Press release
Software Development AI Market Poised for 24.26 % Growth, Set to Hit $885.6 Billion by 2029
Software Development AI
The rising adoption of the Internet of Things (IoT) is expected to drive the growth of the software development AI market. IoT refers to the network of devices embedded with sensors and technologies to connect and exchange data. As IoT adoption increases across various industries, it improves efficiency, convenience, and data-driven decision-making. AI enhances software development by automating tasks, optimizing algorithms, and improving decision-making capabilities. For example, in September 2023, a report from Telefonaktiebolaget LM Ericsson stated that global IoT connections reached 15.7 billion in 2023 and are expected to grow by 16% to 38.9 billion by 2029. This surge in IoT adoption is contributing to the growth of the software development AI market.
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What Is the projected market size and growth rate for the software development ai market?
The software development AI market has seen impressive growth in recent years. It is expected to grow from $0.45 billion in 2024 to $0.56 billion in 2025, reflecting a CAGR of 24.6%. This growth is driven by the increasing demand for automation in software development processes, the rising complexity of software projects, the need for cost savings and efficiency, and greater emphasis on quality assurance.
The software development AI market is forecasted to experience significant growth, reaching $1.34 billion by 2029 with a compound annual growth rate (CAGR) of 24.3%. This growth is driven by the increasing adoption of DevOps practices, rising concerns about cybersecurity and regulatory compliance, a greater availability of skilled AI professionals, and an increase in industry-specific solutions. Trends during the forecast period include advancements in AI technologies and algorithms, the integration of AI across the software development lifecycle (SDLC), the rise of edge computing and IoT devices, and the inclusion of AI and analytics capabilities.
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What new trends are reshaping the software development ai market and its opportunities?
Companies in the software development AI market are focusing on autonomous AI software developers to enhance market competitiveness. These AI-driven tools automate software development processes such as coding, testing, and version control. In March 2024, Microsoft launched AutoDev, an autonomous AI framework for software development. AutoDev integrates AI to automate tasks like code generation and test case creation, enhancing collaboration and security, thus streamlining software development.
What major market segments define the scope and growth of the software development ai market?
The software development ai market covered in this report is segmented -
1) By Programming Languages: Python, R, Lisp, Prolog, Java, Other Programming Languages
2) By Approaches: Natural Language Processing Techniques, Neural Networks, Fuzzy Logic, Ant Colony Optimization (ACO), General Algorithm, Tabu Search, Bee Colony, Data Mining, Other Approaches
3) By Development Phases: Planning, Knowledge Acquisition And Analysis, System Evaluation
4) By Application: Expert System, Project Management, Other Applications
Subsegments:
1) By Python: AI Libraries (TensorFlow, PyTorch, Keras), Machine Learning Frameworks, Deep Learning Models
2) By R: Statistical Computing Libraries, Data Analysis Tools, Machine Learning And Predictive Modeling Libraries
3) By Lisp: Symbolic AI Applications, Expert Systems, AI Algorithms
4) By Prolog: Logic Programming For AI, Knowledge Representation Systems, Rule-Based Systems
5) By Java: AI And Machine Learning Libraries (Deeplearning4j, Weka), Natural Language Processing (NLP) Tools, Predictive Analytics Models
6) By Other Programming Languages: C++ For AI (Computer Vision), JavaScript For AI (TensorFlow.js), Julia For High-Performance AI, MATLAB For Data Science And AI
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Which regions are key players in the growth of the software development ai market?
North America was the largest region in the software development AI market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the software development ai market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the software development ai industry growth?
Major companies operating in the software development AI market are Amazon.com Inc., Apple Inc., Alphabet Inc., Microsoft Corporation, Meta Platforms Inc., Intel Corporation, International Business Machines Corporation, SAP SE, NVIDIA Corporation, Salesforce.com Inc., Fair Isaac Corporation (FICO), SenseTime Group Limited, Appier Inc., Anki Inc., Talentica Solutions Pvt. Ltd., OrCam Technologies Ltd., LeewayHertz Technologies Pvt. Ltd., eSparkBiz Technologies Pvt. Ltd., Kindred Systems Inc., InData Labs LLC, AIBrain Inc., Markovate Inc., Azumo LLC, Nettyfy Technologies Pvt. Ltd.
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What Is Covered In The Software Development AI Global Market Report?
•Market Size Forecast: Examine the software development ai market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the software development ai market for a structured understanding.
•Key Players Overview: Analyze major players in the software development ai market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the software development ai market.
•Segment Contributions: Evaluate how different segments drive overall growth in the software development ai market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the software development ai market.
•Industry Challenges: Identify potential risks and obstacles affecting the software development ai market.
•Competitive Landscape: Review strategic developments in the software development ai market, including expansions, agreements, and new product launches.
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