BANGALORE, India, Oct. 26, 2023 /PRNewswire/ -- Cloud AI Market is Segmented by Component (Solution, Service), by Technology (Deep Learning, Machine Learning (ML), Natural Language Processing (NLP), Others), by Industry Vertical (IT and Telecommunication, BFSI, Retail and E-commerce, Healthcare, Automotive and Transportation, Government and Defense, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.
The Global Cloud Artificial Intelligence Market was valued at USD 42.7 Billion in 2022 and is projected to reach USD 887 Billion by 2032, growing at a CAGR of 35.8% from 2023 to 2032.
Major Factors driving the growth of Cloud AI Market:
Sophisticated cloud-based AI solutions enable businesses to quickly develop, use, and innovate AI to address business problems. Artificial intelligence technology in the cloud could help businesses save costs while improving production and efficiency. It can also provide clients with an improved user experience and more ease. Another factor boosting the growth of the worldwide market is the growing demand for seamless data accessibility in various industries processing large amounts of data. Over the course of the projection period, these improved features should present profitable prospects for market expansion.
Global market growth is primarily driven by the increasing trend of cognitive computing in organizations. Cognitive computing evaluates unclear and ambiguous situations by using computer simulations of human thought processes. Businesses can improve their operations by fusing this capability with AI and cloud computing. Cloud computing is the biggest development in artificial intelligence (AI), with the ability to simulate human reasoning and enhance decision-making under difficult conditions. It is anticipated that the market trends for cloud artificial intelligence will be driven by these many positive elements.
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TRENDS INFLUENCING THE GROWTH OF THE CLOUD AI MARKET
The market for cloud artificial intelligence is growing due in large part to the explosive development in the proliferation of cloud-based AI services. Cloud computing is a crucial enabler for businesses because it offers the foundational architecture and resources required to provide digitalization to end users. This is explained by the growing number of nations making commitments to use cloud-based artificial intelligence solutions. In addition, governmental policies have stepped up their efforts to adopt cutting-edge technology and have plans to incorporate a new digital solution. Furthermore, cloud-based AI solutions make use of the economies of scale that cloud computing offers. Businesses can avoid the up-front expenses of buying and maintaining hardware infrastructure on-site. As a result, both public and private companies, as well as regional governments, invest in cloud-based AI solutions.
The global cloud AI market is expected to see growth prospects due to the increasing adoption of Internet and mobile devices. End consumers' need for cloud AI solutions has increased as a result of the proliferation of mobile devices and increased connection, which has created a demand for advanced technological services. Cloud AI solution adoption can be increased by organizations thanks to the increasing use of mobile devices and the internet. Users of cloud-based AI solutions can safely access data and apps from their own devices. By enabling organizations to support business operations effectively, productivity and work-life balance are increased. The enormous potential for the growth and development of the cloud artificial intelligence market forecast is greatly influenced by the aforementioned factors.
The advantages of cloud-based AI are amplified in the area of business transformation since cloud computing AI ushers in a new era of possibilities. The unmatched scalability and flexibility of this fusion is one of its key benefits. Consider a situation where a major retailer expects an increase in online orders around the holidays. By adopting AI-powered cloud computing, the business can easily deploy more computer power to handle the unexpected spike in orders, guaranteeing continuous operation and happy clients. Consider a new software company that has a lot of users. The firm makes use of AI cloud technologies to automatically modify resources based on demand, saving money by not investing in expensive on-premises equipment. This adaptability lowers operating expenses and enables companies to react quickly to market changes.
Using cloud-based AI to its full potential has become essential in the enterprise evolution environment, changing the way firms function. Cost savings, which are a result of AI being used in cloud computing, are one of these benefits that stand out for efficiency. Think about a manufacturing company that is trying to improve efficiency. Through the use of AI cloud solutions, they optimize resource allocation through real-time analytics, minimizing downtime, maximizing machinery efficiency, and conserving energy. In addition, the business can use AI and cloud computing to forecast maintenance requirements and avoid expensive malfunctions.
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CLOUD AI MARKET SHARE ANALYSIS
The cloud AI market share was dominated by North America in 2022. This is because more money is being spent on cutting-edge technologies like cloud-based services, AI, ML, business analytics software, and the Internet of Things (IoT) to enhance customer experience and enterprises. These investments are expected to fuel the market for cloud artificial intelligence. However, during the forecast period, Asia-Pacific is anticipated to experience the fastest growth. This might be linked to the region's market's anticipated profitable growth potential due to the increased acceptance of modern technologies and the penetration of digitalization.
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Key Companies:
- NVidia Corporation
- INFOSYS LIMITED
- Microsoft Corporation
- Intel Corporation
- Apple
- Amazon Web Services Inc
- Salesforce
- Qliktech International AB
- IBM Corporation.
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