Cloud Artificial Intelligence Market Expected to Reach $887 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Cloud Artificial Intelligence Market," The cloud artificial intelligence market was valued at $42.7 billion in 2022, and is estimated to reach $887 billion by 2032, growing at a CAGR of 35.8% from 2023 to 2032.

Cloud artificial intelligence is applied to describe any human-like activity performed by a program or machine to complete the referred task. Cloud artificial intelligence solutions enable machines and systems that shrink or completely eliminate the conflicting sides of human interaction. Whenever properly designed and operating in accordance with a predetermined set of algorithms, AI is capable of solving issues with a level of precision that is unusual for humans. In addition, cloud artificial intelligence solutions are used to optimize healthcare systems, as special computer programs working via image recognition inform people far from the doctor about their health problems and help the physician choose a treatment method. With urbanization, there is an increase in demand for intelligent systems that improve the lifestyle of people. In addition, the pandemic has accelerated the adoption of e-learning in the education sector. Developers have begun designing educational applications that use AI to plot a customized and effective path for each learner to gain knowledge across many subject areas. These factors are expected to propel global cloud AI market growth.

On the basis of industry vertical, the IT and telecommunications segment dominated the cloud AI market in 2022 and is expected to continue this trend during the forecast period. Cloud artificial intelligence solutions provide these enterprises with greater control over their application environment. These factors further drive the demand for cloud AI in IT and telecommunication industries. However, the automotive and transportation sector segment is expected to exhibit the highest growth during the forecast period. Cloud artificial intelligence solutions may be affordable and appropriate for balancing variable workloads in this sector, which is expected to provide lucrative growth opportunities for the cloud artificial intelligence market forecast.

By region, North America dominated the cloud artificial intelligence market size in 2022, owing to many of the top technology businesses and research organizations worldwide have their headquarters in North America, especially the U.S., which is expected to drive cloud AI industry growth in the region. However, Asia-Pacific is expected to exhibit the highest growth in the coming years. The region has the highest number in the global population. For businesses looking to create and implement cloud artificial intelligence solutions, which is fostering the development of innovative technologies like cloud artificial intelligence.

The pandemic has highlighted the necessity of digital solutions in the healthcare sector. Post-COVID, there are increased opportunities for cloud and AI technology in industries such as telemedicine, remote patient monitoring, robotic surgery, and drug delivery. In addition, advanced cloud artificial intelligence solutions help to enhance healthcare services, improve patient treatment, and address upcoming healthcare challenges. Such trends are expected to provide numerous opportunities for the cloud artificial intelligence industry. Moreover, the increased emphasis on cleanliness and hygiene will continue in the post-pandemic world, which in turn, drives the adoption of cloud artificial intelligence solutions.  Cloud artificial intelligence solutions play a significant role in providing efficient and effective disinfection and sanitization solutions. These factors have forced businesses to improve their offerings in the global market. For instance, in August 2021, GE Healthcare collaborated with Amazon Web Services (AWS), to deliver artificial intelligence (AI) and cloud-based imaging health IT solutions to hospitals and healthcare providers. Such numerous strategies are building a strong foundation for cloud AI solutions to grow in the forecast period as more and more businesses adopt such digital trends.

Key Findings of the Study

• By component, the solution segment accounted for the largest cloud artificial intelligence market share in 2022.
• By technology, the deep learning segment accounted for the largest cloud artificial intelligence market share in 2022.
• By industry vertical, the IT and telecommunication segment accounted for the largest cloud artificial intelligence market share in 2022.   
• Region wise, North America generated the highest revenue in 2022.

The market players operating in the cloud artificial intelligence market analysis are Google LLC, Google LLC, Intel Corporation, Intel Corporation, NVIDIA Corporation, Apple Inc., Salesforce.com Inc., Amazon Web Services Inc., Infosys Limited and QlikTech International AB. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the cloud artificial intelligence industry globally.