Cloud AI Market Size, Share & Trends Analysis Report By Technology (Machine Learning, NLP), By Type (Solution, Services), By Vertical (Government, IT & Telecommunication), By Region (Asia Pacific, North America), And Segment Forecasts, 2023 - 2030

Cloud AI Market Size, Share & Trends Analysis Report By Technology (Machine Learning, NLP), By Type (Solution, Services), By Vertical (Government, IT & Telecommunication), By Region (Asia Pacific, North America), And Segment Forecasts, 2023 - 2030

Cloud AI Market Growth & Trends

The global cloud AI market size is projected to reach USD 647.60 billion by 2030, registering a CAGR of 39.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The key factors propelling the growth of the market are the demand for intelligent virtual assistants, the adoption of AI to enhance customer service, and the growth of big data. Moreover, many big companies are investing and expanding, which drives marketgrowth. The need to increase operational effectiveness in the manufacturing sector and the growth of cloud-based services & applications across various industries will also offer growth opportunities to the global market. Cloud computing and AI have become complementary technologies that can improve the lives of millions of people.

AI and cloud computing are combined and used in our everyday lives by digital assistants like Alexa from Amazon, Google Home, and Siri. More broadly, AI capabilities are used in business cloud computing to improve the strategic, effective, and insight-driven nature of business processes. By integrating data and applications into the cloud, cloud computing gives businesses more flexibility, agility, and cost savings.The advent of technologically innovative devices is one of the major factors fueling the growth of the market. For instance, the penetration of cloud DVR will expand as more smart Set-Top-Boxes (STBs) enter the market. A smart STB connects all devices over a home network, allowing media content to be played and streamed on the internet or any connected device.

Moreover, companies are integrating cloud-based technology with their product offerings. For instance, in March 2021, Velocix, a provider of carrier-grade video streaming and advertising technologies, increased its portfolio of fully controlled cloud-based applications.The IT & telecommunications sector has considerably contributed to the growth of the market as organizations across industries have increasingly turned to cloud-based AI solutions to efficiently manage their data and operations. Cloud AI solutions let companies examine enormous volumes of data, automate procedures, and enhance decision-making skills—all while spending less money. The IT and telecom industries have started to use AI to boost customer experience, optimize resource allocation, and increase network performance.

Telecom businesses use AI-enabled technologies to automate procedures, spot network issues before they become serious, and make tailored client suggestions.Governments and large-scale organizations worldwide have invested in various AI applications while devoting time and money to testing the technology. The U.S. government created AI.gov, an American AI Initiative, in February 2019, to focus on the Federal government’s resources with the development of AI to grow national prosperity, improve the quality of life of the citizens, and strengthen national & economic security. Moreover, Governments in the U.K. and Australia insist on using hybrid cloud solutions more frequently to upgrade the current IT infrastructure. The governments also demand a cost-benefit ratio that propels the market growth.

Cloud AI Market Report Highlights

• Based on verticals, the IT & telecommunication segment dominated the global industry in 2022, in terms of revenue share
• The adoption of intelligent virtual assistants, AI to enhance customer service, and the growth of the big data market will likely boost the growth of the market during the forecast period
• Several governments and large-scale organizations have started investing in various AI applications to grow and improve the quality of life

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