Delray Beach, FL, Dec. 18, 2024 (GLOBE NEWSWIRE) -- The Cloud AI Market to grow from USD 80.30 billion in 2024 to USD 327.15 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 32.4% during the forecast period, according to a new report by MarketsandMarkets™. The demand for Cloud AI is rising as organizations seek robust, scalable solutions incorporating artificial intelligence into their business processes. By integrating cloud computing and AI, businesses can access modern tools and infrastructure without spending heavily on internal resources. This integration enables organizations to increase efficiency, make better decisions, and speed up development. Cloud AI enables businesses to set up AI models faster, scale solutions smoothly, and get insights from massive data sets. The rising demand for Cloud AI is driven by the demand for affordable, adaptable, and high-performance technology capable of keeping up with organizations' ever-changing needs.
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Cloud AI Market Dynamics:
Drivers
- Increasing advancements in generative AI and intelligent automation
- Rising adoption of cloud-based services and applications
- Growing importance of data-driven decision-making
Restraints
- Data privacy and security concerns
- Limited internet connectivit
Opportunities
- Expansion into SMEs
- Integration with emerging technologies
List of Cloud AI Market Companies:
- Google (US)
- IBM (US)
- AWS (US)
- Microsoft (US)
- Oracle (US)
- NVIDIA (US)
- Salesforce (US)
- SAP (Germany)
- Alibaba Cloud (China)
- HPE (US)
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The Cloud AI market is divided by offerings to help businesses leverage AI technologies efficiently. Cloud AI infrastructure offers the computing power, storage, and networks needed to build, train, and deploy AI models, giving businesses access to advanced AI capabilities without significant upfront investments. In contrast, AIaaS provides ready-to-use AI technologies such as speech recognition, predictive analysis, and automated decision-making as on-demand services. These solutions allow organizations to utilize AI technologies quickly and cost-effectively, enhancing decision-making, operations, and innovation without internal management of AI infrastructure.
The cloud AI market is segmented by region into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The cloud AI market is anticipated to grow at the highest compound annual growth rate in Asia Pacific, with countries such as China, Japan, South Korea, and India leading the way. This growth is supported by strong government programs and efforts to embrace digital technology. The development of AI in the Asia Pacific is boosted by a robust startup ecosystem and collaborations between tech companies, especially in sectors such as e-commerce and self-driving cars. However, issues like workforce shortages and weak infrastructure in some developing countries might slow adoption. The usage of cloud AI in Asia is driven by regional governments who view AI as a means of increasing productivity and economic growth.
Additionally, the government has developed comprehensive AI plans, started programs that nurture AI talent, and funded cloud AI startups. The abundance of data generated by the region's large population and digital ecosystem has also provided a valuable resource for AI algorithms and models. Affordable computing power and cloud services are making AI more accessible to businesses of all sizes. Investment in AI infrastructure is growing in Asia Pacific, driven by significant companies like AWS, Microsoft, Google, and Huawei. Countries such as Singapore, Indonesia, and Thailand are adopting AI more widely, especially in defense, where it improves predictions and battlefield analysis. In August 2024, AWS launched its Asia Pacific (Malaysia) Region, committing USD 6.2 billion to this effort, while in August 2024, Huawei planned to broaden its AI cloud services with solutions such as the Ascend Cloud Service and Pangu large language model.
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Nongenerative AI solutions significantly advance business operations through data analysis, process automation, and predictive insights in the Cloud AI market. By using cloud technology, businesses could use powerful AI tools such as machine learning, language processing, and computer vision. This enables companies to use advanced computing features without investing in costly infrastructure. For instance, predictive tools help banks spot fraud in the banking sector by looking at past transaction data in real-time. This allows them to find unusual or suspicious activity right away. Catching issues early reduces financial losses and ensures they follow the rules.
Hospitals use machine learning to make medical images more straightforward and predict health issues, which helps doctors give better care and run things smoothly. Retail stores use computer vision and language tools to keep track of inventory, customize shopping for customers, and provide automated support. In manufacturing, AI helps predict when equipment might break down so problems can be fixed before they occur, which reduces downtime and boosts productivity. These AI tools also help businesses in delivery and transport by improving route planning, schedules, and fuel use.
Some of the significant cloud AI vendors are Google (US), IBM (US), AWS (US), Microsoft (US), Oracle (US), NVIDIA (US), Salesforce (US), SAP (Germany), Alibaba Cloud (China), HPE (US), and Intel (US).
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