AI Toolkit Market is projected to grow USD
91.6 billion by 2028

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 new research 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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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.

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.

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Market Players

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.

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