Artificial Intelligence - Sweden | Statista Market Forecast

The market size in the Artificial Intelligence market is projected to reach US$1.28bn in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.11%, resulting in a market volume of US$5.65bn by 2030.
In global comparison, the largest market size will be 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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Natural language processing tools, such as chatbots and speech recognition
Computer vision applications, such as object detection or face recognition
Machine learning tools, such as trained algorithms.

Robotics hardware, such as hardware used to build robots
Enterprise resource planning (ERP) software, such as SAP
Web development services, such as services intended for coding and designing websites.

The Artificial Intelligence market in Sweden is experiencing rapid growth, driven by factors like increasing adoption of digital technologies, rising health awareness among consumers, and convenience offered by online health services. The country's elevated growth rate can be attributed to the advancements in AI Robotics, Autonomous & Sensor Technology, Computer Vision, Machine Learning, Natural Language Processing, and Generative AI. The market is expected to continue growing due to the country's strong focus on innovation and investment in AI research and development.

Customer preferences: As the use of Artificial Intelligence (AI) continues to expand in Sweden, consumers are increasingly looking for more personalized and efficient services. This has led to a surge in demand for AI-powered virtual assistants, chatbots, and other digital solutions to streamline daily tasks and improve productivity. Furthermore, there is a growing trend towards AI-powered personalized recommendations, such as in e-commerce and entertainment, as consumers seek more tailored and relevant experiences. This shift towards AI-driven solutions is driven by the desire for convenience and time-saving, as well as the growing acceptance and integration of technology in daily life.

Trends in the market: In Sweden, the Artificial Intelligence market is experiencing a surge in demand for AI-powered chatbots and virtual assistants, as more businesses seek to automate customer interactions and improve efficiency. Additionally, there is a growing trend towards using AI in healthcare, with the development of predictive analytics and personalized treatment plans. These advancements have significant implications for industry stakeholders, such as increased productivity, cost savings, and improved patient outcomes. As the AI market in Sweden continues to grow, it is expected to pave the way for further innovation and collaboration across industries.

Local special circumstances: In Sweden, the Artificial Intelligence Market is thriving due to the country's strong focus on sustainability and innovation. The government has implemented policies and initiatives to support the development and adoption of AI technology, attracting investment and talent to the market. Additionally, Sweden's highly educated workforce and advanced digital infrastructure have created a favorable environment for AI companies to thrive. The country's culture of collaboration and openness has also played a crucial role in the rapid growth of the AI market, as it fosters partnerships and knowledge sharing among businesses and research institutions. Furthermore, Sweden's strict data privacy regulations have instilled trust in consumers, making them more open to adopting AI-powered products and services.

Underlying macroeconomic factors: The Artificial Intelligence market in Sweden is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Sweden's strong economy and stable political environment have created a favorable market for AI technologies. Additionally, the country's high level of digitalization and strong focus on innovation have contributed to the growth of the AI market. The increasing demand for automation and efficiency in various industries, such as healthcare, finance, and manufacturing, has also fueled the adoption of AI solutions in Sweden. Furthermore, the country's strong investment in education and training in the field of AI has led to a highly skilled workforce, making it an attractive market for AI companies and investors.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Artificial intelligence evokes images of supercomputer assistants, machines that can think creatively, and, to some, scenes from their favorite sci-fi movie. The reality, despite not being as futuristic, is not far off from this. AI refers to the ability of a computer or machine to mimic the competencies of the human mind, which often learns from previous experiences to understand and respond to language, decisions, and problems. The market for AI technologies is vast, amounting to around 200 billion U.S. dollars in 2023 and is expected to grow well beyond that to over 1.8 trillion U.S. dollars by 2030.

Artificial intelligence (AI), the technology that allows digital computers or computer-controlled robots to perform tasks more commonly associated with intelligent beings, has been leaping into the limelight following the release of a wide variety of Generative AI models in 2023. The United States, being the largest economy in the world, has a natural advantage. Although human-like androids such as those portrayed in the science fiction movie Blade Runner are still far from reality, applications of AI such as smartphone virtual assistants and industrial robots are already widespread in U.S. society. The industry’s powerful ability to improve efficiency and increase productivity has made it of strategic importance to U.S. industries and government, both of which push the U.S. lead in the AI race.