What Has Been the Growth Trajectory for the Cloud AI Market in Recent Years?
The cloud ai market has seen considerable growth due to a variety of factors.
•The size of the Cloud AI market has seen rapid expansion in the past few years. Its growth is projected to increase from $80.56 billion in 2024 to $109.94 billion in 2025, with a compound annual growth rate (CAGR) of 36.5%.
The surge during the historical period is credited to the rise in computational capacity and cost-effectiveness, the creation of easily accessible AI models, the advent of big data and analytics, as well as heightened demands for automation and optimization.
How Does the Forecast Look for the Cloud AI Market?
The cloud ai market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for cloud AI is predicted to witness substantial expansion in the coming years. It's projected to reach $428.59 billion in 2029, boasting a compound annual growth rate (CAGR) of 40.5%.
The growth expected during this period can be attributed to several factors such as the increasing uptake of hybrid and multi-cloud strategies, the rising use of edge computing, an increased focus on accountability, as well as the emergence of AI-powered applications across a variety of sectors. Key trends for the forecast period encompass integration with IoT, strategic partnerships, significant investments by leading players, and technological progress.
What Are the Critical Driver Fuelling the Cloud AI Market's Growth?
The escalating need for virtual helpers is predicted to stimulate expansion in the cloud AI market moving forward. Virtual assistants, frequently referred to as voice or digital assistants, utilize AI technologies to supply users with engaging and customizable support. They are engineered to comprehend and answer user inquiries, execute tasks, and offer relevant data or services. Cloud AI is typically employed to power these virtual assistants and improve their functionalities. This allows corporations to construct, train, dispatch, and administer AI models on a large scale. Advantages include scalability, dependability, security, and cost-efficiency. For example, Demand Sage, a US-based AI-powered forecasting platform, reported in April 2023 that the number of voice assistants will rise to 4.2 billion by 2023. By 2024, this figure will soar to 8.4 billion, encompassing 72% of individuals who used voice assistants in the last six months of 2023. As a result, the surging demand for virtual assistants is fuelling the expansion of the cloud AI market.
How Is the Cloud AI Market segmented?
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
Subsegments:
1) By Solution: AI Platforms, Machine Learning Solutions, Natural Language Processing (NLP) Solutions, Computer Vision Solutions, Robotics Process Automation (RPA)
2) By Service: AI Consulting Services, AI integration Services, Managed AI Services, Support And Maintenance Services
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What New Trends Are Influencing the Cloud AI Market?
The trend of developing creative AI cloud services is currently escalating in the cloud AI field, with leading corporations focusing on this innovation to maintain their market dominance. For example, in March 2023, the USA's NVIDIA Corporation introduced the DGX Cloud, a novel AI supercomputing cloud offering. This revolutionary service lets enterprises execute AI workloads with enhanced scale and speed while accessing the newest AI technologies, equipped with the firm's strongest GPUs. It eliminates the need for businesses to purchase, deploy, and manage their own hardware, offering a convenient AI supercomputer accessible via a simple web browser. The DGX Cloud also provides high scalability, reliability, cost-effectiveness, and security. In conclusion, DGX Cloud is a highly capable and adaptable cloud AI supercomputer service with multiple components, making it an optimal choice for organizations of all sizes.
Who Are the Key Players in the Cloud AI Market?
Major companies operating in the cloud AI market include:
• 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.
What Is The Most Dominant Region In The Cloud AI Market?
North America was the largest region in the cloud AI market in 2024. 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
