Cloud AI market set to grow to $327.15 billion by 2029, driven by efficiency and innovation
From GlobeNewswire: 2024-12-18 08:30:00
The Cloud AI Market is set to grow from USD 80.30 billion in 2024 to USD 327.15 billion by 2029, with a CAGR of 32.4%. Businesses are increasingly adopting Cloud AI to access modern tools and infrastructure, enabling efficiency, better decision-making, and faster development. The demand is driven by the need for affordable, adaptable, and high-performance technology.
Cloud AI offerings include infrastructure for building, training, and deploying AI models, as well as AIaaS for ready-to-use technologies like speech recognition and predictive analysis. These solutions allow organizations to quickly and cost-effectively utilize AI technologies for enhanced decision-making and innovation without the need for internal management of AI infrastructure.
The Cloud AI market is expected to see the highest growth rate in Asia Pacific, with countries like China, Japan, South Korea, and India leading the way. Government programs and collaborations between tech companies are boosting AI development in the region. However, issues such as workforce shortages and weak infrastructure in some countries may slow adoption.
Nongenerative AI solutions in the Cloud AI market advance business operations through data analysis, process automation, and predictive insights. By utilizing cloud technology, businesses can benefit from powerful AI tools like machine learning and computer vision without investing in costly infrastructure. Industries like banking, healthcare, retail, and manufacturing are using AI tools to improve operations and efficiency.
Key players in the Cloud AI market include Google, IBM, AWS, Microsoft, Oracle, NVIDIA, Salesforce, SAP, Alibaba Cloud, HPE, and Intel. These companies offer a range of AI technologies and services to support businesses in leveraging AI efficiently for improved decision-making and operations.
Read more at GlobeNewswire: The Rise of Cloud AI Market: A $327.15 billion Industry