Cloud Infrastructure Service Market Expected to Reach $282 Billion By 2033

/EIN News/ -- PALM BEACH, Fla., May 23, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - Cloud infrastructure is an integration of A.I., hardware and software resources that create the cloud. The cloud providers maintain worldwide data hubs with multiple IT infrastructure elements, such as servers, physical storage equipment, and networking devices. These form the physical equipment by using all types of OS configurations. They also install different types of software that are needed for an application to run smoothly. The cloud infrastructure in a pay-as-you-go method will help substantially reduce the cost of acquiring and sustaining individuals’ elements. A report from MarketResearch.Biz said that the cloud infrastructure service market was valued at USD 131.9 billion in 2023. It is expected to reach USD $282.1 billion by 2033, with a CAGR of 8.11% during the forecast period from 2024 to 2033. The report added: “The surge in demand for new cloud-based advanced technologies and the rise in data quantities are some of the main driving factors for the cloud infrastructure service market.” Cloud infrastructure plays an important role in cloud computing. It supports this by splitting the characteristics and operations of these hardware and software elements. The virtualized resources are then developed by a cloud service provider in the case of a private cloud and made accessible to users all over the internet. Virtual machines and components consisting of servers, memory, storage, firewalls, and network switches are some of the perfect examples of such resources. These resources are constantly making extensive and task-oriented services such as Artificial Intelligence.” Active tech companies in the markets this week include: Avant Technologies, Inc. (OTCQB: AVAI), C3 AI (NYSE: AI), SoundHound AI, Inc. (NASDAQ: SOUN), Palantir Technologies Inc. (NYSE: PLTR), Snowflake (NYSE: SNOW).

MarketResearch.Biz continued: “According to a report published by Google Cloud in January 2022, there has been a rise of 41.4% in the usage of cloud-based services and products. The cloud giants are also planning to transfer legacy enterprise software to cloud-based equipment (33%). Moreover, as per the survey conducted by Google Cloud, there are more than 50% of cloud decision-makers are either hiring new staff or providing re-training to the present staff to augment their cloud spend. There will be more than 50% of the enterprise firms that will use industry cloud platforms to accelerate their business initiatives by 2027. In IT sectors, cloud infrastructure is predominantly used as it has several advantages, such as enhanced data control, high data security, advances in software updates, increased storage capacity, and flexibility in storage capacity. These are also cost-effective and augment the performance with 99% efficacy and quality. Cloud infrastructure also offers high-end management services and maintains proper functioning and sustainability. The demand for cloud infrastructure will rapidly increase due to its requirements in IT sectors, which will help in market expansion during the forecasted period. Cloud providers continuously introduce new services and updates, enabling major companies, including startups, to rapidly access advanced technologies like Artificial Intelligence.”

Avant Technologies, Inc. (OTCQB: AVAI) Engages Wired4Tech to Evaluate the Performance of Next Generation AI Server Technology - Avant Technologies, Inc. (“Avant” or the “Company”), a leading innovator and enabler of AI infrastructure technology, announces its engagement with Wired4Tech, a renowned AI infrastructure consulting firm.

As part of its existing technology services agreement with Wired4Tech, Avant Technologies has engaged Wired4Tech to conduct comprehensive performance benchmarking of a next-generation AI cloud server that Avant is evaluating for future use in its AI data center cloud infrastructure.

Wired4Tech’s performance benchmarking will encompass a range of crucial metrics, including response time, throughput, CPU and memory usage, disk I/O, network latency, and error rates. These metrics are essential for assessing the server's ability to handle complex AI workloads efficiently and reliably. Additionally, Wired4Tech will measure the server’s power consumption and anticipated cost savings.

Response time will be evaluated to measure the speed at which the server responds to various actions, providing insight into its overall responsiveness. Throughput analysis will assess the server's data transfer capabilities, considering factors such as file size, cached or uncached content, and available network bandwidth.

Furthermore, CPU and memory usage will be closely monitored to gauge the server's processing power and memory management efficiency. Disk I/O performance will be evaluated to ensure smooth data access and storage operations, while network latency measurements will provide valuable information on the server's communication speed with external systems.

"We are excited to engage Wired4Tech to benchmark the performance of an innovative, next-generation AI server," said William Hisey, Chief Executive Officer, at Avant Technologies. "By conducting rigorous benchmark testing of this promising server technology, we expect to validate its expected performance and cost-saving benefits."   The results of the benchmark testing will enable Avant Technologies to further execute on its AI infrastructure business strategy.   Continued… Read these full press releases and more news for Avant Technologies at:   https://www.financialnewsmedia.com/news-avai/

Other recent developments in the markets of note include:

Palantir Technologies Inc. (NYSE: PLTR) recently announced that it has been designated as an "Awardable" vendor for the Chief Digital and Artificial Intelligence Office’s (CDAO) Tradewinds Solutions Marketplace. Two of the company’s product offerings, including Palantir’s AI Mission Command Capability and its Predictive Maintenance & Precision Sustainment Suite, have been added to the Marketplace and are available to support critical missions across the Department of Defense (DoD).

The Tradewinds Solutions Marketplace is a digital repository of post-competition, readily awardable capabilities that address the DoD’s most significant challenges in the Artificial Intelligence/Machine Learning (AI/ML), data, and analytics space. The Tradewinds initiative is designed to accelerate the procurement and adoption of emerging technologies. All awardable solutions have been assessed through complex scoring rubrics and competitive procedures and are available to government customers with a Marketplace account.

Snowflake (NYSE: SNOW), the Data Cloud company, recently announced Snowflake Arctic, a state-of-the-art large language model (LLM) uniquely designed to be the most open, enterprise-grade LLM on the market. With its unique Mixture-of-Experts (MoE) architecture, Arctic delivers top-tier intelligence with unparalleled efficiency at scale. It is optimized for complex enterprise workloads, topping several industry benchmarks across SQL code generation, instruction following, and more. In addition, Snowflake is releasing Arctic’s weights under an Apache 2.0 license and details of the research leading to how it was trained, setting a new openness standard for enterprise AI technology. The Snowflake Arctic LLM is a part of the Snowflake Arctic model family, a family of models built by Snowflake that also include the best practical text-embedding models for retrieval use cases.

"This is a watershed moment for Snowflake, with our AI research team innovating at the forefront of AI," said Sridhar Ramaswamy, CEO, Snowflake. "By delivering industry-leading intelligence and efficiency in a truly open way to the AI community, we are furthering the frontiers of what open source AI can do. Our research with Arctic will significantly enhance our capability to deliver reliable, efficient AI to our customers."

C3 AI (NYSE: AI), the Enterprise AI application software company, recently announced it will issue its financial results for the fiscal fourth quarter and full fiscal year 2024, which ends April 30, 2024, following the close of the U.S. markets on Wednesday, May 29, 2024.   C3 AI will host a conference call and webcast to discuss the financial results. The conference call will begin at 2:00 p.m. PDT / 5:00 p.m. EDT on May 29, 2024. Analysts and investors may participate in the question-and-answer session.

Conference Call Details: Date: Wednesday, May 29, 2024; Time: 2:00 p.m. Pacific Standard Time

To access the conference call via a dial-in number and personalized PIN code, participants should register here.

SoundHound AI, Inc. (NASDAQ: SOUN), a global leader in voice artificial intelligence, recently reported its financial results for the first quarter 2024.   "Our first quarter sets the tone for 2024 as another year of strong growth for SoundHound. Voice AI is fast becoming a must-have tool for customer service, and that’s reflected in the demand we’re seeing for subscriptions," said Keyvan Mohajer, CEO and Co-Founder of SoundHound AI. "As an AI company, we combine our 20+ years of technology innovation and billions of customer interactions to create the best voice AI technology on the market. Across automotive and customer service, global brands are increasingly looking to us to provide an exceptional experience."

First Quarter Financial Highlights Were: Reported revenue was $11.6 million, an increase of 73% year-over-year; GAAP gross margin was 60%; non-GAAP gross margin was 66%; GAAP earnings per share was a loss of ($0.12); non-GAAP earnings per share was a loss of ($0.07); GAAP net loss was ($33.0) million; non-GAAP net loss was ($19.9) million; Adjusted EBITDA was ($15.4) million; The consolidated results include the operational and transactional impacts from the acquisition of SYNQ3, which closed in the first quarter; non-GAAP metrics¹ exclude certain one-time transaction expenses, amortization of intangibles and fair value of contingent liabilities as described in more detail below; Cumulative subscriptions & bookings backlog² customer metric was $682 million and grew by approximately 80% year over year; Annual run rate of over 4 billion queries, first quarter up more than 60% year-over-year; and Strong cash balance of $226 million at the end of the first quarter.

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