AI Toolkit Market worth $91.6 billion by 2028, growing at a CAGR of 36.2%: Report by MarketsandMarketsâ„¢
Chicago, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The global AI Toolkit Market size is projected to grow from USD 19.5 billion in 2023 to USD 91.6 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 36.2%, according to a new report by MarketsandMarkets™.
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AI Toolkit Market Dynamics:
Drivers:
- Evolution of language model concept in AI
- Growing adoption of AutoML to train high-quality models.
- Need to accelerate end-to-end ML and data science pipelines using optimized deep learning frameworks.
Restraints:
- Lack of skilled AI professionals
- Lack of standardization in market
Opportunities:
- Growth in data generated by IoT devices.
- Market penetration of AI toolkit vendors into healthcare and financial services sectors
List of Key Players in AI Toolkit Market :
- Microsoft (US)
- Google (US)
- IBM (US)
- Oracle (US)
- Thales Group (France)
- Salesforce (US)
- Intel (US)
- Adobe (US)
- Meta Platforms (US)
- AWS (US)
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The transformation of education through AI toolkits, offering personalized learning experiences, has emerged as a significant driver in the AI toolkit market. By harnessing the power of machine learning algorithms and data analytics, these toolkits can analyze individual students' progress, adapt curriculum content in real-time, and provide tailored assessments that align with each student's unique strengths and weaknesses. This enhances the learning experience and empowers educators to make data-driven decisions, ultimately improving educational outcomes. As the demand for personalized, adaptive learning gains momentum, the AI toolkit market continues to grow, fostering innovation in edtech and paving the way for a more inclusive and effective educational landscape.
By offering, the software segment is expected to have the largest market size during the forecast period
The development of autonomous vehicles, with AI toolkit software at its core, stands out as a powerful driver in the AI toolkit market. Global demand for building safe and efficient self-driving cars has increased significantly and AI toolkit software plays a pivotal role in assisting the development of such vehicles. These toolkits empower autonomous vehicles to observe and understand their surroundings through advanced computer vision and object recognition algorithms. They enable vehicles to process sensor data from cameras, lidar, radar, and other sensors, creating a real-time understanding of the environment. Furthermore, AI toolkit software facilitates path planning, ensuring the vehicle can navigate complex and dynamic traffic scenarios safely. Sensor fusion techniques, another crucial aspect, integrate data from multiple sensors to provide a comprehensive view of the vehicle’s surroundings.
By technology, computer vision segment is expected to hold a higher growth rate during the forecast period
The integration of AI toolkits for computer vision to enable gesture recognition and touchless control in interactive displays, kiosks, and public interfaces is a driving force in the AI toolkit market. This innovative application has gained prominence, especially in a post-pandemic world where touchless interaction is crucial for public health and safety. AI-powered computer vision allows users to interact with digital content and interfaces using hand gestures and movements, making physical touch unnecessary. It enhances user experiences in various surroundings, from retail and museums to transportation and healthcare. The demand for such touchless interfaces is on the rise, spurring the development of advanced AI toolkits that can accurately interpret and respond to human gestures. As businesses and public spaces continue to adopt touchless control for both convenience and hygiene, AI toolkit developers are working to meet this demand, further propelling the growth of the AI toolkit market, and opening new possibilities for human-machine interaction.
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Based on region, North America is expected to hold the largest market share during the forecast period
North America's leading role in advancing AI-driven cybersecurity solutions is a pivotal catalyst for the AI toolkit market. The need for advanced defense mechanisms has become crucial with the increasing sophistication of cyber threats. AI toolkits, equipped with machine learning and deep learning algorithms, empower cybersecurity professionals to detect, analyze, and respond to threats in real time. These applications excel in identifying patterns and anomalies within vast datasets, offering proactive protection against malware, phishing attacks, and other evolving cyber risks. The region’s strong focus on cybersecurity, bolstered by collaboration between government agencies, private sector companies, and research institutions, has created a fertile ground for AI-driven innovations in this field. As the cyber threat landscape continues to evolve, the demand for cutting-edge AI toolkit solutions that can adapt and outpace these threats remains high, positioning the development of AI-powered cybersecurity as a key driver in the AI toolkit market.
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