Artificial Intelligence - Serbia

Serbia

The market size in the Artificial Intelligence market is projected to reach US$131.50m 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$592.60m 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 Serbia is experiencing rapid growth, driven by factors such as increasing adoption of digital technologies, rising awareness of AI's benefits, and the convenience of online AI services. The market's elevated growth rate can be attributed to factors such as investment in AI Robotics, Autonomous & Sensor Technology, Computer Vision, Machine Learning, Natural Language Processing, and Generative AI.

Customer preferences: As Serbia continues to embrace digital transformation, there is a growing demand for AI-powered solutions in various industries. This trend is driven by the country's increasing focus on innovation and competitiveness. Additionally, with a large number of tech-savvy millennials, there is a growing preference for personalized and efficient experiences, leading to an increased adoption of AI-based virtual assistants and chatbots in customer service and support. Moreover, the rise of e-commerce and online shopping has also led to a surge in demand for AI-driven product recommendations and personalized marketing strategies.

Trends in the market: In Serbia, the Artificial Intelligence market is experiencing a surge in demand for AI-powered solutions in various industries, such as healthcare, finance, and manufacturing. This trend is driven by the country's efforts to modernize and digitize its economy, as well as the increasing availability of skilled AI professionals. Additionally, there is a growing interest in using AI for data analysis and decision-making, leading to the development of AI-powered analytics platforms. These trends are significant as they can improve efficiency, reduce costs, and enhance competitiveness for businesses in Serbia. However, they may also lead to concerns about job displacement and data privacy, requiring industry stakeholders to address these issues proactively.

Local special circumstances: In Serbia, the Artificial Intelligence market is experiencing growth due to the country's strong focus on developing its tech industry. The government has implemented initiatives to attract foreign investment and foster innovation, creating a favorable environment for AI companies. Additionally, Serbia's strategic location and skilled workforce make it an ideal hub for AI development and deployment. However, the market is also influenced by cultural attitudes towards technology, with a preference for human interaction in certain industries. This unique blend of factors drives the dynamics of the AI market in Serbia.

Underlying macroeconomic factors: The growth of the Artificial Intelligence Market in Serbia is heavily influenced by macroeconomic factors such as government initiatives and investments, technological advancements, and the overall economic health of the country. With the government's focus on developing the country's digital capabilities, there has been a significant increase in investment in AI technologies. Additionally, Serbia's strategic location and competitive labor costs make it an attractive destination for international AI companies looking to establish a presence in Europe. Furthermore, the country's strong economic growth and stable fiscal policies provide a favorable environment for the growth of 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.