Generative AI - Russia

  • Russia
  • The market size in the Generative AI market is projected to reach US$0.42bn in 2024.
  • The market size is expected to show an annual growth rate (CAGR 2024-2030) of 46.49%, resulting in a market volume of US$4.15bn by 2030.
  • In global comparison, the largest market size will be in the United States (US$11.66bn in 2024).
 
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Analyst Opinion

The Generative AI Market in the Artificial Intelligence Market in Russia is rapidly expanding, fueled by factors like the growing use of digital technologies, increasing health consciousness, and the convenience of online health services. This intense growth rate is driven by the country's focus on innovation and advancements in AI technology.

Customer preferences:
As the demand for personalized and interactive experiences continues to rise, there has been a noticeable shift towards the use of Generative AI technology in the Russian market. This trend is driven by the desire for more immersive and engaging content, particularly in the entertainment and gaming sectors. Additionally, with the growing popularity of social media and online platforms, there is a demand for AI-generated content that can capture and reflect cultural nuances and preferences of different demographics. This has led to the development of more sophisticated and culturally-aware Generative AI models, catering to the diverse preferences of Russian consumers.

Trends in the market:
In Russia, the Generative AI market within the Artificial Intelligence market is experiencing a surge in demand for chatbots and virtual assistants in various industries, such as retail, healthcare, and banking. This trend is driven by the need for efficient and personalized customer service, as well as cost-saving measures for businesses. Furthermore, there is an increasing focus on developing AI solutions for natural language processing and image recognition. This trajectory indicates a shift towards more advanced and human-like AI capabilities, which could have significant implications for industry stakeholders in terms of enhanced customer experience and improved operational efficiency.

Local special circumstances:
In Russia, the Generative AI market is growing due to the country's focus on modernizing and digitizing its industries. The government's initiatives to promote innovation and investment in AI technology have led to a surge in demand for Generative AI solutions. Additionally, the unique cultural and regulatory landscape in Russia, including a strong emphasis on data privacy and security, has influenced the development and adoption of Generative AI in the country.

Underlying macroeconomic factors:
The Generative AI Market within the Artificial Intelligence Market in Russia is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in AI infrastructure. With the Russian government's focus on digital transformation and modernization, the country is experiencing rapid growth in the AI market. Furthermore, the increasing demand for AI-driven solutions in various industries, such as healthcare and finance, is driving the market's growth in Russia. Additionally, Russia's strong research and development capabilities in AI, coupled with its growing startup ecosystem, are contributing to the market's overall performance.

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.

Overview

  • Market Size
  • Value
  • Users
  • Analyst Opinion
  • Global Comparison
  • Methodology
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