Artificial Intelligence - Austria

The market size in the Artificial Intelligence market is projected to reach US$875.20m in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.56%, resulting in a market volume of US$3.95bn 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 Artificial Intelligence market in Austria is witnessing rapid growth, driven by factors such as increasing adoption of digital technologies, growing awareness of the benefits of AI, and the convenience of online services. The market's elevated growth rate can be attributed to the various sub-markets within AI, such as AI Robotics, Autonomous & Sensor Technology, Computer Vision, Machine Learning, Natural Language Processing, and Generative AI, which are all contributing to the overall market's success. This growth is expected to continue as more industries and businesses across Austria embrace the potential of AI.

Customer preferences: As Austria embraces the benefits of Artificial Intelligence, consumers are increasingly looking for advanced technology solutions to make their lives easier. This has led to a rise in demand for virtual assistants, smart home devices, and personalized recommendations based on AI algorithms. Additionally, with the aging population in Austria, there is a growing interest in AI-powered healthcare solutions that can assist in early detection and management of age-related health conditions. This trend is further accelerated by the need for remote healthcare options in the wake of the COVID-19 pandemic.

Trends in the market: In Austria, the Artificial Intelligence market is experiencing a surge in adoption of AI-powered chatbots for customer service and support. This trend is driven by the need for businesses to streamline operations and provide efficient customer service. As AI technology advances, we can expect to see more sophisticated chatbots with natural language processing capabilities. This trend is significant as it allows businesses to reduce costs and improve customer satisfaction. However, it may also have implications for the job market, as some traditional customer service roles may become obsolete.

Local special circumstances: In Austria, the Artificial Intelligence market is thriving due to the country's strong focus on technology and innovation. The government's investments in research and development, as well as its supportive regulatory environment, have fostered a robust ecosystem for AI startups. Additionally, Austria's central location in Europe and its highly educated workforce make it an ideal hub for companies looking to expand into the European market. These unique factors contribute to the country's dynamic AI market and position it as a leader in the region.

Underlying macroeconomic factors: The growth of the Artificial Intelligence market in Austria is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with strong investment in AI and favorable regulatory environments are experiencing rapid market growth compared to regions with limited government support and regulatory challenges. Additionally, the increasing adoption of AI across various industries and the need for efficient and intelligent solutions to address complex challenges are driving the demand for AI in Austria.

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.