Overview and Scope
Cloud AI is utilizing artificial intelligence (AI) capabilities and technologies delivered through cloud computing platforms. It involves leveraging the cloud infrastructure’s computational power and resources to perform AI tasks. It allows businesses to access AI (artificial intelligence) and ML (machine learning) without building or maintaining their infrastructure.
Sizing and Forecast
The cloud ai market size has grown exponentially in recent years. It will grow from $59.49 billion in 2023 to $82.02 billion in 2024 at a compound annual growth rate (CAGR) of 37.9%. The growth in the historic period can be attributed to growing computational power and affordability, development of readily available ai models, emergence of big data and data analytics, increased automation and optimization demands.
The cloud ai market size is expected to see exponential growth in the next few years. It will grow to $301.2 billion in 2028 at a compound annual growth rate (CAGR) of 38.4%. The growth in the forecast period can be attributed to growing adoption of hybrid and multi-cloud strategies, increased adoption of edge computing, growing focus on transparency, rise of ai-powered applications in diverse industries. Major trends in the forecast period include integration with iot, strategic collaborations, investments by key players, technological advancements.
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Segmentation & Regional Insights
The cloud ai market covered in this report is segmented –
1) By Type: Solution, Service
2) By Technology: Deep Learning, Machine Learning, Natural Language Processing, Other Technologies
3) By End-User Vertical: Banking Financial Services And Insurance (BFSI), Healthcare, Automotive, Retail, Government, Education, Other End-User Verticals
North America was the largest region in the cloud AI market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud ai market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Increasing demand for virtual assistants is expected to propel the growth of the cloud AI market going forward. Virtual assistants, also known as voice assistants or digital assistants, use artificial intelligence (AI) technologies to provide users with interactive and personalized assistance. They are designed to understand and respond to user queries, perform tasks, and provide relevant information or services. Cloud AI is commonly used to power virtual assistants and enhance their capabilities, allowing businesses to build, train, deploy, and manage AI models at scale. Its benefits include scalability, reliability, security, and cost-effectiveness. For instance, in April 2023, according to reports shared by Demand Sage, a US-based AI-powered demand planning platform, by 2023, there will be 4.2 billion voice assistants. In 2024, this number will increase to 8.4 billion, including 72% of individuals who utilized voice assistants in the previous six months of 2023. Therefore, the Increasing demand for virtual assistants is driving the growth of the cloud AI market.
Key Industry Players
Major companies operating in the cloud ai market report are Amazon Web Services Inc., MicroStrategy Incorporated, Apple Inc., Microsoft Corporation, Google LLC, Huawei Cloud, Intel Corporation, Accenture PLC, International Business Machines Corporation (IBM), Cisco Systems Inc., Oracle Corporation, Salesforce Inc., SoundHound Inc., Tata Consultancy Services, Nvidia Corporation, Capgemini SE, Baidu Inc., Cognizant Technology Solutions Corporation, Infosys Limited, ZTE Corp., DXC Technology, Atos SE, HCL Technologies, Wipro Ltd., Twilio Inc., Nuance Communications Inc., Verint Systems Inc., DataRobot Inc., H2O.ai.
The cloud ai market report table of contents includes:
1. Executive Summary
2. Cloud AI Market Characteristics
3. Cloud AI Market Trends And Strategies
4. Cloud AI Market – Macro Economic Scenario
5. Global Cloud AI Market Size and Growth
…
32. Global Cloud AI Market Competitive Benchmarking
33. Global Cloud AI Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cloud AI Market
35. Cloud AI Market Future Outlook and Potential Analysis
36. Appendix
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