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The Cloud AI Market Is Expected To Grow At A CAGR Of More Than 37% With The Rising Demand For Virtual Assistants As Per The Business Research Company's Cloud AI Global Market Report 2023

LONDON, Nov. 06, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company's Cloud AI Global Market Report 2023, the global cloud AI market is in the midst of a transformative journey, with remarkable growth anticipated in the coming years. Surging from $43.04 billion in 2022, the cloud AI market is projected to reach $59.49 billion in 2023, driven by a robust compound annual growth rate (CAGR) of 38.2%. This growth pattern is expected to continue, with the cloud AI market reaching $215.39 billion by 2027, demonstrating a CAGR of 37.9%. This cloud AI market expansion underscores the profound impact of cloud-based artificial intelligence.

Charting the Path to Growth

The future of the cloud AI market is illuminated by the growing demand for virtual assistants, marking a significant trend driving the industry forward. Virtual assistants, also known as voice or digital assistants, employ artificial intelligence (AI) technologies to offer users interactive and personalized assistance. They are designed to comprehend and respond to user queries, perform tasks, and provide relevant information and services.

Cloud AI plays a pivotal role in empowering virtual assistants and enhancing their capabilities. This technology empowers businesses to build, train, deploy, and manage AI models at scale. It offers scalability, reliability, security, and cost-effectiveness, making it a powerful enabler of enhanced user experiences.

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