Artificial Intelligence - Worldwide

The market size in the Artificial Intelligence market is projected to reach £144.80bn in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.45%, resulting in a market volume of £586.80bn by 2030.
In global comparison, the largest market size will be United States (£39.46bn 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 is experiencing rapid growth globally, driven by factors such as increasing adoption of digital technologies, growing awareness of AI capabilities, and the convenience of online services. The market's elevated growth rate is influenced by advancements in AI Robotics, Autonomous & Sensor Technology, Computer Vision, Machine Learning, Natural Language Processing, and Generative AI.

Customer preferences: The rise of Artificial Intelligence in the global market has been fueled by a growing demand for personalized and efficient solutions. Consumers are increasingly looking for AI-driven products and services, such as virtual assistants and chatbots, to streamline their daily tasks and improve their overall experience. This trend is driven by a shift towards convenience and efficiency, as well as a growing reliance on technology in our daily lives. Furthermore, the adoption of AI is also driven by the desire for data-driven insights and decision-making, as companies look to capitalize on the vast amounts of data available in the digital age.

Trends in the market: In the Artificial Intelligence Market, there is a growing trend of incorporating AI technology into various industries, including healthcare, finance, and retail. This trend is expected to continue as companies seek to streamline processes, improve efficiency, and enhance customer experience. Additionally, there is a rising demand for ethical and transparent AI solutions, leading to the development of regulations and guidelines. This trajectory highlights the increasing importance of responsible AI implementation and the potential implications for industry stakeholders who must navigate this evolving landscape.

Local special circumstances: In China, the Artificial Intelligence market is experiencing rapid growth due to the country's large population and government support for technological advancements. With a strong focus on AI research and development, China has become a global leader in this field. Additionally, the country's unique combination of a highly skilled workforce and a large consumer base has led to the successful implementation of AI technologies in various industries, such as healthcare, finance, and manufacturing. However, strict government regulations and concerns over data privacy have also impacted the market's growth in China.

Underlying macroeconomic factors: The rapid growth of the Artificial Intelligence Market market is largely influenced by macroeconomic factors such as advancements in technology, government support, and investment in infrastructure. Regions with favorable regulatory environments and strong investment in AI technologies are experiencing faster market growth compared to areas with regulatory barriers and limited funding. Furthermore, the increasing demand for AI solutions in various industries, such as healthcare, finance, and retail, is driven by global economic trends and the need for efficiency and cost reduction. As economies continue to evolve and embrace AI, the market is expected to witness significant growth in the coming years.

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.