Artificial Intelligence - Greece

Greece

The market size in the Artificial Intelligence market is projected to reach US$410.80m in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.54%, resulting in a market volume of US$1,853.00m 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 Artificial Intelligence market in Greece is experiencing rapid growth, fueled by factors such as increasing adoption of digital technologies, growing awareness about the benefits of AI, and the convenience of online services. The market's elevated growth rate can be attributed to the advancements in AI Robotics, Autonomous & Sensor Technology, Computer Vision, Machine Learning, Natural Language Processing, and Generative AI.

Customer preferences: In Greece, the Artificial Intelligence Market is witnessing a rise in demand for personalized and efficient customer service solutions. This trend is driven by the growing preference for self-service options and the desire for seamless and streamlined interactions with businesses. Additionally, there is a shift towards AI-powered chatbots and virtual assistants, as consumers look for quick and convenient ways to access information and complete transactions. These developments are influenced by the increasing use of technology in daily life and the desire for personalized and efficient services.

Trends in the market: In Greece, the Artificial Intelligence market is experiencing a surge in demand for AI-powered business solutions, with companies leveraging machine learning and automation to improve efficiency and decision-making. This trend is expected to continue in the coming years, as more organizations recognize the potential of AI to drive growth and competitiveness. For industry stakeholders, this presents opportunities for collaboration and innovation, while also raising concerns about job displacement and ethical considerations. Overall, the adoption of AI in Greece is poised to transform various industries and drive economic growth in the long run.

Local special circumstances: In Greece, the Artificial Intelligence market is growing due to the country's strong tech industry and government support for digital innovation. The market is heavily influenced by the country's emphasis on research and development, with a focus on AI applications in industries such as tourism and shipping. Additionally, Greece's location as a crossroads between Europe, Africa, and Asia provides a unique opportunity for AI companies to expand globally. The market is also impacted by cultural factors, such as the country's embrace of technology and its young, tech-savvy population.

Underlying macroeconomic factors: The Artificial Intelligence Market in Greece is heavily impacted by macroeconomic factors such as the overall economic health of the country and global economic trends. With the recent economic crisis and subsequent recovery, Greece has seen a rise in investments and government support for emerging technologies like AI. This has led to a growing demand for AI solutions in various industries, such as finance, healthcare, and manufacturing. Additionally, the country's strong focus on digital transformation and innovation has created a favorable environment for the growth of the AI market. However, challenges such as limited funding and regulatory hurdles still need to be addressed to fully harness the potential of AI in Greece.

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.