Cloud AI Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments | Amazon Web Services Inc., MicroStrategy Incorporated, Apple Inc., Microsoft Corporation, Google LLC

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Cloud AI Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $301.2 billion In 2028 At A CAGR Of 38.4%.

The cloud ai market size has grown exponentially in recent years. It will grow from $59.49 billion in 2023 to $82.02 billion in 2024 at a compound annual growth rate (CAGR) of 37.9%. The growth in the historic period can be attributed to growing computational power and affordability, development of readily available ai models, emergence of big data and data analytics, increased automation and optimization demands.

The cloud ai market size is expected to see exponential growth in the next few years. It will grow to $301.2 billion in 2028 at a compound annual growth rate (CAGR) of 38.4%. The growth in the forecast period can be attributed to growing adoption of hybrid and multi-cloud strategies, increased adoption of edge computing, growing focus on transparency, rise of ai-powered applications in diverse industries. Major trends in the forecast period include integration with iot, strategic collaborations, investments by key players, technological advancements.

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Cloud AI Market Major Segments
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

Key Driver - Skyrocketing Demand For Virtual Assistants Propels Cloud AI Market Growth

Increasing demand for virtual assistants is expected to propel the growth of the cloud AI market going forward. Virtual assistants, also known as voice assistants or digital assistants, use artificial intelligence (AI) technologies to provide users with interactive and personalized assistance. They are designed to understand and respond to user queries, perform tasks, and provide relevant information or services. Cloud AI is commonly used to power virtual assistants and enhance their capabilities, allowing businesses to build, train, deploy, and manage AI models at scale. Its benefits include scalability, reliability, security, and cost-effectiveness. For instance, in April 2023, according to reports shared by Demand Sage, a US-based AI-powered demand planning platform, by 2023, there will be 4.2 billion voice assistants. In 2024, this number will increase to 8.4 billion, including 72% of individuals who utilized voice assistants in the previous six months of 2023. Therefore, the Increasing demand for virtual assistants is driving the growth of the cloud AI market.

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Prominent Trend - Transforming AI Workloads By Unleashing The Power Of Ai Supercomputing In The Cloud

Innovative AI cloud services are a key trend gaining popularity in the cloud AI market. Major companies operating in the cloud AI market are focused on developing innovative AI cloud services to sustain their position in the market. For instance, in March 2023, NVIDIA Corporation, a US-based software company, launched DGX Cloud, a new AI supercomputing cloud service. This innovative technology solution allows businesses to run AI workloads at scale and speed and to access the latest AI technologies. It is equipped with the company's most powerful GPUs. The service allows every company to access its own AI supercomputer using a simple online browser, which removes the hassle of buying, deploying, and operating on-premises hardware. Additionally, this cloud service includes scalability, reliability, security, and cost-effectiveness. Overall, DGX Cloud is a powerful and versatile cloud AI supercomputer service that offers several features that make it a good choice for businesses of all sizes.

Cloud AI Market Players
Major companies operating in the cloud ai market report are Amazon Web Services Inc., MicroStrategy Incorporated, Apple Inc., Microsoft Corporation, Google LLC, Huawei Cloud, Intel Corporation, 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.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the cloud AI market in 2023. 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

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Cloud AI Market Report Structure
3. Cloud AI Market Trends And Strategies
4. Cloud AI Market - Macro Economic Scenario
5. Cloud AI Market Size And Growth
…..
27. Cloud AI Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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