Cloud AI Market Size 2023 | Industry Trends, Growth and Forecast 2028

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IMARC Group, a leading market research company, has recently releases report titled, “Cloud AI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the industry, including the global cloud AI market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the cloud AI market?

Report Attributes Details
Market Size in 2022 US$ 41.01 Billion
Market Forecast in 2028 US$ 292.34 Billion
Growth rate (2023 to 2028) CAGR of 39.00%
Base Year of the Analysis 2022
Forecast Period 2023-2028

What is cloud AI?

Cloud artificial intelligence or cloud AI refers to the usage of cloud computing infrastructure to deliver AI capabilities to businesses. This approach enables access to a range of technologies, including machine learning (ML), neural networks, natural language processing (NLP), deep learning (DL), picture and speech recognition, big data analytics, and computer vision. Cloud AI is used in various domains, such as drug discovery, virtual health assistance, imaging analysis, fraud detection, personalized recommendations, customer service, risk assessment, algorithmic trading, predictive maintenance, and quality control. This technology is known for its cost-effectiveness, high efficiency, and scalability, offering easy access, rapid deployment, robust infrastructure, high security, continuous updates, and cutting-edge AI capabilities. Cloud AI facilitates collaboration among stakeholders, optimizes resource management, reduces operational costs, and enhances overall efficiency. Consequently, it finds extensive utilization across numerous sectors, including healthcare, pharmaceuticals, manufacturing, telecommunications, transportation, banking, etc.

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What are the growth prospects and trends in the cloud AI industry?

The cloud AI market is primarily driven by the rising need for AI capabilities across industries to streamline operations, optimize supply chains, save time, expedite product development, automate processes, reduce manual labor, and improve decision-making. Additionally, the shifting preferences toward cloud-based services and applications owing to their cost-effectiveness, scalability, and accessibility are further fueling the market growth. Moreover, the rapid proliferation of Internet of Things (IoT) devices contributing to the demand for cloud AI as it enables the analysis of vast data volumes, extraction of valuable insights, and generation of actionable outcomes is acting as another significant growth-inducing factor. Apart from this, the emerging trend of integrating automated machine learning (AutoML), generative AI, and federated learning, which enhance collaboration, ensure data privacy, and simplify processes, is also positively influencing the market growth. Furthermore, the expanding employment of cloud AI in drug discovery, patient data analysis, and clinical decisions and the implementation of supportive government policies to encourage the adoption of AI-based solutions in traffic management, public safety, citizen services, and resource optimization are expected to fuel the cloud AI market in the coming years.

What is included in market segmentation?

The report has segmented the market into the following categories:

Type Insights:

  • Solution
  • Services

Technology Insights:

  • Deep Learning
  • Machine Learning
  • Natural Language Processing
  • Others

Vertical Insights:

  • Healthcare
  • Retail
  • BFSI
  • IT and Telecommunication
  • Government
  • Manufacturing
  • Automotive and Transportation
  • Others

Breakup by Region:

  • North America
  • Asia-Pacific
  • Europe
  • Latin America
  • Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

  • Ai H2o Inc.
  • Amazon Web Services Inc.
  • Cloudminds Technology Inc.
  • Google LLC
  • International Business Machines Corporation
  • Microsoft Corporation
  • Oracle Corporation
  • Qlik Technologies Inc.
  • Salesforce Inc.
  • SoundHound Inc.
  • Verint Systems Inc.
  • Wipro Limited, etc.

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