The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Cloud AI Market: A Rapid Ascent

• Exponential Growth: The global cloud AI market is on a trajectory of impressive growth. It is poised to surge from $43.04 billion in 2022 to $59.49 billion in 2023, representing a remarkable Compound Annual Growth Rate (CAGR) of 38.2%. The market’s journey shows no signs of slowing down, and it is anticipated to reach $215.39 billion by 2027, maintaining a robust CAGR of 37.9%.

Virtual Assistants Paving the Way

The growing demand for virtual assistants is a significant driver propelling the cloud AI market forward. Virtual assistants, also known as voice assistants or digital assistants, leverage artificial intelligence (AI) technologies to provide interactive and personalized support to users. These digital companions understand and respond to user queries, perform tasks, and deliver pertinent information or services. Cloud AI plays a pivotal role in empowering virtual assistants, enhancing their capabilities, and enabling businesses to construct, train, deploy, and manage AI models at scale. Key advantages include scalability, reliability, security, and cost-effectiveness.

• Virtual Assistants’ Prevalence: According to reports by Demand Sage, the use of voice assistants reached 4.2 billion users globally in 2020. This figure is set to maintain this level in 2023 and is projected to double to 8.4 billion users in 2024. This includes 72% of individuals who utilized voice assistants in the preceding six months of 2023.

Pioneering Innovations in AI Cloud Services

• The Innovation Imperative: The cloud AI market is witnessing a surge in innovative AI cloud services. Major industry players are dedicated to developing cutting-edge AI cloud services to sustain their foothold in the market. For instance, NVIDIA Corporation, a US-based software company, launched DGX Cloud, a groundbreaking AI supercomputing cloud service in March 2023. This pioneering solution empowers businesses to execute AI workloads efficiently at scale and provides access to the latest AI technologies. Featuring the company’s most powerful GPUs, DGX Cloud enables seamless access to a dedicated AI supercomputer through a web browser. This eliminates the need for the cumbersome process of procuring, deploying, and maintaining on-premises hardware. The service’s robust features include scalability, reliability, security, and cost-effectiveness, making it an enticing option for businesses of all sizes.

Global Reach, Regional Momentum

• Regional Footprints: In 2022, North America dominated the cloud AI market. However, Asia-Pacific is slated to emerge as the fastest-growing region in the forecast period.

A Spectrum of Market Segmentation

The cloud AI market boasts a diverse range of options, catering to various needs and preferences.

• Market Segmentation: The market’s segments encompass different types of cloud AI, including Solutions and Services. Technology-wise, it encompasses Deep Learning, Machine Learning, Natural Language Processing, and other technologies. End-users from various industry verticals, such as Banking, Financial Services and Insurance (BFSI), Healthcare, Automotive, Retail, Government, Education, and others, are actively participating in the cloud AI landscape.

The Future is Cloud AI

The Cloud AI market is at the epicenter of a technological revolution, offering a spectrum of services, from virtual assistants to advanced AI cloud solutions. As it continues to evolve, it promises to empower businesses with scalable, efficient, and cost-effective AI capabilities. The remarkable growth trajectory signifies that the journey of innovation and advancement in Cloud AI has only just begun.

View More On The Cloud AI Market Report 2023 – https://www.thebusinessresearchcompany.com/report/cloud-ai-global-market-report

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The Cloud AI Global Market Report 2023  provides an in-depth analysis on the cloud AI market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the cloud AI market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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