Technavio analyzes that the Cloud Artificial Intelligence (AI) Market is expected to grow at a CAGR of 24.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 12608.7 million.There are various factors that contribute to the growth of the market. The Cloud Artificial Intelligence (AI) market is experiencing significant growth due to the emergence of technologically advanced devices and the increasing demand for intelligent automation solutions. Businesses are leveraging cloud-based AI services to streamline operations, enhance customer experiences, and gain valuable insights from data. The integration of AI in various industries, including healthcare, finance, and retail, is revolutionizing the way services are delivered and decisions are made. This trend is expected to continue as more organizations adopt cloud AI to drive innovation and stay competitive.
In the business realm, Cloud Artificial Intelligence (AI) market encompasses the development and implementation of AI software for data management, predictive analytics, personalization, productivity enhancement, security, threat detection, integration, and chatbot creation. This software replicates human learning and behavior, providing valuable insights and automating operations. The digital transformation trend has been instrumental in industrial evolution, particularly in sectors like healthcare. For instance, 93% of US healthcare organizations have adopted digital transformation strategies, implementing AI, cloud computing, and enterprise resource planning software in 2021. AI software development involves creating new applications or expanding existing ones to deliver AI analytics results, triggering specific actions, and generating industry-specific insights.
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Cloud Artificial Intelligence (AI) Market Segmentation
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The Cloud Artificial Intelligence (AI) market encompasses various applications of algorithms and Machine Learning (ML), including Speech Recognition, Diagnostics, Cybersecurity, Business Decision-making, and Predictive Analytics. Human intelligence is enhanced through Deep Learning, Neural Networks, Generative AI, and Automation. Hyperscale cloud platforms provide Infrastructure, IT Services, Data Management, and Analytics for sectors like Healthcare, Finance, and Retail. Cost savings, Productivity, Personalization, and Security are key benefits. ML models aid in Decision-making, Data Analytics, Human Capital Management, and Threat Detection.
The Cloud Artificial Intelligence (AI) market is a significant segment of the larger global Internet services and infrastructure market. This market encompasses businesses specializing in AI algorithms, human intelligence augmentation, speech recognition, diagnostics, cybersecurity, and business decision-making solutions. Machine learning (ML), deep learning, and neural networks are essential technologies driving growth in this sector. Companies providing ML and deep learning services, speech recognition solutions, diagnostic tools, cybersecurity, and AI-driven business decision-making platforms fall under this market category. Technavio's market analysis calculates the Cloud AI market size based on the combined revenue generated by these companies.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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