Artificial Intelligence - Bangladesh

Bangladesh

The market size in the Artificial Intelligence market is projected to reach US$861.90m in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.64%, resulting in a market volume of US$3,906.00m by 2030.
In global comparison, the largest market size will be in the 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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Analyst Opinion

The Artificial Intelligence market in Bangladesh is experiencing rapid growth, driven by increasing adoption of digital technologies, rising awareness of the benefits of AI, and the convenience of online services. The market's elevated growth rate can be attributed to the advancements in AI Robotics, Autonomous & Sensor Technology, Computer Vision, Machine Learning, Natural Language Processing, and Generative AI. Factors impacting this growth rate include government initiatives, investments from major companies, and a growing demand for AI solutions across various industries.

Customer preferences: With the growing adoption of technology and internet usage in Bangladesh, there has been a significant shift in consumer preferences towards artificial intelligence solutions. This can be attributed to the increasing demand for personalized and efficient services, especially in sectors like finance, healthcare, and retail. Additionally, the rise in smartphone ownership and availability of affordable internet connections has resulted in an increase in the use of virtual assistants and chatbots for daily tasks. Furthermore, the government's initiatives to promote digital transformation and the emergence of startups offering innovative AI-based solutions have also contributed to the growing trend of incorporating AI in various industries.

Trends in the market: In Bangladesh, the Artificial Intelligence Market is experiencing a surge in demand for AI-driven solutions in various sectors, such as finance, healthcare, and agriculture. This trend is expected to continue as the government has launched initiatives to promote the adoption of AI technology. The significance of this trend lies in its potential to streamline processes, improve efficiency, and drive economic growth. With the rise of AI startups and investments in research and development, industry stakeholders can expect a competitive market and potential partnerships with global players.

Local special circumstances: In Bangladesh, the Artificial Intelligence market is growing rapidly due to the government's push for digital transformation and the country's rising tech-savvy population. The market is also influenced by the unique cultural and religious values, as well as the geographical diversity of the country. This has led to the development of AI solutions tailored to the local market, such as language processing tools for different dialects and AI-powered agricultural solutions for farmers. Additionally, regulatory frameworks are being put in place to ensure ethical and responsible use of AI technology, further shaping the dynamics of the market.

Underlying macroeconomic factors: The Artificial Intelligence market in Bangladesh is influenced by various macroeconomic factors such as government initiatives, technological advancements, and investment in research and development. The country's stable economic growth, favorable regulatory environment, and increasing focus on digital transformation are driving the demand for AI solutions across various industries. Additionally, the growing adoption of AI technologies in sectors such as healthcare, finance, and agriculture is expected to further boost the market growth in the coming years. Moreover, the rising trend of outsourcing AI services to Bangladesh due to its skilled workforce and cost-effective solutions is also contributing to the market's expansion.

Methodology

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.