ICT-IOT

No-Code AI Platform Market is Expected to Reach USD 31,155.5 Million by 2031

Jun 2024

ICT-IOT

As per the report published by Kings Research, the global No-Code AI Platform Market was valued at USD 4447.0 million in 2023 and is projected to reach USD 31155.5 million by 2031, growing at a CAGR of 27.70% from 2024 to 2031.

The no-code AI platform market is experiencing rapid growth globally, driven by the increasing demand for AI solutions without the need for coding expertise. Companies are utilizing these platforms to democratize AI development, thereby enabling business users to create and deploy AI models independently.

Major market players are offering diverse functionalities such as data preprocessing, model building, and deployment through intuitive drag-and-drop interfaces. The demand for these platforms is further amplified by their ability to reduce both development time and costs significantly. The increasing prioritization of AI adoption is likley to contribute to the sustained expansion of the no-code AI platform market.

Key Insights

    • Based on deployment, the cloud segment accounted for the largest market share of 58.33% in 2023
    • Based on component, the services segment is estimated to register a CAGR of 29.01% between 2024 and 2031
    • Based on technology, the natural language processing (NLP) segment garnered the highest revenue of USD 2,441.4 million in 2023
    • On the basis of region, Asia-Pacific helda significant market share of 22.98% in 2023

Akkio Announces the Launch of its Machine Learning Platform -'Chat Data Prep'

January 2023: Akkio, a no-code AI company, unveiled a new data interaction method, which integrated advanced ML into Excel. The recently launched Chat Data Prep feature allows users to transform spreadsheet data using conversational language instead of traditional commands. Akkio's platform interprets conversational inputs, enabling data changes based on user instructions, leveraging AI and large language models.

Growing Emphasis on Streamlining Data Integration Processes to Aid No-Code AI Platform Market Growth

Businesses are increasingly focusing on streamlining data integration processes within no-code AI platforms. This trend is fueled by the pressing need to seamlessly connect diverse data sources for accurate AI model training. Enhancement of data integration capabilities across these platforms enables users to access and utilize data more efficiently, leading to improved model accuracy and performance. Companies are investing heavily in developing robust connectors and APIs to facilitate smooth data integration workflows, thereby addressing a crucial aspect of AI model development.

Improving Natural Language Processing (NLP) Capabilities to Present Lucrative Opportunites for No-Code AI Platform Market Development

The enhancement of natural language processing (NLP) capabilities offers potential opportunities for market progress. The rising demand for AI solutions that possess the ability to understand and process human language, is prompting companies to focus on improving NLP functionalities within their platforms. This includes the development of advanced NLP models, expansion of language support, and integration of semantic analysis tools. Enhancement of NLP capabilities across platforms, empowers users to build sophisticated AI applications for tasks such as sentiment analysis, language translation, and content summarization.

Automation of Model Deployment and Monitoring Processes to Offer Promising Growth Opportunities

Automation of model deployment and monitoring processes presents significant opportunities, as the scaling up of AI initiatives by businesses increases the demand for automated deployment solutions. No-code AI platforms are evolving to offer seamless deployment pipelines, automated model versioning, and real-time monitoring capabilities. This enables users to deploy AI models with ease, monitor their performance, and iterate based on real-world feedback. Automated deployment and monitoring capabilities streamline the AI development lifecycle, thereby enhancing efficiency and scalability for businesses adopting these platforms.

Asia-Pacific to Record a Significant Share of 26.79% by 2031

Based on region, the global no-code AI platform market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. Asia-Pacific is anticipated to lead the market over the forecast period (2024-2031). This remarkable growth is attributed to several factors, including the region's burgeoning tech-savvy population, increasing adoption of digital transformation initiatives by businesses, and supportive government policies promoting AI innovation. Additionally, the presence of a large number of emerging economies in the region provides ample opportunities for the proliferation of no-code AI platforms across various industries.

Companies Focus on Launching Cutting-Edge Products and Services to Expand Their Market Reach

The global no-code AI platform market reveals a fragmented landscape, featuring prominent companies including Akkio Inc., Amazon Web Services, Inc., Apple Inc., Caspio, Inc., Clarifai, Inc., DataRobot, Inc., Google, Microsoft, Quickbase, Shnoco, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their global business footprint and enhance their competitive position.

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