The Business Research Company’s Cloud AI Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Cloud AI Global Market Report 2023 evaluates cloud ai market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global cloud AI market is expected to grow from $43.04 billion in 2022 to $59.49 billion in 2023 at a compound annual growth rate (CAGR) of 38.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The cloud AI market is expected to reach $215.39 billion in 2027 at a CAGR of 37.9%.
Increasing demand for virtual assistants is expected to propel the growth of the cloud AI market going forward. Virtual assistants, also known as voice assistants or digital assistants, use artificial intelligence (AI) technologies to provide users with interactive and personalized assistance. They are designed to understand and respond to user queries, perform tasks, and provide relevant information or services. Cloud AI is commonly used to power virtual assistants and enhance their capabilities, allowing businesses to build, train, deploy, and manage AI models at scale. Its benefits include scalability, reliability, security, and cost-effectiveness. For instance, in April 2023, according to reports shared by Demand Sage, a US-based AI-powered demand planning platform, voice assistants were utilized by 4.2 billion individuals globally in 2020. Further, by 2023, there will be 4.2 billion voice assistants. In 2024, this number will increase to 8.4 billion, including 72% of individuals who utilized voice assistants in the previous six months of 2023. Therefore, the Increasing demand for virtual assistants is driving the growth of the cloud AI market.
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The cloud ai market segments in the report are:
1) By Type: Solution, Service
2) By Technology: Deep Learning, Machine Learning, Natural Language Processing, Other Technologies
3) By End-User Vertical: Banking Financial Services And Insurance (BFSI), Healthcare, Automotive, Retail, Government, Education, Other End-User Verticals
Major Players:
- Amazon Web Services Inc.
- MicroStrategy Incorporated
- Apple Inc.
- Microsoft Corporation
- Google LLC
The table of contents in TBRC’s cloud ai market report includes:
1. Executive Summary
2. Cloud AI Market Characteristics
3. Cloud AI Market Trends And Strategies
4. Cloud AI Market – Macro Economic Scenario
5. Global Cloud AI Market Drivers and Restraints
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32. Global Cloud AI Market Competitive Benchmarking
33. Global Cloud AI Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cloud AI Market
35. Cloud AI Market Future Outlook and Potential Analysis
36. Appendix
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