Artificial Intelligence - Ireland

Ireland

The market size in the Artificial Intelligence market is projected to reach US$1.07bn in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.51%, resulting in a market volume of US$4.82bn 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 Ireland is experiencing rapid growth, fueled by the increasing adoption of digital technologies and the convenience offered by online services. This growth is also driven by the rising health awareness among consumers and the advancements in AI sub-markets such as robotics, autonomous technology, computer vision, machine learning, natural language processing, and generative AI. The elevated growth rate can be attributed to the demand for AI-powered solutions in various industries and the government's initiatives to promote innovation and digitalization.

Customer preferences: The growing use of artificial intelligence in Ireland is driven by the country's highly digital and tech-savvy population. This has led to a surge in demand for AI-powered solutions in various industries, from healthcare to finance. Additionally, there is a growing trend towards personalized and hyper-targeted marketing, with companies leveraging AI to analyze consumer data and deliver more personalized experiences. This reflects the increasing importance of data-driven decision-making and the potential for AI to revolutionize traditional business processes.

Trends in the market: In Ireland, the Artificial Intelligence market is experiencing a surge in demand for AI-powered chatbots and virtual assistants, particularly in the financial and retail sectors. This trend is driven by the increasing need for efficient and personalized customer service, as well as cost savings for businesses. Additionally, there is a growing focus on using AI for predictive analytics in healthcare, to improve patient outcomes and reduce healthcare costs. These trends are significant for industry stakeholders as they highlight the potential for AI to disrupt traditional business models and improve efficiency. However, there may also be concerns about the ethical implications of AI and its impact on job displacement. As such, there is a need for careful consideration and regulation of AI implementation in Ireland.

Local special circumstances: In Ireland, the Artificial Intelligence market is experiencing significant growth due to the country's strong technology and innovation ecosystem. The Irish government has invested in developing a thriving AI industry, with a focus on research and development, attracting top talent and fostering a supportive environment for startups. Additionally, the country's strong data protection laws and pro-business policies make it an attractive location for AI companies. This unique combination of factors has positioned Ireland as a leading player in the global AI market, with a promising future ahead.

Underlying macroeconomic factors: The growth of the Artificial Intelligence market in Ireland is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Ireland's strong economy and favorable business environment have attracted major players in the AI industry, leading to significant growth in the market. Additionally, Ireland's investment in infrastructure and initiatives to promote innovation and entrepreneurship have further boosted the growth of the market. Furthermore, the increasing adoption of AI technologies across various industries and the growing demand for automation and efficiency are driving the market in Ireland.

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.