Cloud Artificial Intelligence (AI) Solutions Global Market Report 2024

The cloud artificial intelligence (AI) solutions market size has grown exponentially in recent years. It will grow from $49.55 billion in 2023 to $61.74 billion in 2024 at a compound annual growth rate (CAGR) of 24.6%. The growth observed during the historic period can be attributed to several factors, including the rise of the industrial internet of things (IIoT), the proliferation of data in industrial processes, cost-effective scalability options, the need for real-time analytics, and enhanced connectivity enabled by edge computing.

The cloud artificial intelligence (AI) solutions market size is expected to see exponential growth in the next few years. It will grow to $147.32 billion in 2028 at a compound annual growth rate (CAGR) of 24.3%. The projected growth in the forecast period can be attributed to several factors, including edge-to-cloud integration, advancements in AI and machine learning technologies, deployment of 5G networks, concerns regarding energy efficiency, and the adoption of customization and industry-specific solutions. Major trends anticipated in the forecast period include the adoption of digital twin technology, integration of fog and edge computing, utilization of blockchain for security purposes, integration of 5G networks, and the use of digital twins for simulation purposes.

The increasing demand for smart devices is poised to drive the expansion of the cloud artificial intelligence (AI) solutions market in the foreseeable future. Smart devices are electronic gadgets that typically connect to other devices or networks via various wireless protocols such as Bluetooth, Zigbee, Wi-Fi, or 5G, and they can operate interactively and autonomously to some extent. Cloud AI services aid smart devices by transferring resource-intensive AI processing tasks to remote servers within a cloud computing infrastructure. For example, according to an article in Oberlo published in 2023, the number of households using smart home devices grew from 57.4 million in 2022 to over 60.4 million in 2023, marking a 3% increase from the previous year. Consequently, the surge in smart device demand is fueling the expansion of the cloud artificial intelligence (AI) solutions market.

Leading companies in the cloud artificial intelligence (AI) solutions market are innovating by introducing cutting-edge products such as Google Cloud Vertex AI Vision to streamline analytics development. Google Cloud Vertex AI Vision is a computer vision platform powered by AI that enables users to ingest, analyze, and store video data seamlessly. For instance, in May 2021, Google LLC unveiled Google Cloud Vertex AI Vision, providing a comprehensive framework for constructing end-to-end machine learning pipelines encompassing real-time data ingestion, data analysis for insights using both general and custom vision AI models, and insights storage in Vision Warehouse for simplified querying and metadata access. The serverless architecture of Vertex AI Vision facilitates swift and convenient streaming of real-time video and images for the effortless development of computer vision applications. The platform offers a range of ML models for tasks such as occupancy analytics, person blur, person or vehicle detection, and motion filtering.

In March 2022, Microsoft Corporation finalized the acquisition of Nuance for $19.7 billion. By integrating Nuance's speech recognition capabilities into its cloud AI solutions, Microsoft aims to enhance its offerings in natural language processing, virtual assistants, and voice-enabled applications. Nuance's suite of customer engagement solutions, which includes AI-powered chatbots and virtual assistants, can be seamlessly integrated with Microsoft's cloud AI platform to elevate customer engagement and support across various industries. Nuance Communications is a renowned cloud artificial intelligence (AI) solution provider based in the United States.

Major companies operating in the cloud artificial intelligence (AI) solutions market report are Apple Inc., Huawei Cloud, Amazon Web Services, Microsoft Azure, Cisco Systems Inc., Oracle Corporation, Nvidia Corporation, Salesforce Inc., Google Cloud, Tata Consultancy Services, Capgemini SE, IBM Cloud, Cognizant Technology Solutions Corporation, Infosys Limited, Baidu Inc., ZTE Corp., DXC Technology, HCL Technologies, Atos SE, Alibaba Cloud, Wipro Ltd., Nuance Communications Inc., Verint Systems Inc., MicroStrategy Incorporated, SoundHound Inc., H2O.ai.

North America was the largest region in the cloud artificial intelligence (AI) solutions market in 2023. The regions covered in the cloud artificial intelligence (AI) solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cloud artificial intelligence (AI) solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The cloud artificial intelligence (AI) solutions market consists of revenues earned by entities by providing services such as subscription-based services, pay-as-you-go models, and usage-based pricing. The market value includes the value of related goods sold by the service provider or included within the service offering. The cloud artificial intelligence (AI) solutions market also includes sales of central processing units (CPUs), graphic processing units (GPUs), tensor processing units (TPUs), and application-specific integrated circuits (ASICs). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Cloud artificial intelligence (AI) solutions comprise AI services and technologies that are hosted, managed, and accessed through cloud computing platforms. By leveraging cloud-based AI solutions, businesses can access advanced AI technologies cost-effectively, without significant upfront investments in hardware or infrastructure.

The main types of cloud artificial intelligence (AI) solutions include solutions and services. Cloud artificial intelligence (AI) solutions encompass AI-based services and platforms that are hosted and delivered via cloud computing infrastructure. These solutions leverage various technologies such as deep learning, machine learning, natural language processing, and others. They find applications across sectors including banking, financial services and insurance (BFSI), information technology (IT) and telecom, healthcare, retail, energy and utilities, manufacturing, government, and others.

The cloud artificial intelligence solution market research report is one of a series of new reports that provides cloud artificial intelligence solution market statistics, including cloud artificial intelligence solution industry global market size, regional shares, competitors with a cloud artificial intelligence solution market share, detailed cloud artificial intelligence solution market segments, market trends and opportunities, and any further data you may need to thrive in the cloud artificial intelligence solution industry. This cloud artificial intelligence solution market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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