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Generative AI - United Kingdom

United Kingdom
  • The market size in the Generative AI market is projected to reach US$1.72bn in 2024.
  • The market size is expected to show an annual growth rate (CAGR 2024-2030) of 46.47%, resulting in a market volume of US$17.02bn by 2030.
  • In global comparison, the largest market size will be United States (US$11.66bn in 2024).

Definition:
Generative artificial intelligence (AI) is a field of artificial intelligence that focuses on creating models and systems capable of generating new content, such as images, videos, music, or text. By training on large datasets, generative AI models learn patterns and structures within the data to produce novel and realistic outputs that mimic the original data distribution. Using techniques like generative adversarial networks (GANs) or variational autoencoders (VAEs), generative AI has the potential to enhance creativity, enable data synthesis, and revolutionize various industries including art, entertainment, and content creation.

Additional Information:

The market comprises two key performance indicators: market sizes, and market sizes by industry. Market sizes are generated by the funding amount of Generative Artificial Intelligence companies. Key players of the market include companies such as Open AI, NVIDIA DeepL Learning and Google (Magenta, DeepDream).

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In-Scope

  • Applications of generative artificial intelligence to create new content, such as images, music, and text, which is indistinguishable from human-generated content.

Out-Of-Scope

  • Non-artificial intelligence applications of generative systems, such as procedural content generation in video games, which do not involve machine learning or creativity.
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Artificial Intelligence: in-depth market analysis

Study Details

    Value

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    Market Size

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Users

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Artificial Intelligence market in the United Kingdom is experiencing significant growth, fueled by the increasing adoption of AI technologies, growing awareness about its potential in healthcare, and the convenience of online services. The market's growth rate is being impacted by a combination of factors such as advancements in AI, supportive government initiatives, and the rising demand for AI-driven solutions across various industries.

    Customer preferences:
    As the use of AI in various industries continues to expand, there has been a notable shift towards generative AI in the United Kingdom. This is driven by consumer preferences for personalized and creative solutions, as well as the growing demand for AI-powered products and services. Additionally, cultural nuances and evolving lifestyle factors, such as the increasing reliance on technology and digital experiences, have also contributed to the rise of generative AI in the market. This trend is expected to continue as AI technology advances and becomes more integrated into daily life.

    Trends in the market:
    In the United Kingdom, the Generative AI market is seeing a surge in the integration of AI technology in various industries, such as healthcare, finance, and retail. This trend is driven by the increasing demand for automation and efficiency in processes, as well as the need for personalized solutions. This trajectory is significant as it presents opportunities for industry stakeholders to tap into a growing market and improve their operations. Additionally, it has the potential to disrupt traditional business models and create new revenue streams. With the UK being a major player in the global AI market, this trend could have ripple effects on the industry as a whole.

    Local special circumstances:
    In the United Kingdom, the Generative AI Market within the Artificial Intelligence Market is witnessing significant growth due to the country's advanced technological infrastructure and supportive government policies. The growing demand for automation and data analytics in various industries, such as healthcare, finance, and manufacturing, is driving the market. Additionally, the UK's strong research and development capabilities in AI and its high concentration of tech companies are also contributing to the market's success.

    Underlying macroeconomic factors:
    The Generative AI Market within the Artificial Intelligence Market in the United Kingdom is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. The UK has a strong history of innovation and a supportive regulatory environment, making it a hub for AI development. Furthermore, the country's stable economic health and strategic investments in AI infrastructure have created a favorable market landscape for the growth of Generative AI. Additionally, the increasing adoption of AI technologies in various industries, such as healthcare, finance, and transportation, is driving the demand for Generative AI solutions in the UK market.

    Global Comparison

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    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.

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