The Europe Cloud AI Market would witness market growth of 37.8% CAGR during the forecast period (2023-2029).
The Internet of Things in and of itself, as well as the growing use of connected devices, will further fuel the expansion of the market. IoT devices produce a lot of data, which must be analyzed and made sense of. Artificial intelligence is excellent at doing just that. People can make sense of data by using AI and machine learning to analyze it and track it effectively. Because of their intimate connection, IoT devices that use AI clouds aid in developing new markets and business models as well as disrupting the market as a whole. To favorably affect their income and customer experience, businesses can take advantage of these opportunities.
To develop the application of blockchain, AI, cloud computing, and other cutting-edge technology, businesses have partnered closely with authorities at various levels of government. Cloud AI platforms like Google Cloud and AWS host, train, and employ machine learning models to generate predictions and offer insights. If AI is integrated with cloud computing, it can make sensible decisions independently.
The British government's G-Cloud program intends to make it simpler for UK-based public organizations to obtain common cloud-based IT services. The G-Cloud comprises several foundation contracts with service providers that allow public sector entities to purchase services without going through a thorough procurement process that necessitates tenders or competition. Public sector businesses can look for G-Cloud-compliant services on the Digital Marketplace platform. On the Digital Marketplace, a public platform, G-Cloud provides the solutions it has agreements with service providers. This cloud plan, also known as the One Government Cloud plan (OGCS), covers lock-in, technology, security, operations, business, and personnel issues. The region's need for cloud computing services is expected to grow over the next years, which encourages the growth of the cloud AI market.
The Germany market dominated the Europe Cloud AI Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $25,937.1 million by 2029. The UK market is anticipated to grow at a CAGR of 36.7% during (2023 - 2029). Additionally, The France market would exhibit a CAGR of 38.9% during (2023 - 2029).
Based on Type, the market is segmented into Solution and Services. Based on Industry, the market is segmented into IT & Telecom, Government, Manufacturing, BFSI, Automotive & Transportation, Healthcare & Life Sciences, Retail, and Others. Based on Technology, the market is segmented into Solution Deep Learning, Machine Learning, Natural Language Processing, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Cloud AI Market is Projected to reach USD 395.8 Billion by 2029, at a CAGR of 38.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., Google LLC (Alphabet, Inc.), IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, MicroStrategy, Inc., NVIDIA Corporation, Salesforce, Inc. and QlikTech International AB.
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