Cloud AI Market

Market Overview:

The global cloud AI market size reached US$ 41.01 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 292.34 Billion by 2028, exhibiting a growth rate (CAGR) of 39.00% during 2023-2028. The growing demand for AI capabilities across industries, the rapid proliferation of the Internet of Things (IoT) devices, and the incorporation of new and advanced features in cloud AI represent some of the key factors driving the market.

Cloud artificial intelligence (AI) refers to the delivery of AI capabilities to businesses through cloud computing infrastructure. It provides access to various technologies, such as 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 widely used in drug discovery, virtual health assistance, imaging analysis, fraud detection, personalized recommendations, customer service, risk assessment, algorithmic trading, predictive maintenance, and quality control. It is a cost-effective, highly efficient, and scalable technology that offers easy access, rapid deployment, high security, robust infrastructure, continuous updates, and state-of-the-art AI capabilities. It aids in enhancing collaboration between stakeholders, optimizing resources, saving operational costs, and increasing overall efficiency. As a result, cloud AI finds extensive applications across the healthcare, pharmaceutical, manufacturing, telecommunication, transportation, and banking, financial services, and insurance (BFSI) industries.

Cloud AI Market Trends:

The growing demand for AI capabilities across industries is one of the primary factors propelling the market growth. Cloud AI is widely used by businesses and industries to streamline operations, optimize supply chains, save time, accelerate product development, automate processes, reduce manual labor, improve decision-making, and enhance customer experience. Along with this, the increasing adoption of cloud-based services and applications, owing to their cost-effectiveness, high scalability, and easy accessibility, is acting as another growth-inducing factor. Furthermore, the rapid proliferation of the Internet of Things (IoT) devices is facilitating the demand for cloud AI to analyze vast amounts of data, extract valuable insights, and drive actionable outcomes. Additionally, the incorporation of new and advanced features, such as automated machine learning (AutoML), generative AI, and federated learning, which increase collaboration between teams, ensure data privacy, and simplify processes, is positively influencing the market growth. Apart from this, the widespread adoption of cloud AI in healthcare applications to facilitate drug discovery, analyze patient data, and aid clinicians in decision-making is favoring the market growth. Moreover, the implementation of supportive government policies to promote the adoption of AI-based solutions in traffic management, public safety, citizen services, and resource optimization is contributing to the market growth. Other factors, including increasing smart city initiatives, growing emphasis on personalized customer experience, extensive research and development (R&D) activities, and rising demand for factory automation, are anticipated to drive the market growth. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global cloud AI market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on type, technology, and vertical.

Type Insights:

• Solution
• Services
   

The report has provided a detailed breakup and analysis of the cloud AI market based on the type. This includes solution and services. According to the report, solution represented the largest segment.

Technology Insights:

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

A detailed breakup and analysis of the cloud AI market based on the technology has also been provided in the report. This includes deep learning, machine learning, natural language processing, and others. According to the report, deep learning accounted for the largest market share.

Vertical Insights:

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

A detailed breakup and analysis of the cloud AI market based on the vertical has also been provided in the report. This includes healthcare, retail, BFSI, IT and telecommunication, government, manufacturing, automotive and transportation, and others. According to the report, IT and telecommunication accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for cloud AI. Some of the factors driving the North America cloud AI market included rapid digitalization activities, implementation of favorable government policies, and significant technological advancements.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global cloud AI market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include 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. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global cloud AI market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global cloud AI market?
• What is the impact of each driver, restraint, and opportunity on the global cloud AI market?
• What are the key regional markets?
• Which countries represent the most attractive cloud AI market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the cloud AI market?
• What is the breakup of the market based on technology?
• Which is the most attractive technology in the cloud AI market?
• What is the breakup of the market based on vertical?
• Which is the most attractive vertical in the cloud AI market?
• What is the competitive structure of the global cloud AI market?
• Who are the key players/companies in the global cloud AI market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the cloud AI market from 2017-2028
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global cloud AI market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the cloud AI industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.