Artificial Intelligence - Romania

Romania

The market size in the Artificial Intelligence market is projected to reach US$557.90m in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.63%, resulting in a market volume of US$2,527.00m 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 Romania is experiencing rapid growth, driven by factors such as the adoption of advanced technologies, increasing awareness about AI, and the convenience of online services. The elevated growth rate can be attributed to advancements in AI sub-markets, including Robotics, Autonomous & Sensor Technology, Computer Vision, Machine Learning, Natural Language Processing, and Generative AI.

Customer preferences: As Romania continues to invest in and adopt Artificial Intelligence technologies, consumers are increasingly drawn to personalized and efficient solutions in various industries. This trend is particularly evident in the healthcare sector, where individuals are seeking AI-powered tools for disease prevention, diagnosis, and treatment. This is driven by the growing aging population and the need for convenient and accessible healthcare options. Additionally, the pandemic has accelerated the adoption of telemedicine and virtual consultations, highlighting the demand for remote and tech-enabled healthcare services.

Trends in the market: In Romania, the Artificial Intelligence market is witnessing a surge in demand for AI-powered solutions across various industries, such as healthcare, finance, and retail. This trend is expected to continue, with companies investing in AI technologies to improve efficiency and stay competitive. Additionally, the government's focus on promoting digital transformation and innovation is further driving the growth of AI in the country. This presents significant opportunities for industry stakeholders, including businesses, startups, and investors, to tap into the growing market and benefit from the advancements in AI technology. However, as AI adoption increases, there may also be challenges in terms of data privacy and ethical considerations that need to be addressed. Therefore, it is crucial for stakeholders to stay updated on the latest trends and regulations to effectively navigate the evolving landscape of the AI market in Romania.

Local special circumstances: In Romania, the Artificial Intelligence market is experiencing rapid growth due to the country's highly skilled workforce in the technology sector and its favorable regulatory environment for AI development. Additionally, Romania's strategic location in Eastern Europe allows for easy access to the larger European market, providing a competitive advantage. The country's strong cultural emphasis on innovation and entrepreneurship has also contributed to the flourishing AI market. Furthermore, the government's investment in AI research and development has paved the way for the adoption of advanced AI technologies in industries such as healthcare, finance, and manufacturing.

Underlying macroeconomic factors: The Artificial Intelligence market in Romania is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in digital infrastructure. Countries with favorable regulatory environments and significant investment in artificial intelligence are experiencing rapid market growth, while those with regulatory challenges and limited funding are falling behind. Furthermore, the rising prevalence of chronic diseases and the aging population in both Romania and globally are driving the demand for AI solutions to improve healthcare access and outcomes, making the country a prime market for AI development and adoption.

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.