Artificial Intelligence - Taiwan

Taiwan

The market size in the Artificial Intelligence market is projected to reach US$1.46bn in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.49%, resulting in a market volume of US$6.57bn 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 Taiwan is witnessing rapid growth, fueled by factors such as increasing adoption of digital technologies, growing demand for AI-driven solutions, and advancements in AI sub-markets like robotics and machine learning. The market's elevated growth rate can be attributed to the country's strong focus on technology and innovation, along with the government's support for AI development.

Customer preferences: As Taiwan continues to invest heavily in Artificial Intelligence technology, consumers are increasingly looking for AI-powered products and services that can enhance their daily lives. This includes the adoption of chatbots for customer service, voice assistants for smart homes, and personalized recommendations based on machine learning algorithms. Additionally, the aging population in Taiwan has also led to a rise in demand for AI-powered healthcare solutions, such as remote patient monitoring and virtual medical consultations, to address the country's healthcare needs.

Trends in the market: In Taiwan, the Artificial Intelligence market is experiencing a surge in demand for AI-powered chatbots and virtual assistants in various industries, such as finance, healthcare, and retail. This trend is driven by the increasing adoption of AI to improve customer service and operational efficiency. Additionally, there is a growing focus on developing AI-powered solutions for personalized marketing and predictive analytics. These trends highlight the potential for AI to transform businesses and enhance customer experiences. Industry stakeholders must stay updated on the latest developments and incorporate AI into their strategies to stay competitive in the market.

Local special circumstances: In Taiwan, the Artificial Intelligence market is thriving due to its strong government support and investment in research and development. The country's advanced technology infrastructure and highly educated workforce also contribute to its growth. However, strict regulations on data privacy and security pose a challenge for companies looking to implement AI solutions. Additionally, cultural attitudes towards AI and its potential impact on job security may also influence the adoption of AI technologies in the Taiwanese market.

Underlying macroeconomic factors: The growth of the Artificial Intelligence market in Taiwan is heavily influenced by macroeconomic factors such as government support, technological advancements, and investment in research and development. With a strong national economy and a government that prioritizes innovation and technology, Taiwan is well-positioned to continue its growth in the AI market. Additionally, the country's strategic location and strong trade relationships with other global economic powerhouses provide ample opportunities for the expansion of its AI market. Furthermore, the increasing adoption of AI technologies across various industries, coupled with the rising demand for automation and efficiency, will continue to drive the growth of the market in Taiwan.

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.