Global AI in Omics Studies Market Size and Trends

The global AI in omics studies market size is expected to reach US$ 4,515.4 Mn by 2030, from US$ 639.8 Mn in 2023, exhibiting a compound annual growth rate (CAGR) of 32.2% during the forecast period.

Global AI in Omics Studies Market- Trends

Adoption of cloud-based solutions and services: The adoption of cloud-based solutions and services has rapidly increased over the past few years. More businesses are migrating their infrastructure and applications to the cloud as it provides tremendous flexibility, scalability, and reduced costs compared to maintaining on-premise servers. The cloud allows companies to avoid large upfront capital investments in hardware and data centers while paying only for the resources they use. This pay-as-you-go model has proved very appealing, especially for cash-strapped startups and small business According to data from the U.K. Government Department of Digital, Culture, Media, and Sport, over 90% of U.K. businesses now use some form of cloud computing, up from around 75% in 2020.

As businesses embrace cloud-based tools and remote work enabled by technologies like cloud-hosted virtual meeting solutions, the demand for reliable and secure cloud infrastructure has also increased tremendously. To meet this demand, major cloud service providers like Amazon Web Services, Microsoft Azure and Google Cloud have been significantly expanding their data center presence globally. For example, Amazon Web ServicesCloud computing company,announced plans in late 2021 to invest US$5 billion in building 15 new data center regions worldwide by 2026. This rapid data center expansion allows cloud providers to reduce latency and better support customers across the world, attracting even more businesses to their platforms.

The growing adoption of cloud-based solutions by enterprises is creating a huge market opportunity for independent software vendors and cloud technology startups. More companies are developing cloud-native applications and workflows that are easy to deploy, manage and update in the cloud. This has driven strong investment and innovation in areas like serverless computing, containers, cloud storage, collaboration tools, cybersecurity, AI/ML, and more. The pandemic has accelerated this shift towards cloud-enabled digital transformation across all industries.

Integration of AI with IoT and blockchain: The convergence of emerging technologies like AI, and blockchain is driving greater adoption of cloud-based solutions and services across industries. As more physical assets get connected to the internet and generate vast amounts of data, there is an increased need for computing power and data storage. Cloud infrastructure allows organizations to harness real-time insights from IoT data through AI and analytics tools hosted on the cloud. For example, predictive maintenance of industrial equipment using IoT sensor data and AI models in the cloud helps manufacturing companies improve uptime and reduce downtime costs considerably.

The integration of AI and IoT is also opening new opportunities through hyper-automation. Real-time data from connected devices can power automated decision making and workflows. Blockchain's ability to securely share data across organizational silos further enhances the potential of AI and IoT collaborations. When devices, systems, and trading partners can reliably transact, interact, and validate transactions in an automated manner, it drives efficiencies. For instance, blockchain and AI-powered smart contracts are streamlining supply chain processes for automakers like Ford by digitally tracking parts from suppliers. This is reducing paperwork and improving visibility into inventory levels.

Figure 2. Global AI in Omics Studies Market Share (%), By Offering, 2023