Spain Generative AI Market Snapshot

• By the end of 2024 end user spending in the Spain generative AI market is forecasted to increase to US$ 3.20 billion.
• The generative AI market in Spain is expected to achieve US$ 21.85 billion by 2032, showcasing a Compound Annual Growth Rate (CAGR) of 27.15% between 2024-2032.
• The contribution from the hardware sub-segment to the overall components segment revenue is projected to surge to US$ 2.02 billion by 2024.
• In 2023, the IT and Telecom end user accounted for 35.60% of the total spending on the generative AI market in Spain.
• Major players in the Spain generative AI market are focused towards investing substantial amount on research and development activities to come up with advanced product. For instance, in February 2024, Microsoft announced plans to invest $2.1 billion in AI and cloud infrastructure in Spain. Both parties will collaborate on applying responsible AI practices to enhance citizen services, promoting AI-based innovation, and strengthening national cybersecurity and the cyber-resilience of Spanish companies, public bodies, and critical infrastructure.

Spain Generative AI Industry Coverage