Global AI platform cloud service demand is anticipated to be valued at USD 8.3 Billion in 2022, forecast to grow at a CAGR of 20.3% to be valued at USD 30.5 Billion from 2022 to 2032. Growth is attributed to the increasing demand for intelligent business processes.
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | USD 7 Billion |
| Expected Market Value (2022) | USD 8.3 Billion |
| Anticipated Forecast Value (2032) | USD 30.5 Billion |
| Projected Growth Rate (2022 to 2032) | 20.3% CAGR |
AI platform cloud service is considered an integration of AI software services, using the cloud infrastructure for building, deploying, as well as managing AI solutions with the assistance of artificial intelligence and machine learning to deliver optimized workflows. With AI platform cloud services, companies are enabled to automate operations and assist in decision-making, using artificial intelligence to enhance efficiency.
Organizations are empowered by AI platform cloud services, to provide a reliable operational environment with better security. In addition, companies make use of these services in order to reduce IT on-premise infrastructure investment.
Major factors such as flexible work practices, increasing demand for cloud computing, scalability, and collaboration efficiency are expected to accelerate the growth of the AI platform cloud services market during the forecast period.
Increasing demand for Intelligent Business Processes and growing innovations across end-users are some other factors that are anticipated to offer lucrative opportunities for the growth of the market over the analysis period.
On the contrary, factors including less adoption rate for AI platform cloud service, and lack of infrastructural requirements are likely to restrain the growth of the AI platform cloud service market in the forthcoming years.
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The increasing adoption of 5G, growing mobile penetration, and rapidly increasing demand for AI industries are some major factors that will augment the growth of the AI platform cloud services market during the analysis period. Additionally, an increase in demand for services that can provide flexibility, effective collaboration, and scalability is one of the major factors that is expected to bring growth prospects to the AI platform cloud service market in the coming years.
AI platform cloud services provide easy access to AI-driven information using the cloud, which is gaining traction from developers and data scientists, to manage crucial data insight and take informative decisions. This factor is projected to fuel the market over the forecast period.
Nowadays, there is a huge demand for virtual assistants in cloud platforms, and organizations are massively adopting hybrid cloud platforms, as these provide widespread approaches. These factors are expected to provide productive opportunities for the growth of the AI platform cloud service market in the near future.
Moreover, the advent of Industry 4.0 has become a key focus area for many industries, which in turn, is anticipated to hasten market growth in the next few years. In addition, factors such as the rise in the need for virtualization, analytics, and easy outsourcing of services from third-party vendors from various end-user industries will drive the AI platform cloud service market across the globe.
Concerns about third-party access to crucial data in organizations, and less adoption rate for Artificial Intelligence (AI) platform cloud service are the major factors that are expected to hinder the growth of the AI Platform Cloud Service Market during the forecast period.
Further, factors such as less awareness about the key benefits of Artificial Intelligence (AI), and lack of expertise to manage AI services in organizations will hamper the market growth over the analysis period.
The lack of infrastructural requirements is one of the major factors that will impede the growth of the AI platform cloud service market during the forecast period.
The AI platform cloud service market in North America is expected to hold the largest share. Considering the revenue generation, the regional market is expected to reach a CAGR of 19.5% during the forecast period.
Factors such as the dense presence of the AI platform cloud service vendors in this region, their increasing initiatives for technological advancements in AI cloud, and the highly aware population in the region are expected to propel the growth of the AI platform cloud service market over the analysis period.
Some technical foundations of Artificial Intelligence (AI), such as low-cost cloud services, connected and sensing devices (the Internet of Things), machine-learning algorithms, and data analytics are expected to create exciting opportunities for deploying these services in the governmental agencies in the region.
The Asia-Pacific is expected to register the fastest growth in revenue generation for the AI Platform Cloud Service market due to the large population in countries such as China, and India. Moreover, the expansion of the IT sector in countries such as China, India, and Japan is anticipated to elevate the market demand in the near future.
Factors such as the market players increasingly deploying the AI platform cloud service for improving the data science operations in the region are expected to accelerate the growth of the AI platform cloud service market during the forecast period.
The rapid increase in the manufacturing and IT & Telecommunication industry is one of the major factors that will boost the market growth in the forthcoming years. In addition, the market is gaining traction and is expected to fuel, owing to the increasing demand for advanced applications development in this region. The Asia-Pacific AI platform cloud service market is expected to reach a CAGR of 19.3%.
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Some of the key participants present in the global AI Platform Cloud Service market include Oracle Corporation, Microsoft Corporation, IBM, Google LLC, Infosys Limited, Amazon Web Services, Wipro Limited, Baidu Inc., Cloudera Inc., Informatica LLC, among others.
Attributed to the presence of such a high number of participants, the market is highly competitive. While global players such as Oracle Corporation, Microsoft Corporation, IBM, and Google LLC., account for a considerable market size, several regional-level players are also operating across key growth regions, particularly in North America.
Recent Developments
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 20.3% from 2022 to 2032 |
| Market Value in 2022 | USD 8.3 Billion |
| Market Value in 2032 | USD 30.5 Billion |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Industry, Enterprise Size, Region |
| Regional Scope | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Country Scope | USA, Canada, Mexico, Germany, Italy, France, United Kingdom, Russia, BENELUX, China, Japan, South Korea, GCC Countries, South Africa, Turkey |
| Key Companies Profiled | Oracle Corporation; Microsoft Corporation; IBM; Google LLC; Infosys Limited; Amazon Web Services; Wipro Limited; Baidu Inc.; Cloudera Inc.; Informatica LLC |
| Report Customization & Pricing | Available upon Request |
FMI projects the global AI Platform Cloud Service market to expand at a 20.3% value CAGR by 2032
North America is expected to be the most opportunistic AI Platform Cloud Service market, expanding at 19.5% CAGR
Oracle Corporation, Microsoft Corporation, IBM, Google LLC, Infosys Limited, Amazon Web Services, Wipro Limited, and Baidu Inc., are some prominent AI platform cloud service providers
| Estimated Size, 2024 | USD 19.8 billion |
|---|---|
| Projected Size, 2034 | USD 136.5 billion |
| Value-based CAGR (2024 to 2034) | 21.3% |
| Estimated Market Size in 2024 | USD 624.8 billion |
|---|---|
| Projected Market Value in 2034 | USD 2,686.06 billion |
| Value-based CAGR (2024 to 2034) | 15.7% |
| Expected Market Value (2023) | USD 525.65 billion |
|---|---|
| Anticipated Forecast Value (2033) | USD 801 billion |
| Projected CAGR (2023 to 2033) | 4.3% |
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