The global cloud AI market size is projected to reach $647,6-billion by 2030, registering a CAGR of 39,6% from 2023 to 2030, according to a new report by Grand View Research.
The key factors propelling the growth of the market are the demand for intelligent virtual assistants, the adoption of AI to enhance customer service, and the growth of big data.
Moreover, many big companies are investing and expanding, which drives marketgrowth. The need to increase operational effectiveness in the manufacturing sector and the growth of cloud-based services and applications across various industries will also offer growth opportunities to the global market.
Cloud computing and AI have become complementary technologies that can improve the lives of millions of people.
AI and cloud computing are combined and used in our everyday lives by digital assistants like Alexa from Amazon, Google Home, and Siri. More broadly, AI capabilities are used in business cloud computing to improve the strategic, effective, and insight-driven nature of business processes.
By integrating data and applications into the cloud, cloud computing gives businesses more flexibility, agility, and cost savings.The advent of technologically innovative devices is one of the major factors fueling the growth of the market.
Moreover, companies are integrating cloud-based technology with their product offerings. The IT and telecommunications sector has considerably contributed to the growth of the market as organisations across industries have increasingly turned to cloud-based AI solutions to efficiently manage their data and operations.
Cloud AI solutions let companies examine enormous volumes of data, automate procedures, and enhance decision-making skills–all while spending less money.
The IT and telecom industries have started to use AI to boost customer experience, optimize resource allocation, and increase network performance.
Telecom businesses use AI-enabled technologies to automate procedures, spot network issues before they become serious, and make tailored client suggestions. Meanwhile, governments and large-scale organisations worldwide have invested in various AI applications while devoting time and money to testing the technology.