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.
Businesses can build, use, and innovate AI to solve business challenges more swiftly thanks to sophisticated cloud-based AI technologies. Cloud-based artificial intelligence technology has the potential to reduce costs for organizations while increasing productivity and efficiency. Additionally, it can provide customers greater convenience and an enhanced user experience. A further driving force behind the global market's expansion is the increasing need across several sectors to handle massive volumes of data for seamless data accessibility. These enhanced qualities ought to offer lucrative opportunities for market growth during the forecast timeframe.
The rapidly expanding number of cloud-based AI services is largely responsible for the growth of the cloud artificial intelligence industry. Because it provides the basic architecture and resources needed to give digitalization to end users, cloud computing is an essential enabler for enterprises. This can be explained by the increasing number of countries pledging to use artificial intelligence solutions based in the cloud. Furthermore, policymakers have increased their efforts to use state-of-the-art technology and have plans to include a new digital solution. Moreover, cloud-based AI systems utilize the economies of scale provided by cloud computing. The upfront costs of purchasing and maintaining hardware infrastructure on-site may be avoided by businesses.
The growing use of mobile and Internet devices is predicted to provide development opportunities for the worldwide cloud AI industry. The growth of mobile devices and increasing connectivity has led to a desire for advanced technical services, which in turn has boosted end users' need for cloud AI solutions. The growing usage of mobile devices and the internet can help organizations embrace more cloud AI solutions. Cloud-based AI users may securely access apps and data from their personal devices. Productivity and work-life balance are improved when companies are able to support company operations efficiently. The aforementioned variables have a significant impact on the cloud artificial intelligence market forecast's vast potential for growth and development.
Because cloud computing AI ushers in a new era of possibilities, the benefits of cloud-based AI are magnified in the domain of business transformation. One of the main advantages of this fusion is its unparalleled scalability and adaptability. Imagine a scenario where a large retailer anticipates a spike in online orders over the holiday season. The company can simply deploy extra computer capacity to manage the unexpected rise in orders by implementing AI-powered cloud computing, ensuring smooth operations and satisfied customers. Think of a recent software startup with a large user base. The company saves money by avoiding the need to purchase pricey on-premises equipment by using AI cloud technology to dynamically adjust resources based on demand.
The corporate evolution environment has made it imperative to fully utilize cloud-based AI, which is altering the way businesses operate. Among these advantages, cost savings—a consequence of AI use in cloud computing—stand out for their effectiveness. Consider a manufacturing corporation aiming to increase productivity. They maximize machinery efficiency, minimize downtime, optimize resource allocation using real-time data, and conserve energy by utilizing AI cloud solutions. Additionally, the company can foresee maintenance needs and prevent costly problems by utilizing AI and cloud computing.
North America held a dominant market share for cloud AI in 2022. This is due to the fact that in order to improve customer experience and businesses, more money is being spent on cutting-edge technologies including cloud-based services, artificial intelligence (AI), machine learning (ML), business analytics software, and the Internet of Things (IoT). It is anticipated that these investments will stimulate the cloud artificial intelligence market. However, it is projected that Asia-Pacific will expand the quickest throughout the duration of the prediction. This may be related to the market's expected lucrative growth potential in the area as a result of the growing use of contemporary technologies and the spread of digitalization.
Report Metric | Details |
Report Name | Global Cloud AI Market |
Base Year | 2023 |
Forecasted years | 2023-2032 |
By Company | NVIDIA Corporation, Infosys Limited, Microsoft Corporation, Intel Corporation, Apple Inc., Google LLC, Amazon Web Services Inc., Salesforce Inc.,, QlikTech International AB., IBM Corporation |
Segment by Component |
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Segment by Technology |
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Segment by Industry Vertical |
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Consumption by Region |
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Forecast units | USD million in value |
Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
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