AI Code Tools Market worth $12.6 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 23, 2023 /PRNewswire/ -- AI code tools potential for better code generation, debugging, and testing is promising. These tools will grow more customised, incorporate natural language user interfaces, improve security, and gain wider acceptance, but ethical and prejudice issues will still be crucial.

The AI Code Tools Market is estimated to grow from USD 4.3 billion in 2023 to USD 12.6 billion by 2028, at a CAGR of 24.0% during the forecast period, according to a new report by MarketsandMarkets™. AI code tools, also known as artificial intelligence code tools or AI-powered code tools, are software applications and platforms that leverage artificial intelligence and machine learning technologies to assist developers in various aspects of the software development lifecycle. These tools aim to streamline and enhance the coding process by automating repetitive tasks, providing code suggestions and corrections, detecting errors and vulnerabilities, and offering insights into code quality and performance.

Browse in-depth TOC on "AI Code Tools Market"

220 - Tables
45 - Figures
270  - Pages

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Scope of the Report

Services segment to account for higher CAGR during the forecast period

AI code tools, complemented by a suite of services, are facilitating the seamless integration and operation of artificial intelligence solutions across diverse industries. Professional services, including consulting, training, system integration, and implementation, are pivotal in guiding businesses through their AI journey, assisting in strategy formulation, enhancing workforce skills, and ensuring that AI tools effectively integrate with existing infrastructures. Furthermore, support and maintenance services play a crucial role in sustaining the performance and reliability of AI systems, minimizing downtime, and resolving issues promptly. Managed services offer a holistic approach by outsourcing the management of AI systems, freeing organizations from the complexities of AI deployment, and enabling them to focus on their core competencies while benefiting from expert guidance. These services are collectively propelling AI code tools into the forefront of automation and innovation, providing a comprehensive ecosystem that empowers organizations to harness the transformative potential of artificial intelligence while addressing their specific needs and constraints, and fostering a dynamic collaboration between human expertise and AI capabilities.

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Cloud segment is expected to hold the largest market size for the year 2023

AI code tools, deployed in the cloud, have become the backbone of innovation and efficiency across industries. Leveraging the power of cloud computing, these tools offer scalability, accessibility, and a plethora of resources to developers and businesses. Cloud-based AI code tools allow organizations to harness artificial intelligence without the need for extensive infrastructure investments, making them cost-effective and readily available. This deployment mode facilitates the development of AI applications that can adapt to changing workloads and data demands. Platforms like Google Vertex AI provide a robust environment for building, deploying, and managing machine learning models in the cloud, streamlining the development process for data scientists and developers. Amazon CodeWhisperer leverages cloud infrastructure to enhance the code review process, automating the identification of potential issues and vulnerabilities in software projects.

The healthcare and life sciences vertical is projected to grow at the highest CAGR during the forecast period

AI code tools have brought about a significant transformation in the Healthcare & Life Sciences industry. These tools are empowering healthcare providers, researchers, and pharmaceutical companies to improve patient care, accelerate drug discovery, and enhance operational efficiency. One of the key applications of AI code tools in healthcare is in the field of medical imaging. Machine learning models have been trained to analyze and interpret medical images, such as X-rays, MRIs, and CT scans, with a high degree of accuracy. In the Life Sciences sector, AI code tools are revolutionizing drug discovery and the development of personalized medicine. Pharmaceutical companies are using AI to analyze vast datasets, including genetic information, chemical compounds, and clinical trial data, to identify potential drug candidates. AI code tools are making a profound impact on the Healthcare & Life Sciences vertical by improving medical imaging, accelerating drug discovery, enabling personalized medicine, optimizing healthcare operations, and enhancing predictive analytics.

Top Key Companies in AI Code Tools Market:

The report profiles key players such as Microsoft (US), IBM (US), Google (US), AWS (US), Salesforce (US), Meta (US) and OpenAI (US)

Recent Developments:

• In July 2023, Meta announced the release of Llama 2, the next iteration of its open-source large language model. This development is part of an expanded partnership between Microsoft and Meta, with Microsoft being designated as the preferred partner for Llama 2.
• In May 2023, IBM introduced WatsonX, a new AI and data platform enabling enterprises to scale and accelerate the impact of the most advanced AI with trusted data. WatsonX was designed to be a comprehensive platform with an AI development studio, a data store, and an AI governance toolkit.
• In March 2023, Replit, a prominent cloud software development platform, announced a partnership with Google Cloud. This partnership introduces the latest Large Language Model (LLM) chat applications capable of generating complete code for entire programs based on straightforward natural language prompts.
• In March 2023, Baidu unveiled ERNIE Bot, its latest innovation in generative AI, featuring a knowledge-enhanced LLM. This cutting-edge technology can understand human intentions and provide precise, coherent, and fluent responses that approach human-level comprehension and communication.
• In December 2022, DeepMind launched AlphaCode, a code generation system that can write computer programs at a competitive level. It was trained on a massive dataset of code and text and can generate code in a variety of programming languages, including Python, Java, C++, and C#.
• In March 2022, CircleCI announced the acquisition of Ponicode, a Paris-based AI engine specializing in source code analysis, aiming to assist developers in enhancing their code quality within their local development environments. Ponicode's unique emphasis on alleviating developers from their less favored tasks, particularly the repetitive aspects of code creation such as test writing, code commenting, and code quality analysis, captured CircleCI's interest and aligns with its mission to support developers in producing superior code.

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AI Code Tools Market Advantages

• AI code solutions automate routine coding operations, accelerating development dramatically, decreasing time to market, and boosting productivity.
• AI technologies that offer code suggestions, auto-completions, and mistake detection help developers create code more quickly while minimising coding errors and debugging time.
• By spotting and resolving coding standards violations, assuring consistency, and upholding best practises, AI code tools help preserve the quality of the code.
• By monitoring code suggestions and changes, developers can pick up tips from AI code tools, which will eventually help them become better programmers.
• By automating repetitive coding chores, AI code tools lessen the cognitive strain on developers and free them up to concentrate on more intricate and innovative elements of development.
• Code snippets and patterns can be easily reused by developers, encouraging uniformity across projects and cutting down on unnecessary coding work.
• Many AI code tools are language-agnostic, which means they may handle a variety of programming languages and give developers working with various technologies more flexibility.
• Developers of all experience levels, from novices to specialists, can use AI code tools, which offer aid at every stage of creation.

Report Objectives

• To define, describe, and predict the AI Code Tools Market by offering (tools and services), application, vertical, and region
• To provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
• To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
• To forecast the market size of segments for five main regions: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America
• To profile key players and comprehensively analyze their market rankings and core competencies
• To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the AI Code Tools Market.

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