CHICAGO, June 5, 2024 /PRNewswire/ -- The AI Studio Market is projected to grow from USD 6.4 billion in 2024 to USD 32.7 billion by 2029, at a compound annual growth rate (CAGR) of 38.4% during the forecast period, according to a new report by MarketsandMarkets. The AI Studio Market is expected to grow significantly during the forecast period, owing to various business drivers like increasing demand for data democratization to facilitate data-driven business decisions, the rising need to optimize data science workflows through historical data-driven predictive models and effortless customizing pre-built AI solutions to tackle distinct organizational pain points and growth prospect.
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285 - Tables
63 - Figures
337 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2019-2029 |
Base year considered | 2023 |
Forecast period | 2024-2029 |
Forecast units | USD (Billion) |
Segments Covered | Offering, Data Modality, Application, Vertical, and Region |
Geographies covered | North America, Asia Pacific, Europe, Middle East & Africa, and Latin America |
Companies covered | Microsoft (US), IBM (US), Google (US), AWS (US), Vonage (US), Sprinklr (US), Blaize (US), DataRobot (US), Altair (US), C3 AI (US), HP (US), SparkCognition (US), Icertis (US), Intel (US), DeepBrain AI (US), AgileEngine (US), Expert.ai (Italy), Ushur (US), Avenue Code (US), Qubika (US), Anthropic (US), Evolve IP (US), Databricks (US), Brillio (US), Appy Pie (US), Conju (Canada), Bricabrac AI (US), Donakosy (UK), Bappfy AI (France), DeepOpinion (Austria), Orkes (US), and Branchbob AI (Germany). |
By Software by technology, the ML segment registers for the fastest growing market during the forecast period.
By software by technology, the Machine Learning (ML) segment is expected to register the second largest market size during the forecast period. ML has revolutionized the AI Studio Market, empowering software to engage in human-like conversations, understand natural language inputs, and deliver personalized responses. These ML-based AI Studio Market systems utilize algorithms to analyze vast amounts of data, enabling them to continuously learn and improve their understanding and interaction capabilities. Several ML-based software types exist in the AI Studio Market, including chatbots, virtual assistants, and voice assistants.
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By services, professional services to register for the fastest growing segment during the forecast period.
The professional services segment of the AI Studio Market is growing rapidly. The professional services in the AI Studio Market encompass a range of offerings designed to assist businesses in leveraging AI technologies to enhance their customer interactions and operational efficiency. These services are provided by specialized firms, consultants, and agencies with expertise in developing, implementing, and optimizing AI Studio Market solutions tailored to each client's unique needs. One key aspect of professional services in AI Studio Market is strategic consulting.
By region, North America accounted for the largest market size during the forecast period.
The AI Studio Market in North America has been experiencing robust growth, driven by several key factors. In North America, AI Studio Market solutions have experienced an uptrend in diverse industries, driven by the presence of industry giants which act as a significant catalyst for the North American AI market. These behemoths are making substantial investments in AI research, development, and integration into their product portfolios, setting the pace for technological advancement. Rapid adoption of AI technologies across various industries in the U.S., including healthcare, retail, IT & telecom, BFSI, automotive, advertising & media, and manufacturing, is a significant driver for the AI Studio Market. The healthcare and retail sectors, in particular, have dominated the market share, showcasing the widespread integration of AI solutions in these industries.
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Top Key Companies in AI Studio Market:
Some major players in the AI Studio Market include Microsoft (US), IBM (US), Google (US), AWS (US), Vonage (US), Sprinklr (US), Blaize (US), DataRobot (US), Altair (US), C3 AI (US), HP (US), SparkCognition (US), Icertis (US), Intel (US), DeepBrain AI (US), AgileEngine (US), Expert.ai (Italy), Ushur (US), Avenue Code (US), Qubika (US), Anthropic (US), Evolve IP (US), Databricks (US), Brillio (US), Appy Pie (US), Conju (Canada), Bricabrac AI (US), Donakosy (UK), Bappfy AI (France), DeepOpinion (Austria), Orkes (US), and Branchbob AI (Germany).
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