Artificial Intelligence - Denmark

Denmark

The market size in the Artificial Intelligence market is projected to reach US$0.87bn in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.24%, resulting in a market volume of US$3.87bn 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 AI market in Denmark is experiencing rapid growth, driven by factors such as increasing adoption of digital technologies, growing awareness of AI's potential in various industries, and the convenience of online AI services. This elevated growth rate can also be attributed to the advancements in AI sub-markets such as robotics, autonomous and sensor technology, computer vision, machine learning, natural language processing, and generative AI.

Customer preferences: Consumers in Denmark are increasingly embracing the use of artificial intelligence (AI) in their daily lives, from virtual assistants to personalized recommendations. This trend is driven by a desire for convenience and efficiency, as well as a growing trust in AI technology. Additionally, the increasing adoption of smart home devices and the integration of AI in various industries, such as healthcare and transportation, indicate a shift towards a more connected and technology-driven society.

Trends in the market: In Denmark, the Artificial Intelligence market is experiencing a surge in the adoption of AI-powered chatbots and virtual assistants, as businesses seek to streamline customer interactions and improve efficiency. Additionally, there is a growing trend towards using AI for predictive maintenance in industries such as manufacturing and logistics. These developments are significant as they highlight the potential for AI to transform traditional business operations and improve overall productivity. Industry stakeholders can expect to see increased investment in AI technologies and a shift towards more data-driven decision making. This could also lead to job displacement and the need for upskilling in new AI-related roles.

Local special circumstances: In Denmark, the Artificial Intelligence market is thriving due to the country's strong commitment to renewable energy and sustainability. This has led to the emergence of AI-powered solutions for optimizing energy consumption and reducing carbon emissions. Additionally, the Danish government's support for research and development in AI has fostered a favorable environment for startups and innovation in the market. The country's highly digitized and tech-savvy culture also contributes to the adoption of AI solutions in various industries, such as healthcare, finance, and manufacturing. These unique local factors have played a significant role in shaping the growth and dynamics of the Artificial Intelligence market in Denmark.

Underlying macroeconomic factors: The Artificial Intelligence market in Denmark is greatly influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. The country's strong focus on innovation and digital transformation, as well as its stable economic health and policies, have created a favorable environment for the growth of the AI market. Furthermore, the increasing demand for advanced technologies in various industries, such as healthcare, manufacturing, and finance, is driving the adoption of AI solutions in Denmark. Additionally, the country's highly skilled workforce and its position as a global leader in digitalization make it a desirable market for AI companies looking to expand their presence.

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.