The Latin America, Middle East and Africa Cloud AI Market would witness market growth of 44.3% CAGR during the forecast period (2023-2029).
The expanding accessibility of cloud-based AI services from well-known technology companies like Amazon, Microsoft, and Google is one of the major drivers boosting the market's expansion. These businesses invest significant sums in developing cloud AI platforms and offering them as a service to companies of different industry verticals. As a result, it is now simpler for organizations to access and execute artificial intelligence solutions without making expensive infrastructure and personnel investments.
Overall, demand for cloud AI solutions is anticipated to increase as more companies leverage AI and machine learning to spur innovation and growth. In addition, hybrid cloud adoption is rising, creating new opportunities for cloud AI. Cloud computing and traffic will probably increase as 5G is implemented and mobile usage increases. The potential for cloud AI services is increasing as a result. Growing digitalization, technological advancements, and a rise in the demand for virtualization, storage, and analytics contribute to market expansion. As a result, businesses are increasing their cloud AI investments as well.
Latin American telecommunications firms increasingly employ ChatGPT and other AI tools to identify and stop security risks. For example, AI systems can spot odd behavior indicating fraud or security breaches by monitoring usage patterns and other data at the network edge. Furthermore, due to the pandemic, government expenditures on smart city and administration projects, and the simplicity of access to an expanding selection of data centers and managed services that encourage enterprise usage of new technologies, cloud computing is becoming a growing trend in the Middle East. Soon, the UAE may strengthen its cloud-seeding effort with the help of artificial intelligence (AI). In light of these elements, the cloud AI market is estimated to grow in the LAMEA region.
The Brazil market dominated the LAMEA Cloud AI Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $9,311.5 million by 2029. The Argentina market is experiencing a CAGR of 45.1% during (2023 - 2029). Additionally, The UAE market would showcase a CAGR of 43.9% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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