Artificial Intelligence - Australia & Oceania

The market size in the Artificial Intelligence market is projected to reach US$3.74bn in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.51%, resulting in a market volume of US$16.85bn by 2030.
In global comparison, the largest market size will be United States (US$50.16bn in 2024).

Definition:
Artificial intelligence (AI) is a branch of computer science that focuses on creating machines able to perform tasks traditionally requiring human intelligence, such as perception, reasoning, and learning. The Artificial Intelligence (AI) market includes a wide range of applications, such as speech recognition, image processing, and autonomous vehicles and has seen rapid growth in recent years due to advancements in technology and increased investment. The Artificial Intelligence (AI) market includes software, hardware, and services that enable organizations to develop and deploy AI applications.

Structure:

The Artificial Intelligence (AI) market is structured into six markets based on the technology:

The Computer Vision market covers applications that enable computers to interpret and understand digital images and video data.
The Machine Learning market covers the use of algorithms to enable computer systems to learn from data.
The Natural Language Processing market covers applications that enable computers to understand, interpret, and generate human language.
The Artificial Intelligence Robotics market covers the combination of AI, machine learning, and engineering to create intelligent machines that can perform tasks autonomously.
The Autonomous & Sensor Technology market covers machines and systems that operate independently by using sensors, AI, and machine learning to respond to changes in their environment.
The Generative AI market covers artificial intelligence that involves creating models capable of generating new content, such as images, videos, and text, which are indistinguishable from content created by humans.

Additional Information:

The Artificial Intelligence (AI) market comprises three key performance indicators: market sizes, market sizes by industry, and users of AI tools. Market sizes are generated by the funding amount of Artificial Intelligence (AI) companies. Key players of the Artificial Intelligence (AI) market include companies such as Google, Open AI, IBM, and Microsoft.

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Natural language processing tools, such as chatbots and speech recognition
Computer vision applications, such as object detection or face recognition
Machine learning tools, such as trained algorithms.

Robotics hardware, such as hardware used to build robots
Enterprise resource planning (ERP) software, such as SAP
Web development services, such as services intended for coding and designing websites.

The AI market in Australia & Oceania is experiencing rapid growth, fueled by factors like increasing use of digital technologies, growing health consciousness among consumers, and the convenience of online health services. This elevated growth rate can be attributed to advancements in AI Robotics, Autonomous & Sensor Technology, Computer Vision, Machine Learning, Natural Language Processing, and Generative AI. These sub-markets are driving the overall market through their innovative and efficient solutions.

Customer preferences: As technology continues to advance in Australia & Oceania, there has been a growing demand for Artificial Intelligence solutions in various sectors. The adoption of AI-powered chatbots and virtual assistants has increased, especially in the customer service industry. This is driven by the need for more efficient and personalized interactions with customers. Additionally, the use of AI in data analytics and decision-making processes has become essential for businesses looking to stay competitive in the market. This trend is expected to continue as AI technology continues to evolve and offer more advanced capabilities.

Trends in the market: In Australia & Oceania, the Artificial Intelligence Market is experiencing a surge in the implementation of AI-powered chatbots for customer service and support. In New Zealand, there is a growing trend of using AI for predictive maintenance in the manufacturing sector. In Australia, the use of AI in the healthcare industry is on the rise, with hospitals adopting AI-powered tools for medical diagnosis and treatment planning. This trend is expected to continue, offering significant growth opportunities for AI solution providers in the region. The incorporation of AI in various industries is expected to bring about more efficient operations, cost savings, and improved customer experiences.

Local special circumstances: In Australia and Oceania, the Artificial Intelligence market is experiencing significant growth due to the region's focus on innovation and investment in emerging technologies. However, the market is also influenced by the unique geography and diverse cultures of the region, which can impact consumer behavior and adoption of AI solutions. Additionally, regulatory frameworks vary across countries within the region, which can create challenges for companies looking to enter the market. For example, New Zealand has a strong focus on privacy laws, while Australia has a more relaxed approach. These factors can shape the market dynamics and create opportunities for companies to tailor their AI solutions to meet the specific needs of each country.

Underlying macroeconomic factors: The Artificial Intelligence market in Australia & Oceania is significantly influenced by macroeconomic factors such as technological advancements, government support, and investment in digital infrastructure. Countries with favorable regulatory environments and robust investments in AI technologies are experiencing rapid growth in the market, compared to regions with regulatory hurdles and limited funding. Moreover, the increasing demand for AI solutions in various industries, such as healthcare, retail, and finance, is driven by the growing need to improve efficiency and productivity in the face of global economic challenges and an aging population.

Data coverage: The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the funding values from different industries for the market.

Modeling approach / Market size:Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use annual financial reports, funding data, and third-party data. In addition, we use relevant key market indicators and data from country-specific associations such as GDP, number of internet users, number of secure internet servers, and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are the level of digitalization, the number of secure internet servers, and the revenue of the Public Cloud market.

Additional Notes: The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russian-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the market is updated on an ad-hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is weighted for representativeness.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Artificial intelligence evokes images of supercomputer assistants, machines that can think creatively, and, to some, scenes from their favorite sci-fi movie. The reality, despite not being as futuristic, is not far off from this. AI refers to the ability of a computer or machine to mimic the competencies of the human mind, which often learns from previous experiences to understand and respond to language, decisions, and problems. The market for AI technologies is vast, amounting to around 200 billion U.S. dollars in 2023 and is expected to grow well beyond that to over 1.8 trillion U.S. dollars by 2030.

Artificial intelligence (AI), the technology that allows digital computers or computer-controlled robots to perform tasks more commonly associated with intelligent beings, has been leaping into the limelight following the release of a wide variety of Generative AI models in 2023. The United States, being the largest economy in the world, has a natural advantage. Although human-like androids such as those portrayed in the science fiction movie Blade Runner are still far from reality, applications of AI such as smartphone virtual assistants and industrial robots are already widespread in U.S. society. The industry’s powerful ability to improve efficiency and increase productivity has made it of strategic importance to U.S. industries and government, both of which push the U.S. lead in the AI race.