Dublin, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The "Cloud AI Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The Global Cloud AI Market is projected to register a significant Compound Annual Growth Rate (CAGR) of 22.4% during the forecasted period of 2023-2028.
The COVID-19 pandemic has accelerated organizations' migration to public cloud solutions, leading to increased demand for AI services as cloud providers offer AI solutions. The healthcare sector particularly recorded substantial growth in cloud AI technology usage, with applications in the fight against COVID-19.
Key Highlights
Enterprises are increasingly integrating AI technology into their applications, analytics, business, and services to stay competitive and reduce operational costs, driving the popularity of AI over the cloud and fueling market growth.
The trend of multi-cloud functioning and the growing need for cloud-based intelligence services create a significant demand for AI cloud solutions. Many organizations plan to adopt multi-cloud architectures, providing a massive opportunity for cloud AI services.
Rising big data volume, increasing demand for virtual assistants, and the adoption of cloud-based services and applications are driving factors in the market.
Cloud computing platforms have benefited from the pandemic as they facilitate internet business and hasten the deployment of full-scale AI, leading to increased spending on Cloud-AI.
Cloud AI Market Trends
Growing Adoption of Cloud-based Service and Application
Government agencies are leveraging the capabilities of cloud AI platforms to scale massive jobs like data mining, positively impacting public challenges. Overcoming initial inhibitions for data privacy, cloud AI adoption is expected to gain further traction.
Machine learning models are hosted on cloud AI platforms like Google Cloud and AWS, enabling wise decision-making and insights from big data.
North America Holds Major Share
North America dominates the global cloud AI market, being an early adopter of the technology and hosting most major players in the market. The region's high cloud adoption and investment further expand the market scope.
US-based SoundHound Inc. offers Houndify, an independent AI platform that enables developers and business owners to deploy a conversational interface and recently partnered with Honda Motor Co. Ltd to accelerate development.
Government of Canada's 'cloud-first' strategy and cloud vendors offering AI-related services and tools boost AI demand in the region.
Cloud AI Market Competitor Analysis
Prominent players like Microsoft, IBM, Google, and Amazon are investing heavily in AI-related technologies, leading to high competition and innovation in the market.
Oracle and Nvidia announced an expanded agreement to support clients' adoption of AI, making Nvidia's accelerated computing stack available to Oracle Cloud Infrastructure (OCI), including GPUs, systems, and software.
The Global Cloud AI Market is poised for significant growth, driven by increased cloud adoption and demand for AI services across various industries. As organizations embrace multi-cloud architectures and cloud-based intelligence services, the market is expected to witness substantial advancements in the coming years.
A selection of companies mentioned in this report includes
- Amazon Web Services Inc.
- Microsoft Corporation
- Google LLC
- IBM Corporation
- Infosys Limited
- Wipro Limited
- Cloudminds Technology
- AIBrain LLC
- Salesforce.com Inc.
- SoundHound Inc.
- Twilio, Inc.
- Visenze Pte Ltd
For more information about this report visit https://www.researchandmarkets.com/r/qbxp2a
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