Europe Artificial Intelligence (AI) Market Insights Forecasts to 2032
- The Europe Artificial Intelligence (AI) Market Size was valued at USD 33.65 Billion in 2022.
- The market is growing at a CAGR of 25.7% from 2022 to 2032.
- The Europe Artificial Intelligence (AI) Market Size is expected to reach USD 325.29 Billion by 2032.
- Europe is expected to grow the fastest during the forecast period.
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The Europe Artificial Intelligence (AI) Market Size is expected to reach USD 325.29 Billion by 2032, at a CAGR of 25.7% during the forecast period 2022 to 2032.
Artificial intelligence (AI) continues to develop rapidly throughout Europe, with significant increases in expenditures, research, and applications across all sectors. The region has been pioneering in promoting ethical AI norms and laws, establishing a global benchmark for liable AI development. AI is being used in a variety of European industries, especially automotive, healthcare, financial services, and manufacturing, to increase productivity, predictive skills, and interpersonal relationships. AI has a wide range of applications, from diagnostic medicine to supply chain optimization. Many European countries, notably the United Kingdom, France, and Germany have established national AI initiatives to boost advancements in artificial intelligence (AI), enhance digital skills, and promote ethical artificial intelligence use. Many top educational institutions and research centers in Europe are driving advances in artificial intelligence (AI) technology. The University of Oxford, ETH Zurich, and the Max Planck Institute for Intelligent Systems are among them. Numerous European research programs and efforts are targeted at exploring the boundaries of artificial intelligence.
This research report categorizes the market for Europe Artificial Intelligence (AI) Market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Europe Artificial Intelligence (AI) Market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Europe Artificial Intelligence (AI) Market.
Europe Artificial Intelligence (AI) Market Report Coverage
|Market Size in 2022:||USD 33.65 Billion|
|Forecast Period 2022-2032 CAGR:||25.7%|
|2032 Value Projection:||USD 325.29 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||120|
|Segments covered:||COVID-19 Impact Analysis, By Offering, By Type, By Application, By End-Use, By Country|
|Companies Covered:||Accenture, Adobe, Abto Software, Amazon Web Services, Bidalgo, CognitiveScale, IBM Corporation, Apple Inc., AutogenAI, Tractable, DeepMind, Dataiku, Contentsquare, Microsoft Corporation, Oracle Corporation, Salesforce.com, inc., SAP SE, SAS Institute Inc., Ipsoft Incorporated, and Other key venders|
|Pitfalls & Challenges:||COVID-19 Empact,Challenges, Future, Growth, & Analysis|
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The Artificial Intelligence (AI) market in Europe is rapidly expanding, owing to factors such as technological breakthroughs, government efforts, and the growing number of AI companies. In Europe, artificial intelligence (AI) is being used in a variety of industries. In healthcare, for example, AI is utilized for medical imaging and diagnostics. AI is used in banking to detect fraud and control risk. Artificial intelligence (AI) has emerged as an important part of the advancement of self-driving cars in the automotive industry. Furthermore, Europe has a robust AI infrastructure, with numerous companies providing cloud-based AI services that enable organizations to leverage artificial intelligence (AI) capabilities without a major upfront investment.
Europe is home to various research facilities that are at the leading edge of AI development. They have been making major improvements to the growth of many AI technologies, including machine learning, natural language processing, and computer vision. Moreover, as the application of artificial intelligence grows, there is a rising emphasis on moral and legal AI development. Europe is aggressively attempting to develop rules and legislation to address concerns about AI's privacy, security, and fairness. Europe actively participates in AI research and development efforts alongside adjacent nations and worldwide organizations, enabling information exchange and further developments in the field of artificial intelligence (AI).
- In 2022, the software segment is expected to hold the largest share of Europe Artificial Intelligence (AI) market during the forecast period.
Based on the Offering, the Europe Artificial Intelligence (AI) Market is classified into hardware, software, and services. Among these, the software segment is expected to hold the largest share of the Europe Artificial Intelligence (AI) market during the forecast period. This is due to the fact that software lies at the very foundation of AI utilization, and its wide variety of use cases as well as applications across numerous industries drives its popularity. AI platforms, machine learning libraries, and numerous AI applications constitute a portion of the software segment. Machine learning models and other AI algorithms are created and implemented using AI software. Many European organizations are investing in AI software to build predictive models, chatbots, and automated procedures, among other applications. Furthermore, rising demands for automation, data-driven decision-making, and improved consumer experiences have fueled the popularity of AI software across industries.
- In 2022, the weak artificial intelligence segment is influencing the largest CAGR over the forecast period.
On the basis of type, the Europe Artificial Intelligence (AI) Market is segmented into weak artificial intelligence and strong artificial intelligence. Among these segments, the weak artificial intelligence segment dominates the largest market share over the forecast period. More than 90 percent of the currently available real-life AI applications, whether in Europe or around the world, are centered on weak AI. Weak AI systems are intended to execute a certain task while operating under a constrained set of limitations. They are incapable of displaying cognitive abilities beyond the objective for which they were created. Most existing AI applications, such as chatbots, recommendation systems, voice-controlled assistants like Alexa or Siri, and customer service AI, accommodate this group of applications. These AI systems are utilized extensively in domains such as healthcare, retail, transportation, and manufacturing throughout Europe. This bigger market share is due to the wide range of businesses that utilize weak AI for diverse applications ranging from virtual assistants to autonomous driving.
- In 2022, the analytics platform segment is witnessing a higher growth rate over the forecast period.
On the basis of application, the Europe Artificial Intelligence (AI) Market is segmented into social media advertising, search advertising, dynamic pricing, virtual assistant, content curation, sales & marketing automation, analytics platform, and others. Among these, the powder coating segment is witnessing a higher growth rate over the forecast period, due to the broad range of applications and industries it serves. AI-powered analytics solutions process enormous amounts of data for insights that can be used to inform decisions for companies. They are capable of predicting trends, identifying patterns, and providing actionable insights to assist companies in improving their operations and overall strategy. AI-powered analytics are being used by organizations across industries to make data-driven choices.
- In 2022, the financial services and healthcare segment accounted for the largest revenue share of more than 42.3% over the forecast period.
On the basis of end-use, the Europe Artificial Intelligence (AI) Market is segmented into financial services, marketing, healthcare, agriculture, manufacturing, automotive, and others. Among these, the financial services and healthcare segment dominates the market with the highest revenue share of 42.3% over the forecast period. This is owing to AI's significant potential for boosting operations, customer service, and decision-making in various industries. AI is employed in the banking and financial services sector for a range of applications, including fraud detection, credit scoring, customer support, and trading algorithms. Artificial intelligence (AI) is also being utilized to streamline and manage financial activities, resulting in cost savings and increased efficiency. In addition, AI is employed in healthcare for medical imaging analysis, medication discovery, diagnostics, and therapy counseling. AI technology is assisting healthcare providers in improving patient outcomes and increasing comprehensive healthcare delivery effectiveness.
The report offers the appropriate analysis of the key organizations/companies involved within the Europe Artificial Intelligence (AI) Market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Abto Software
- Amazon Web Services
- IBM Corporation
- Apple Inc.
- Microsoft Corporation
- Oracle Corporation
- Salesforce.com, inc.
- SAP SE
- SAS Institute Inc.
- Ipsoft Incorporated
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- On July 2023, Tractable, a pioneer in artificial intelligence (AI) that uses computer vision to analyze the state of cars and homes, has raised $65 million in Series E funding led by SoftBank Vision Fund 2. Tractable plans to use the new funding to expand its research and development skills, developing new features that will enhance the end-user experience by providing rapid, thorough, and integrated vehicle assessments.
- On June 2023, IonQ, a pioneer in quantum computing, has announced a collaboration with Switzerland-based QuantumBasel to develop a European quantum data center. As part of this acquisition, QuantumBasel will provide direct access to the #AQ 35 system, followed by the #AQ 64 system, to the uptownBasel ecosystem, which includes corporations, research organizations, startups, and universities. IonQ and QuantumBasel predict that these technologies will enable the development of novel applications in industries such as logistics, finance, pharmaceuticals, chemistry, and artificial intelligence (AI).
- On March 2023, Splio, the CRM expert and creator of the SaaS Individuation® marketing platform, has announced the acquisition of Tinyclues, a SaaS predictive marketing specialist based on deep learning AI. With the acquisition of Tinyclues, Splio will be able to establish itself as the European leader in AI-powered CRM, owing to its Individuation® marketing software, which can be quickly and easily deployed across all industries and for businesses of all sizes.
This study forecasts revenue at global, regional, and country levels from 2021 to 2032. Spherical Insights has segmented the Europe Artificial Intelligence (AI) Market based on the below-mentioned segments:
Europe Artificial Intelligence (AI) Market, By Offering
Europe Artificial Intelligence (AI) Market, By Type
- Weak Artificial Intelligence
- Strong Artificial Intelligence
Europe Artificial Intelligence (AI) Market, By Application
- Social Media Advertising
- Search Advertising
- Dynamic Pricing
- Virtual Assistant
- Content Curation
- Sales & Marketing Automation
- Analytics Platform
Europe Artificial Intelligence (AI) Market, By End-Use
- Financial Services
Europe Artificial Intelligence (AI) Market, By Country
- Rest of Europe
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