Global Cloud AI Market - Segmented by Type (Solution, Service), End-User Vertical (BFSI, Healthcare, Automotive, Retail, Agriculture, Manufacturing), and Region - Growth, Trends and Forecast (2018 - 2023)
Cloud AI Market is expected to register a CAGR of over 20% during the forecast period (2018 - 2023). The scope of the report is limited to type such as solution and service, end-user vertical including BFSI, healthcare, automotive, retail, agriculture, manufacturing, and others. The regions considered in the scope of the report include North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The study also emphasizes the benefits of cloud AI in accordance with diverse application and future prospect of the same.
The increasing volume of big data from diverse industries is compelling the companies to integrate artificial intelligence to enhance consumer experience and handle enormous data. Earlier, data scientists had 80-20 rule wherein 80% of the time was spent to identify and clean data and rest for analysis. However, the introduction of cloud-based artificial intelligence performs data finding and cleaning which ease the former work and provides a high timeframe for data analysis which is expected to propel the market growth over the forecast period. The rapid adoption of AI in industries such as retail and manufacturing is projected to increase at a rapid pace. According to The Economist, about 90% of the companies have adopted the utilization of cloud as their primary component of the business. Additionally, the solution providers are focusing more on the incorporation of artificial intelligence along with cloud which will be highly preferred over conventional offering owing to automating most of the data cleaning and sorting activities. In addition, the companies are preferring cloud over on-premise AI owing to faster delivery time with low latency and real-time tracking which is likely to foster the market growth over the next six years.
Rising Big Data Volume
The algorithm of machine learning and natural language processing (NLP) are primarily based on the data collected through various sources resulting in desired output. The growth in big data volume will help in understanding a user’s behavior and offer a better experience and leading outputs. Additionally, traditionally, the data collected at earlier times were manually sorted and cleaned in order to have a ready data analysis data set. However, the rise in data in this era is growing at an enormous speed which, mostly, are in an unstructured format wherein the implementation of artificial intelligence helps in cleansing and collecting relevant information from the web and other sources. This is expected to bolster the market growth over the forecast period.
Manufacturing to be the Fastest Growing
Manufacturing industry players are integrating cloud artificial intelligence to track real-time production process and predict any unforeseen errors. For instance, in production, sensors will detect any defect in the production line and the data is fed to the cloud-based application. The data will be analyzed for the severity and remove the defective part if not useful or necessary and automatically order the replacement in accordance with the schedule. Cases as such will ease the workforce and help the companies to focus more on core competencies which are expected to propel the market growth over the forecast period.
Asia Pacific to Witness the Highest Growth
Currently, the cloud AI market in the Asia Pacific is at a nascent stage. However, increasing awareness in the region about the benefits offered by the technology is projected to fuel the market. Additionally, countries such as China and India are highly investing in the adoption of artificial intelligence in various industries such as retail and manufacturing which will further propel the market growth over the forecast period. Moreover, there are diverse ongoing research on artificial intelligence including cloud-based which further is expected to boost the market growth over the next six years.
Key Developments in Cloud AI Market
May 2018: Microsoft partnered with DJI and announced that Azure, a cloud-based application will enable multiple artificial intelligence projects which is expected to power diverse industries and enhance the company’s reach.
Major Players: AMAZON WEB SERVICES, INC., MICROSOFT CORPORATION, GOOGLE LLC, IBM, INTEL CORPORATION, NVIDIA CORPORATION, CLOUDMINDS TECHNOLOGY, AIBRAIN, SALESFORCE.COM, INC., SOUNDHOUND INC., and TWILIO, amongst others.
Reasons to Purchase Cloud AI Market Report
The future prospect of the Cloud AI market and opportunities
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Regional analysis of the market
Identify the latest developments, market shares and strategies employed by the major market players
3-month analyst support along with the Market Estimate sheet (in Excel)
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