The Latin America, Middle East and Africa No-code AI Platform Market would witness market growth of 29.7% CAGR during the forecast period (2023-2030).
Financial services are data-driven, this sector has the most promising opportunity for AI-based research and decision-making. Every decision, including those pertaining to loans, target audiences, and individualized products, starts with the collection and analysis of data. No-code for banks and other financial service providers, AI solutions can be utilized for a variety of things, including enhancing the loan portfolio, lowering lender risks, automating the registration process, rightsizing, and much more. It speeds up and increases the effectiveness of the main processes.
No-code AI platforms are being used in marketing as well. Marketing calls for a lot of ingenuity, as well as a lot of interaction and personalization. AI modules can be used to connect with the target audience in order to create, target, and evaluate marketing campaigns in accordance with customers' expectations and demands. Businesses can decide on segmented products that aid in customer retention and enhance customer service, for instance, by considering data on customer behaviors, customer lifetime value, and churn.
Following the fourth industrial revolution, companies and governments in the Middle East are starting to recognize the worldwide shift toward AI and cutting-edge technologies. Particularly strong commitments to creating and applying AI technology have been shown by the UAE, Saudi Arabia, and Qatar. Businesses in various areas of the region have been making significant investments in new technologies, with government backing as early adopters of the technology. There are already areas in the region that have embraced AI as well as the new digital era. According to International Data Corporation (IDC) research, spending on cognitive and AI systems in this region will increase in the coming years.
According to the Ministry of Cabinet Affairs of UAE, the banking and financial services industry will spend the most on artificial intelligence (AI), accounting for 25% of all regional AI investments. The Ministry also stated that there are several potential applications for AI in the travel & tourism sector, which accounts for roughly 9% of the GDP in the MENA region. By 2030, it is anticipated that the impact of artificial intelligence systems on the region's crucial energy industry will have increased its GDP by more than 6%. In this region, a successful 5G and IoT ecosystem is emerging due to the UAE's ambitions to create a 5G and IoT open lab. Additionally, the lab encourages cooperation amongst ecosystem actors to foster innovation and support the regional expansion of the ICT industry. The 5G network will promote the creation of new use cases tailored to certain business sectors in addition to enhanced capacity. Thus, all these elements are expanding the use of AI, which will drive the market's growth.
The Brazil market dominated the LAMEA No-code AI Platform Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $290.2 million by 2030. The Argentina market is poised to grow at a CAGR of 30.4% during (2023 - 2030). Additionally, The UAE market would display a CAGR of 29.3% during (2023 - 2030).
Based on Component, the market is segmented into Platform (Without Services) and Services. Based on Technology, the market is segmented into Natural Language Processing, Computer Vision, Predictive Analytics, and Others. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on End-use, the market is segmented into Telecom & IT, BFSI, Retail & E-Commerce, Healthcare & Lifesciences, Government, Energy & Utilities and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide No-code AI Platform Market is Projected to reach USD 17.5 Billion by 2030, at a CAGR of 25.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., Amazon.com, Inc., Google LLC (Alphabet Inc.), Microsoft Corporation, DataRobot, Inc., QuickBase, Inc., Akkio, Inc., Caspio, Inc., Clarifai, Inc., and Levity AI GmbH.
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