Europe Artificial Intelligence Market: Industry Analysis, Size, and Forecast: 2019-2031

Europe Artificial Intelligence Market Growth and Performance

• In 2023, the Europe artificial intelligence market was valued at US$ 41.04 Billion, reflecting a year-on-year growth rate of 50.5%.
• By the end of 2032, the Europe artificial intelligence market size is forecast to reach US$ 457.57 Billion, registering a CAGR of 31.0% during the forecast period.
• In 2032, the generative ai segment is projected to experience a significant upsurge in market revenue, reaching US$ 155.47 Billion. This segment is likely to be the largest segment, with 30.9% market share.
• In terms of spending on associated solutions and services, IT and telecom sector dominated the artificial intelligence market in Europe in 2023.

Europe Artificial Intelligence Market Outlook

The advent of modern machines powered with artificial intelligence have simplified the day-to-day tasks and strongly influenced end user organizations from a range of industries including automotive, retail, and healthcare. Artificial intelligence is a technology which incorporates human-thinking ability with machine intelligence to perform tasks or to process data to generate actionable insights for decision-making.

Continuous development of cloud computing infrastructure has a positive impact on the artificial intelligence market growth. Moreover, increase in the application of artificial intelligence in big data along with the rise in digitization across verticals are projected to accelerate the market growth during the forecast period. However, lack of skilled staff and insufficient regulatory framework are anticipated to hamper the growth of artificial intelligence market in the region.

Prominent players are inclined towards collaborating with other technology experts to drive innovation and introduce advanced artificial solutions. Moreover, key players such as IBM, Facebook, and Google are aimed at offering open AI-platforms to promote their brands. Further, emerging markets across the globe are inclined towards developing new strategies to keep up with the speed of artificial intelligence related economic transformations.

Europe Artificial Intelligence Market Competitive Landscape

Key players operating in the Europe artificial intelligence market are aimed at Key players operating in the Europe artificial intelligence market are aimed at investing into AI research and development to launch advanced solutions. Prominent players analyzed in the market includes Facebook, Banjo, CloudMinds, Apple Inc., Iris AI, Google Inc., Next IT, SoundHound, AIBrain, Salesforce.com Inc., Amazon, IBM Corporation, iCarbonX, Anki, Twitter Inc., Intel Corporation, and Zebra Medical Systems.

This research report on Europe artificial intelligence market would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.

Europe Artificial Intelligence Market Scope

Europe Artificial Intelligence Industry: Regional Coverage