Artificial Intelligence - Lithuania

Lithuania

The market size in the Artificial Intelligence market is projected to reach US$135.30m in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.52%, resulting in a market volume of US$609.80m 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 Lithuania is experiencing rapid growth, fueled by the increasing use of digital technologies, rising consumer awareness about health, and the convenience of online services. The market's elevated growth rate is impacted by factors such as advancements in AI Robotics, Autonomous & Sensor Technology, Computer Vision, Machine Learning, Natural Language Processing, and Generative AI.

Customer preferences: As Lithuania continues to embrace Artificial Intelligence, there is a growing demand for AI-powered personalization and recommendation systems. This trend is driven by the desire for personalized and tailored experiences, as well as the need for efficient decision-making and problem-solving. Additionally, there is a shift towards AI-driven solutions in industries such as finance, healthcare, and transportation, as businesses look to improve efficiency and reduce costs through automation. This trend is also influenced by the country's tech-savvy population and its growing interest in cutting-edge technologies.

Trends in the market: In Lithuania, the Artificial Intelligence market is experiencing a surge in demand for AI-powered chatbots and virtual assistants. This trend is expected to continue, with businesses recognizing the potential for cost savings and enhanced customer experiences. Additionally, the use of AI in healthcare is on the rise, with the government investing in AI-driven diagnostic tools and telemedicine services. These developments have significant implications for industry stakeholders, as they can improve operational efficiency and drive innovation in various sectors.

Local special circumstances: In Lithuania, the Artificial Intelligence market is experiencing growth due to the country's strong focus on technology and innovation. With a highly educated population and a supportive government, there is a conducive environment for AI companies to thrive. Additionally, the country's strategic location and membership in the EU provide access to a large market and funding opportunities. However, the market is also impacted by strict data privacy regulations, particularly in industries such as healthcare and finance, which can hinder the adoption of AI solutions.

Underlying macroeconomic factors: The Artificial Intelligence market in Lithuania is heavily influenced by macroeconomic factors such as advancements in technology, government support, and investment in infrastructure. Countries with favorable regulatory environments and significant investments in AI technology are experiencing faster market growth compared to regions with regulatory challenges and limited funding. The increasing demand for AI solutions in various industries, including healthcare, finance, and manufacturing, is also driving market growth. Additionally, Lithuania's strong economic health, favorable business climate, and government initiatives to promote AI adoption are attracting foreign investments and fostering growth in the Artificial Intelligence market.

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.