AI Toolkit Market worth $91.6 billion by 2028 – Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 27, 2023 /PRNewswire/ — The market for AI toolkits is expected to grow in tandem with the swift advancement of AI technology and its growing impact on many sectors. AI toolkits will need to change as AI is incorporated into increasingly common applications to accommodate developers’, companies’, and researchers’ changing needs.

The AI Toolkit Market is estimated at 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™. The adoption of AI toolkits for the development of chatbots and virtual assistants in customer service represents a pivotal driver in the growth of the AI Toolkit Market. This trend has gained substantial traction, primarily due to its ability to profoundly enhance the customer experience while concurrently reducing operational service costs. Chatbots, powered by AI toolkits, offer instantaneous responses to customer queries, ensuring 24/7 availability, and swift issue resolution. This not only augments customer satisfaction by providing quick and efficient support but also leads to cost savings by reducing the need for large customer service teams. Furthermore, AI-driven chatbots continuously learn from interactions, improving their capabilities over time. As a result, businesses are increasingly turning to AI toolkits to develop more intelligent and versatile chatbots, fueling the demand for AI toolkit solutions that can enable these customer service innovations.

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Scope of the Report

By Vertical, the BFSI segment is estimated to account for the largest market share in 2023.

The predictive analytics capabilities offered by AI toolkits serve as a driving force for the AI Toolkit Market within the BFSI sector. These toolkits empower financial institutions to make informed decisions by harnessing historical data and sophisticated algorithms. They can anticipate market trends, enabling proactive responses to economic shifts and customer demands. Furthermore, predictive analytics aids in understanding customer behaviors, allowing institutions to tailor services and products accordingly. This, in turn, enhances portfolio performance, optimizing investment strategies and risk management. The demand for AI toolkits in BFSI for predictive analytics continues to grow as financial institutions seek a competitive edge by making data-backed decisions and staying ahead of market dynamics.

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By offering, Service segment is expected to have fastest growth rate during the forecast period 

The integration and customization services offered within the AI Toolkit Market stand out as a major driver. By tailoring AI toolkits to suit the specific requirements and existing infrastructure of businesses, these services ensure that AI seamlessly blends into the operational landscape. This specialized approach maximizes the utility of AI systems and minimizes disruption, streamlining the path to AI adoption. The capability to harmonize AI with unique business needs and technologies becomes a compelling driver as companies increasingly recognize the transformative potential of AI and seek ways to integrate it seamlessly into their operations. As a result, the demand for customization and integration services within the AI Toolkit Market continues to surge, catalyzing further innovation and growth.

Asia Pacific to have the fastest growth rate during the forecast period

The demand for AI toolkits tailored for various languages and scripts emerges as a distinctive driver in the Asia Pacific AI Toolkit Market. The linguistic diversity across the region presents a unique challenge and opportunity. Localized AI solutions that can understand, process, and generate content in multiple languages and scripts are essential for businesses and governments looking to communicate with their diverse populations effectively. This localization ensures accurate language processing and enhances user engagement and accessibility. As a result, the need for AI toolkits capable of catering to the linguistic diversity of the Asia Pacific region drives innovation in AI development, sparking the creation of language-specific models and solutions and positioning these localized AI services as a critical driver for the AI Toolkit Market in the region.

Top Key Companies in AI Toolkit Market:

The major vendors covered in the AI Toolkit Market include Microsoft (US), Google (US), IBM (US), Oracle (US), Thales Group (France), Salesforce (US), Intel (US), Adobe (US), Meta Platforms (US), AWS (US), NVIDIA Corporation (US), H2O.ai (US), Alteryx (US), Altair (US), KNIME (Switzerland), DataRobot (US), Jasper (US), Rasa (US), SuperAnnotate (US), OpenAI (US), Obviously AI (US), Fiddler AI (US), Determined AI (US), Snorkel AI (US), Levity AI (Germany), Union AI (US), Attri AI (US), Regie.ai (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the AI Toolkit Market.

Recent Developments

• In September 2023, Infosys and NVIDIA expanded their existing collaboration to develop a generative AI platform to help enterprises increase productivity. The partnership offers a scalable platform using NVIDIA technology to enhance Infosys’ Responsible AI Toolkit.
• In August 2023, IBM and Salesforce collaborated to assist businesses across various sectors in expediting their integration of AI into Customer Relationship Management. This collaboration empowers organizations to transform customer, partner, and employee interactions while ensuring the security of their data.
• In July 2023, Microsoft and Meta partnered to support Large Language Models on Azure and Windows.

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AI Toolkit Market Advantages:

• The use of pre-built modules and libraries from AI toolkits eliminates the need to construct anything from scratch. This quickens the development process and frees up developers to concentrate on the distinctive features of their AI apps.
• The most recent machine learning models and algorithms are included in a lot of AI toolkits, so developers may take use of state-of-the-art science and technology without having to start from scratch.
• Large and vibrant communities of developers, researchers, and users frequently surround well-known AI toolkits, offering assistance, exchanging best practises, and advancing the tool’s continuous growth. This encourages cooperation and information exchange.
• It is simpler to implement AI solutions across a variety of hardware and software environments since AI toolkits are frequently made to function on several platforms.
• Scalability is a key consideration in the design of many AI toolkits, enabling programmers to train and use models at a modest scale before scaling up to handle greater datasets and workloads as needed.
• AI toolkits are frequently a component of bigger ecosystems that include contain tools for data manipulation, visualisation, and deployment. As a result, developing complete AI solutions is made simpler.
• AI toolkits facilitate diverse machine learning techniques, ranging from deep learning to conventional statistical methods, enabling developers to select the most appropriate solution for a given task.
• AI toolkits make it simpler to incorporate AI into current systems since they are frequently interoperable with databases, cloud services, and well-known programming languages.
• AI toolkits’ profiling and debugging capabilities aid developers in finding and fixing problems with their AI models, enhancing the effectiveness and calibre of their solutions.

Report Objectives

• To determine and forecast the global AI Toolkit Market by offering (hardware, software, services), application, vertical, and region from 2023 to 2038, and analyze the various macroeconomic and microeconomic factors affecting market growth.
• To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
• To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the AI Toolkit Market.
• To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall AI Toolkit Market.
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the AI Toolkit Market.
• To profile the key market players; provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the market’s competitive landscape.
• Track and analyze competitive developments in the market, such as mergers and acquisitions, product developments, partnerships and collaborations, and research and development (R&D) activities.

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