Generative AI - North America

The Artificial Intelligence market in North America is witnessing significant growth, fueled by the increasing adoption of digital technologies, growing health consciousness among consumers, and the convenience of online health services. The market's growth rate is significantly impacted by these factors.

Customer preferences: The North American market for Generative AI within the Artificial Intelligence market is witnessing a significant rise in demand for personalized and customized AI solutions. This trend is fueled by the growing preference for tailor-made products and services, reflecting the shift towards individualized experiences. Additionally, there is a growing awareness and acceptance of AI-based solutions in various industries, such as healthcare, finance, and retail, leading to a surge in adoption of Generative AI technology.

Trends in the market: In North America, the Generative AI market is experiencing a surge in demand due to the increasing use of AI-powered solutions in various industries such as healthcare, finance, and retail. This trend is expected to continue as companies look to leverage AI technology for improved efficiency and cost savings. For instance, in the US, there is a rise in the adoption of AI-powered chatbots for customer service, while in Canada, there is a growing trend of using AI for fraud detection in the banking sector. These developments are significant for industry stakeholders as they represent a shift towards automation and the potential for increased productivity and profitability. However, there may also be implications for the job market and concerns around the ethical use of AI. As the trajectory of these trends continues, it will be important for companies to carefully consider the implications and ensure responsible and ethical implementation of AI technology.

Local special circumstances: In North America, the Generative AI market is thriving due to the region's advanced technological infrastructure. The presence of major players, such as Google and Microsoft, has also contributed to the market's growth. Additionally, the strong focus on research and development in AI technology, coupled with favorable government policies, has fueled the market's expansion. Furthermore, the region's high adoption of advanced technologies, coupled with the growing demand for AI-powered solutions across various industries, has further boosted the market's growth.

Underlying macroeconomic factors: The Generative AI Market within the Artificial Intelligence Market in North America is influenced by various macroeconomic factors, such as technological advancements, government support, and investment in research and development. Countries with strong technological capabilities and favorable regulatory environments are experiencing faster market growth compared to those with limited resources and regulatory challenges. Additionally, the increasing demand for AI solutions in various industries, such as healthcare, finance, and manufacturing, is driving the growth of the Generative AI Market in North America. Furthermore, the region's stable economic health and favorable fiscal policies are creating a conducive environment for the growth of the Artificial Intelligence Market, including the Generative AI segment.

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.