Cloud Artificial Intelligence Market to Reach $887 Billion, by 2032 at 35.8% CAGR: Allied Market Research

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Oct 25, 2023, 02:30 ET

The global cloud artificial intelligence is growing rapidly due to an increasing availability of cloud-based AI services, the growing usage of mobile devices, and the surge in technological advancements.

NEW CASTLE, Del., Oct. 25, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Cloud Artificial Intelligence Market by Component (Solution and Service), Technology (Deep Learning, Machine Learning (ML), Natural Language Processing (NLP) and Others) and Industry Vertical (BFSI, Retail and E-commerce, Healthcare, Automotive & Transportation, Government and Defense and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the Cloud artificial intelligence industry generated $42.7 billion in 2022, and is anticipated to generate $887 billion by 2032, witnessing a CAGR of 35.8% from 2023 to 2032.

Cloud artificial intelligence offers technology solutions for every stage of the AI lifecycle, encompassing the development of features, models, and applications, their deployment, ongoing maintenance, and internal distribution within an organization. AI platforms form a comprehensive category of technologies that assist in all facets of the AI lifecycle. Additionally, users have the flexibility to operate cloud artificial intelligence solutions on their preferred infrastructure, whether it's on-premises, in a private cloud, a hybrid cloud, or a public cloud. Users are responsible for managing the infrastructure, ensuring scalability, elasticity, reliability, and security within their chosen environment.

Prime determinants of growth

The increasing availability of cloud-based AI services, the growing usage of mobile devices, and the surge in technological advancements are the major factors that drive the growth of the global cloud artificial intelligence market. However, data privacy, security concerns and costs and budget constraints hamper the growth of the market. Furthermore, the rise in integration of industry 4.0, creates opportunities for Cloud Artificial Intelligence solutions to optimize business operations.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$42.7 Billion
Market Size in 2032	$887 Billion
CAGR	35.8 %
No. of Pages in Report	289
Segments covered	Component, Technology, Industry Vertical and Region.
Drivers	The increasing availability of cloud-based AI services. The growing usage of mobile devices. The surge in technological advancements.
Opportunities	The rise in integration of industry 4.0
Restraints	Data privacy and security concerns Costs and budget constraints

Covid-19 Scenario

The cloud artificial intelligence market witnessed stable growth during the COVID-19 pandemic, owing to the dramatically increased dependence on digital devices. The surge in online presence of people during the period of COVID-19-induced lockdowns and social distancing policies fueled the need for cloud artificial intelligence solutions.
In addition, with the majority of the population confined in homes during the early stages of the COVID-19 pandemic, businesses needed to optimize their business operations and offerings to maximize their revenue opportunities while optimizing their operations to support the rapidly evolving business environment post the outbreak of the COVID-19 pandemic.

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The solution segment to maintain its leadership status throughout the forecast period

Based on component, the solution segment held the highest market share in 2022, accounting for more than two-third of the cloud artificial intelligence market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the high level of security and cost efficiency provided by the cloud AI solutions. However, the service segment is projected to manifest the highest CAGR of 38.3% from 2023 to 2032, as businesses intending to implement cloud artificial intelligence technologies find cloud computing's benefits, such as scalability, flexibility, and lower infrastructure costs, compelling.

The deep learning segment to maintain its lead position during the forecast period

Based on technology, the deep learning segment accounted for the largest share in 2022, contributing for more than two-fifths of the cloud artificial intelligence market revenue, owing to growth in the usage of deep learning solutions in several industries. However, the others segment is expected to portray the largest CAGR of 41.3% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides several advantages such as reducing costs, supporting business, and effectively controlling the business environment in the organization.

The IT and telecommunications segment to maintain its leadership status throughout the forecast period

Based on industry vertical, the IT and telecommunications segment held the highest market share in 2022, accounting for around one-fourth of the cloud artificial intelligence market revenue, owing to the adoption of cloud artificial intelligence tools has become an integral part of these organizations to sustain in the competitive market. However, the automotive and transportation segment is projected to manifest the highest CAGR of 43.0% from 2023 to 2032. The rise in adoption of IoT devices in these organizations is expected to provide lucrative opportunities for the market.

North America region to maintain its dominance by 2032

Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for more than one-third of the cloud artificial intelligence market revenue. The increase in the usage of cloud artificial intelligence solutions in businesses to improve productivity and the customer experience is anticipated to propel the growth of the market in this region. However, the Asia-Pacific is expected to witness the fastest CAGR of 41.5% from 2023 to 2032 and is likely to enhance the market growth during the forecast period, owing to an increase in penetration of digitalization and higher adoption of cloud-based solutions.

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Leading Market Players: -

Google LLC
IBM Corporation
Intel Corporation
Microsoft Corporation
NVIDIA Corporation
Apple Inc.
Salesforce.com Inc.,
Amazon Web Services Inc.
Infosys Limited
QlikTech International AB

The report provides a detailed analysis of these key players in the cloud artificial intelligence market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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