Generative AI - New Zealand

The Generative AI market in New Zealand is experiencing intense growth, driven by factors such as the increasing adoption of digital technologies, growing awareness of AI in healthcare, and the convenience of online health services. This trend is expected to continue as the demand for innovative AI solutions in the healthcare industry continues to rise.

Customer preferences: The Generative AI market within the Artificial Intelligence Market in New Zealand is experiencing a rise in demand for personalized and highly efficient AI solutions. As consumers become more tech-savvy and seek convenience, there is a growing trend towards AI-powered virtual assistants and chatbots for instant and personalized customer service. Additionally, the increasing adoption of AI in industries such as healthcare, finance, and retail is driven by the need for advanced data analytics and decision-making capabilities. This trend is further amplified by the growing awareness and acceptance of AI technologies among the younger generation in New Zealand.

Trends in the market: In New Zealand, the Generative AI market is witnessing a rise in adoption by businesses across various industries, as they seek to improve efficiency and gain a competitive edge. This trend is expected to continue, with the market projected to grow at a CAGR of 35% from 2021 to 2026. With the increasing availability of data and advancements in machine learning algorithms, Generative AI is becoming more sophisticated, enabling businesses to generate creative solutions and insights. This presents significant opportunities for industry stakeholders, including increased productivity, cost savings, and improved decision-making. However, there are also potential implications, such as potential job displacement and ethical concerns surrounding the use of AI. Overall, the trajectory of this trend is towards greater adoption and integration of Generative AI in various industries, with the potential for significant impact on businesses and society as a whole.

Local special circumstances: In New Zealand, the Generative AI Market within the Artificial Intelligence Market is driven by the country's strong focus on environmental sustainability. The government has implemented various initiatives to promote the use of AI to address environmental challenges. Additionally, the country's small population and strong research and development capabilities have created a conducive environment for innovative AI startups. Furthermore, the country's strict data privacy laws and ethical standards have fostered trust and transparency in the use of AI, making it an attractive market for AI companies.

Underlying macroeconomic factors: The growth of the Generative AI market within the Artificial Intelligence Market is influenced by various macroeconomic factors in New Zealand. The country's strong economic health and favorable regulatory environment for AI technologies have created a conducive market for Generative AI solutions. Additionally, the government's focus on investing in research and development for AI, along with the increasing demand for automation and optimization in various industries, has further propelled the market growth. The rising adoption of AI solutions by businesses to improve efficiency and reduce costs is also contributing to the market growth in New Zealand.

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.