DELRAY BEACH, Fla., Dec. 4, 2024 /PRNewswire/ -- The global Cloud AI Market will grow from USD 80.30 billion in 2024 to USD 327.15 billion by 2029 at a compounded annual growth rate (CAGR) of 32.4% during the forecast period, according to a new report by MarketsandMarkets.
The Cloud AI Market keeps growing as businesses use AI for efficiency, make better decisions, and develop new business strategies. Cloud AI solutions make it easier and more affordable for companies to use advanced tools like machine learning, natural language processing, and predictive analytics. These tools help companies automate tasks, understand large amounts of data, and offer personalized experiences to their customers. Cloud AI integrates smoothly with existing systems, making operations more flexible and reducing the need for expensive in-house technology.
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340 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2019-2029 |
Base year considered | 2023 |
Forecast period | 2024-2029 |
Forecast units | Value (USD Billion) |
Segments Covered | Offering, Technology Type, Hosting Type, Organization Size, Business Function, Verticals |
Geographies Covered | North America, Europe, Asia Pacific, Middle East Africa, and Latin America |
Companies Covered | Some of the significant Cloud AI Market 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) |
The self-hosting segment is expected to capture the highest CAGR during the forecast period by hosting type.
Self-hosting in the Cloud AI Market is gaining popularity as organizations seek greater control over their AI infrastructure while managing costs. This model lets businesses deploy AI solutions on their servers or data centers, offering tailored configurations that optimize resource usage and performance. Companies use a single deployment system to handle the entire data science lifecycle, from data access to AI application deployment, which streamlines operations and allows for effective resource monitoring.
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Self-hosting supports organizations in keeping sensitive data on-site with strong access controls and security measures, meeting necessary regulations for industries such as healthcare and finance. Self-hosting also helps businesses work with modern technology, enabling them to use their existing IT setups without causing significant disruptions. It helps companies improve AI algorithms by quickly testing and implementing them, allowing them to adapt swiftly to market changes and new technology. Self-hosting will enable businesses to develop while maintaining complete control over their IT systems and projects, with the effective functioning and visibility of a centrally controlled, self-service AI system.
Based on the offering, the AI infrastructure segment is expected to hold the largest market share during the forecast period.
Cloud AI infrastructure offers storage and computing power needed to handle AI tasks, from training models to deployment. These solutions provide high performance, support businesses in managing large datasets, and ensure fast responses for AI applications. It also offers scalable and secure cloud environments, which improves the connection of AI with business operations and drives more businesses to adopt AI. Cloud providers like Google are adding features, like faster machine learning, to improve AI infrastructure.
As the Cloud AI Market grows, real-time data analysis and processing are becoming more critical. Companies seek solutions for everyday tasks and new technologies like machine learning and deep learning. As more companies use hybrid and multi-cloud strategies, providers offer solutions that work well across different environments. This helps businesses make the most of AI while following rules and securing their data.
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North America is projected to hold the largest market share during the forecast period.
North America is one of the most technologically advanced regions in the world. It accounts for the largest share of the global Cloud AI Market due to the early adoption of cloud and digital technologies with Industry 4.0 capabilities in the US. North American countries have sustainable and well-established economies, enabling them to invest strongly in R&D activities, thereby contributing to developing new technologies. North America is one of the leading Cloud AI Markets in terms of share. The region is rapidly gaining traction in the artificial intelligence market, revolutionizing industries and driving innovation. North America is leading the way in using cloud AI, with wide use in healthcare, finance, technology, retail, and manufacturing. Its strong position in AI comes from its advanced technology and intense focus on research and development. The presence of various Cloud AI companies such as IBM (US), Google (US), Microsoft (US), NVIDIA (US), Intel (US), Meta (US), Salesforce (US), Oracle (US), and AWS (US), is complementing the growth of the market in this region. The region's emphasis on data-driven decision-making, automation, and efficiency propels the growth of artificial intelligence applications. From advanced machine learning algorithms to natural language processing and computer vision, North America has witnessed remarkable developments in cloud AI technology. The supportive regulatory environment and government initiatives promoting artificial intelligence research and development further contribute to the region's cloud artificial intelligence landscape.
Top Key Companies in Cloud AI Market:
Some of the significant cloud AI vendors include 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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