Generative AI Delivers a Boost to Cloud Computing
We may be witnessing a turning point for cloud computing companies, driven by improving fundamentals and the growing importance of generative AI.
What is driving the growth in cloud computing?
The anticipated growth in cloud computing spending is primarily driven by improving fundamentals, such as profitability, and the increasing importance of generative AI. Companies are expected to capitalize on this trend by offering AI-integrated solutions to their customers.
How are major cloud providers adapting to AI?
Major cloud providers are embracing generative AI-based solutions to enhance their product offerings. For instance, Microsoft’s Azure OpenAI Service gained over 6,500 new customers in Q2 2023, while AWS is focusing on identifying areas to deliver AI-based solutions, including new platforms like Amazon Bedrock for building generative AI applications.
What is the future outlook for cloud computing and AI?
AI-as-a-service is projected to become a $55 billion market by 2028. With cloud computing spending expected to reach $600 billion in 2023, the integration of AI-related investments is likely to support robust growth in the cloud computing sector, especially as overall cloud penetration remains under 20%.
Generative AI Delivers a Boost to Cloud Computing
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