The Cloud Artificial Intelligence (AI) Solutions Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cloud Artificial Intelligence (AI) Solutions Global Market Report 2024, The cloud artificial intelligence (AI) solutions market size has grown exponentially in recent years. It will grow from $49.55 billion in 2023 to $61.74 billion in 2024 at a compound annual growth rate (CAGR) of 24.6%. The growth in the historic period can be attributed to rise of industrial internet of things (iiot), data explosion in industrial processes, cost-effective scalability, real-time analytics requirements, enhanced connectivity with edge computing.
The cloud artificial intelligence (AI) solutions market size is expected to see exponential growth in the next few years. It will grow to $147.32 billion in 2028 at a compound annual growth rate (CAGR) of 24.3%. The growth in the forecast period can be attributed to edge-to-cloud integration, ai and machine learning advancements, 5g network deployment:, energy efficiency concerns, customization and industry-specific solutions. Major trends in the forecast period include digital twin technology, fog and edge computing integration, blockchain for security, 5g network integration, digital twins for simulation
The rise in demand for smart devices is expected to propel the growth of the cloud artificial intelligence (AI) solutions market going forward. Smart devices are electronic devices that are generally connected to other devices or networks via different wireless protocols, such as Bluetooth, Zigbee, Wi-Fi, or 5G, and that can operate to some extent interactively and autonomously. Cloud AI services help smart devices by offloading resource-intensive AI processing tasks to remote servers, which are part of a cloud computing infrastructure. For instance, in 2023, according to an article published in Oberlo, a drop shipping app, the number of households using smart home devices increased from 57.4 million households in 2022 to over 60.4 million households in 2023, which was 3% more than in 2022. Therefore, the rise in demand for smart devices is driving the growth of the cloud artificial intelligence (AI) solutions market.
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The cloud artificial intelligence (ai) solutions market covered in this report is segmented –
1) By Type: Solution, Services
2) By Technology: Deep Learning, Machine Learning, Natural Language Processing, Other Technologies
3) By End-User: Banking, Financial Services And Insurance (BFSI), Information Technology (IT) And Telecom, Healthcare, Retail, Energy And Utilities, Manufacturing, Government, Other End Users
Major companies operating in the cloud artificial intelligence (AI) solutions market are developing innovative products, such as Google Cloud Vertex AI Vision, to simplify the process of building analytics. Google Cloud Vertex AI Vision is an AI-powered computer vision platform that allows users to ingest, analyze, and store video data. For instance, in May 2021, Google LLC, a US-based technology company, launched Google Cloud Vertex AI Vision. It provides a canvas to build end-to-end machine learning pipelines covering the ingestion of real-time data, analysis of data for insights using general and custom vision AI models, and storage of insights in Vision Warehouse for simplified querying and metadata information. Vertex AI Vision’s serverless architecture allows users to stream real-time video and images quickly and conveniently to build out their computer vision applications easily. The platform offers a choice of ML models for occupancy analytics, person blur, person or vehicle detection, and motion filtering.
The cloud artificial intelligence (ai) solutions market report table of contents includes:
1. Executive Summary
2. Cloud Artificial Intelligence (AI) Solutions Market Characteristics
3. Cloud Artificial Intelligence (AI) Solutions Market Trends And Strategies
4. Cloud Artificial Intelligence (AI) Solutions Market – Macro Economic Scenario
5. Global Cloud Artificial Intelligence (AI) Solutions Market Size and Growth
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26. South America Cloud Artificial Intelligence (AI) Solutions Market
27. Brazil Cloud Artificial Intelligence (AI) Solutions Market
28. Middle East Cloud Artificial Intelligence (AI) Solutions Market
29. Africa Cloud Artificial Intelligence (AI) Solutions Market
30. Cloud Artificial Intelligence (AI) Solutions Market Competitive Landscape And Company Profiles
Top Major Players:
- Medtronic PLC
- Stryker Corporation
- B. Braun SE
- DePuy Synthes Inc
- Zimmer Biomet Holdings Inc
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