Multiple companies are vying for a piece of share in the competitive and growing low-code AI and ML tools market. The basic concept behind low code is to make it simpler for users to create applications without having to dig into source code development tools. Iterate, based in San Jose, California, is a growing area.
The company, which is today launching its Interplay 7 platform, is firmly focused on AI. The release combines a new workflow engine that allows users to collaborate with multiple AI nodes to load data for building applications and machine learning models. It also provides a simplified integration with Google Vertex AI and AWS Sagemaker for users who want to send trained data models to those services for further processing. The aim of the project is to assist larger businesses with a modular approach to building AI/ML powered applications.
AI is showing promise in a competitive marketplace for low code.
According to a Gartner research projection, the global market for low-code development tools will reach $20.4 billion by 2023.
Gartner predicts that a whopping 70% of all new applications developed by companies will utilize a low-code approach by 2025, according to an analyst firm. In contrast, the company reported that in 2020 less than 25% of businesses were using low-code to develop new applications.
The vendor marketplace for low-code technologies is vast: Sstartup Sway.ai launched its no-code application in February to assist users in developing AI-powered applications. In the same month,startup Mage launched its low-code AI dev tool which helped organizations to generate models. Cogniteam launched its latest low-code AI updates on May 9, with a focus on robotics. Both apps are well-known in the low-code space.
How Iterate aims to differentiate
Interplay, a business vertical, spanning retail, healthcare, automotive, and oil and gas industries, is often partnering with Iterate to solve a specific use case, although the platform can be customized to build out applications beyond the available templates.
Iterative is enhancing its data preparation capabilities by providing a visual tool to clean the data, ensuring it is useful for machine learning training activities. Sathianathan said data cleaning was not a visual process.
The Interplay update seeks to improve the scale of what end users see for themselves. It now integrates with the popular Figma tool that is used to mock up interface designs. At large organizations, customers are often recruited by Figma, which allows them to be imported into Interplay 7, which can then be connected into the AI backend to build applications.
Sathianathan said he is looking to expand the AI capabilities he can provide for the development of AI techniques such as digital twins.
He said today, we support the big four use cases of AI, including regression, classification, clustering, and image recognition. In the future, he said, additional capabilities would be required.