Artificial Intelligence - Nordics

Nordics

The market size in the Artificial Intelligence market is projected to reach US$4.00bn in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.15%, resulting in a market volume of US$17.72bn 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 Nordics Artificial Intelligence market is experiencing significant growth, driven by the increasing adoption of AI technologies, rising awareness of its benefits, and convenience of online services. Factors such as elevated growth rates and advancements in AI sub-markets contribute to this trend.

Customer preferences: Consumers in the Nordics are increasingly embracing Artificial Intelligence (AI) tools to enhance their daily lives and improve efficiency. This trend is driven by the region's tech-savvy population and high adoption of digital solutions. Personal assistants, chatbots, and virtual assistants are gaining popularity for their convenience and time-saving capabilities. Additionally, the demand for AI-powered customer service and e-commerce solutions is on the rise, as businesses seek to streamline processes and improve customer experiences.

Trends in the market: In the Nordics, the Artificial Intelligence market is experiencing a surge in demand for AI-powered solutions in industries such as healthcare, banking, and retail. This trend is driven by the region's high adoption of digital technologies and the increasing need for automation and efficiency. As AI technology continues to advance, it is expected to significantly impact the labor market, with potential implications for job displacement and skills retraining. Furthermore, the rise of AI ethics and regulations in the region may pose challenges for companies looking to implement AI solutions.

Local special circumstances: In the Nordics, the Artificial Intelligence market is influenced by the region's highly advanced and tech-savvy population. The governments' strong support for innovation and digitalization has led to a thriving AI ecosystem, with many startups and tech giants investing in AI research and development. Additionally, the region's stringent data privacy laws and ethical considerations for AI implementation contribute to a unique and responsible approach to AI adoption.

Underlying macroeconomic factors: The Artificial Intelligence market in the Nordics is significantly impacted by macroeconomic factors such as advancements in technology, government policies, and investment in research and development. Countries with a strong focus on innovation and government support for AI development, such as Sweden and Finland, are experiencing rapid growth in their AI markets. Additionally, the region's stable economic growth and healthy fiscal policies attract foreign investments, further driving the growth of the AI market. The increasing adoption of AI-driven solutions across industries, coupled with the region's skilled workforce, also contribute to the market's growth.

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.