Key Trend Revolutionizing the No-Code Machine Learning Market 2024: Advanced Technology to Improve Workflow Automation

No-Code Machine Learning Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033

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The global market report for no-code machine learning market in 2024 reveals a burgeoning industry experiencing significant growth. From 2023's $0.85 billion, the market size is expected to blossom to $1.10 billion in the following year, exhibiting a noteworthy compound annual growth rate CAGR of 30.3%.

What Is the Anticipated Growth Rate and Market Size of the Global No-Code Machine Learning Market?²

In forthcoming years, the no-code machine learning market will continue to experience exponential growth. By 2028, the market is predicted to reach an impressive $3.22 billion, fueled by a CAGR of 30.7%. Factors contributing to growth during this forecast period include the increasing demand for accessible artificial intelligence tools, rising adoption of AI across diverse sectors, and the expanding use of cloud computing. Other influential aspects include the proliferating availability of pre-built machine learning templates, reducing the technical skills barrier, major technological advancements, AI-driven personalization, Internet of Things IoT applications, predictive analytics, and self-service analytics.

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What Is Driving Growth In The No-Code Machine Learning Market?

Prominent contributors to the growth of the no-code machine learning market include the increasing adoption of IoT technology. The Internet of Things, a network of interconnected devices and systems communicating and exchanging data over the internet, has revolutionized process automation and operational efficiency. By optimizing a myriad of devices and systems, IoT improves operational efficiency, provides real-time data insights, enables automation and remote monitoring, reduces costs, improves decision-making, and drives innovation across a spectrum of industries. Taking Ericsson's November 2022 forecast as an example, the number of global IoT-connected devices is expected to rise from 13.2 billion in 2022 to a staggering 34.7 billion by 2028. This increasingly widespread adoption of IoT is directly driving the growth of the no-code machine learning market.

Detailed insights and extensive analysis of the market can be found in the full report here: https://www.thebusinessresearchcompany.com/report/no-code-machine-learning-global-market-report

Which companies are leading in the no-code machine learning market?

Major industry players in the no-code machine learning market include Apple Create ML, Microsoft Azure Machine Learning Studio, Amazon Web Services, SAS Viya, DataRobot Inc., LityxIQ, H2O.ai, Dataiku DSS, C3 AI Suite, RapidMiner Studio, BigML Inc., Google Teachable Machine, Edge Impulse, Microsoft Lobe, KNIME Analytics Platform, MonkeyLearn, Akkio AI, Obviously AI, Runway ML, Fritz AI, Sway AI, PyCaret, Ever AI, and Neural Designer.

What are the latest trends in the no-code machine learning market?

Key trends within the sector include the development of advanced technologies to improve workflow automation, such as no-code machine learning tools. Targeted at non-technical users and business analysts, no-code tools require no coding experience to build machine learning models. For example, in December 2023, Amazon launched SageMaker Canvas, a user-friendly no-code machine learning tool. Applications of this tool include customer churn prediction, fraud detection, and inventory optimization.

How is the no-code machine learning market segmented?³

The no-code machine learning market is segmented as follows:
1 By Offering: Platform, Services
2 By Deployment Mode: Cloud-Based, On-Premise
3 By Industry Vertical: Banking, Financial Services And Insurance BFSI, Healthcare, Retail, Information Technology IT And Telecom, Manufacturing, Government
4 By Application: Predictive Analytics, Process Automation, Data Visualization, Business Intelligence, Customer Relationship Management, Supply Chain Optimization

What role does geography play in the no-code machine learning market?

In terms of geography, North America held the largest share of the no-code machine learning market in 2023. However, during the forecast period, the Asia-Pacific region is expected to grow the fastest. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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