AI Platform Cloud Service Market: Potential Growth, Attractive Valuation Make It Is A Long-Term Investment 2021-2031

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AI Platform Cloud Service: Introduction

  • AI platform cloud service is the integration of AI software services using the cloud infrastructure for building, deploying, and managing AI solutions with the help of machine learning and intelligence in order to deliver optimized workflows
  • AI platform cloud services enable organization to automate operations and assist in decision-making using AI in order to enhance efficiency
  • AI platform cloud services also empower organizations to reduce the IT on-premise infrastructure investment and provide reliable operational environment with better security
  • Increasing demand for cloud computing, collaboration efficiency, flexible work practices, and scalability are anticipated to boost the AI platform cloud service market during the forecast period.
  • Rise in need for virtualization, analytics and easy outsourcing of services from third-party vendors from various end-user industries is anticipated to drive the AI platform cloud service market across the globe

Global AI Platform Cloud Service Market: Dynamics

Global AI Platform Cloud Service Market: Key Drivers

  • Increase in demand for services that can provide scalability, flexibility, and effective collaboration is a key factor driving the AI platform cloud service market across the globe
  • AI platform cloud services provide easy access to AI-driven information using cloud, which is gaining traction from developers and data scientist in order to manage crucial data insight and take informative decisions. This is projected to drive the market during the forecast period.
  • Enterprises are focused on reduction of on-premise infrastructure cost and investing in solutions that provide flexible operational capabilities. This, in turn, is projected to fuel the AI platform cloud service market in the next few years.
  • Implementation of Industry 4.0 is becoming a key focus area for many industries, which is expected to create new opportunities for the AI platform cloud service market during the forecast period
  • However, less awareness about the key benefits of AI, concerns about third-party access to the crucial data in organization, and lack of expertise to manage AI services in organizations are major factors restraining the AI platform cloud service market
ai platform cloud service market dynamics

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Impact of COVID-19 on Global AI Platform Cloud Service Market

  • The COVID-19 pandemic has resulted into economic slowdown across the globe. However, IT industries that have witnessed significant expansion during COVID-19 accounted for an increase in demand for better connectivity and rise in data consumption. Industries such as healthcare, telecommunication, and financial sectors are focused on outsourcing services for optimized performance and cost-effective operations, which in turn is anticipated to drive the AI platform cloud service market. AI platform cloud services integrated with data science have the potential of leveraging various cloud services to enable the financial operations with effective automation in operations, which can be used to empower several end-use industries.

North America to Hold a Major Share of Global AI Platform Cloud Service Market

  • In terms of region, the global AI platform cloud service market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
  • North America dominated the AI platform cloud service market owing to heavy investment by key market players in the region. Major companies operating in the market are expanding new potential opportunities in the U.S. to gain larger market share.
  • Europe held significant share of the AI platform cloud service market in 2020 owing to increase in demand for cloud service to optimize data science operations by providing easy data analytics solution deployment
  • The AI platform cloud service market in Asia Pacific is anticipated to gain market share in terms of revenue in the next few years owing to expansion of the IT sector in countries such as China, India, and Japan

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