[FURL=https://www.industryarc.com/Report/18545/software-development-ai-market.html?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Software Development AI Market[/FURL] The market for Software Development AI is forecast to reach $602.4 million by 2026, growing at a CAGR of 20.9% from 2021 to 2026. The software sector is booming primarily due to the implementation of ground-breaking and useful artificial intelligence technologies. The growing interest in artificial intelligence ranging from machine learning to natural language processing such as expert systems to solve the project's problems and make the code in an understandable format far simpler leads to the growth of the artificial intelligence market in software development. The market is witnessing growth due to the reduced efforts, time, and cost of the software application being aided by artificial intelligence. APAC, especially China, Japan, and South Korea, is considered the largest market for industrial robots and robotic process automation.Key Takeaways
Growth in big data and increasing digitally connected customers are majorly driving the software development AI market.
Asia - Pacific has dominated the market share in 2020 due to the technological advancements and increasing adoption of deep learning and NLP technologies in this region
Expert systems application is analysed to grow at highest rate owing to the exploration of asset tracking applications for these systems.
As AI technology is still in its early stage of product life cycle, the workforce possessing in-depth knowledge of this technology is limited, which is a major hindrance in the market growth.
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Software Development AI Market Segment Analysis - By Geography
By geography, Asia – Pacific segment is expected to gain the highest market growth during the forecast period 2021-2026 with a CAGR of 22.3%. China, Japan, Australia, and India are among the major countries driving the AI market in APAC. The increasing adoption of deep learning and NLP technologies in finance, agriculture, marketing, and law applications is also driving the market in this region. Growing e-commerce, online streaming, and increasing internet penetration have resulted in the growth of marketing industries. Marketers are now looking for more sophisticated and state-of-the-art marketing software solutions for a large and ever-growing consumer base. This has resulted in the adoption of AI-enabled software solutions for marketing.
Software Development AI Market Drivers
Growth in Big Data and Increasing digitally connected Customer
Increasing Use of AI in CRM
Software Development AI Market Landscape
Software Development AI driver market is expected to be dominated by major companies such as N-iX, QBurst, Intellectsoft, Softserve, RapidMiner, KONUX, and AI Foundry among others.
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