integrating with other remote work tools. For instance, in September 2022, according to the United States Census Bureau, a US-based agency of the statistical system, the number of people primarily working from home in the United States tripled from 5.7% (approximately 9 million people) in 2020 to 17.9% (27.6 million people) in 2021. Therefore, the increase in remote work will drive the artificial intelligence (AI) studio market.
Major companies operating in the artificial intelligence (AI) studio market are developing innovative solutions such as no-code tools to empower businesses to create, deploy, and manage AI models efficiently. A no-code tool is a user-friendly interface that allows non-technical business users to build apps that automate workflows, generate assets, or answer questions using company data. For instance, in June 2024, Writer Inc., a US-based generative artificial intelligence company, launched an AI Studio platform, a development tool suite enabling technical and non-technical users to create AI applications and workflows efficiently. The AI Studio platform is designed to streamline AI development by providing a comprehensive set of tools for data preparation, model training, and deployment. This includes data visualization, data preprocessing, and model evaluation tools to ensure seamless integration of AI models into existing workflows.
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Major Key Players of the Market:
Apple Inc., Google LLC, Microsoft Corporation, Alibaba Cloud, Meta Platforms Inc, Tencent Holdings Limited, Amazon Web Services Inc., Intel Corporation, HP Development Company, L.P., International Business Machines Corp., Oracle Corporation, SAP SE, NVIDIA Corporation, Baidu Inc., Vonage Holdings Corp., Sprinklr Inc., Altair Engineering Inc., Icertis, DataRobot Inc., C3.ai Inc., SparkCognition, Ushur Inc, ExpertAi, Blaize, AgileEngine LLC, DeepBrain AI
Artificial Intelligence (AI) Studio Market 2024 Key Insights:
• The artificial intelligence (AI) studio market size is expected to see exponential growth in the next few years. It will grow to $31.09 billion in 2028 at a compound annual growth rate (CAGR) of 40.1%.
• Remote Work Drives Growth In AI Studio Market
• AI Companies Enhance Accessibility With No-Code Tools And Comprehensive AI Studio Platforms
• North America was the largest region in the artificial intelligence (AI) studio market in 2023
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