According to the latest report by IMARC Group, titled "Europe Artificial Intelligence Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the Europe artificial intelligence market reached a value of US$ 17.5 Billion in 2022. Artificial intelligence (AI) is the ability of a computer program or machine to simulate human intelligence for mimicking their thoughts and actions. Some of the key characteristics of AI include learning, reasoning, perception, problem-solving and language understanding. With the aid of these features, AI-integrated machines can execute large volumes of tasks. They are also used to process vast amounts of data, automate repetitive tasks and achieve accurate results through deep neural networks. Consequently, multiple devices and equipment are being integrated with AI to minimize human errors, thereby improving speed, precision, and accuracy.
Europe Artificial Intelligence Market Trends:
The market in Europe is primarily driven by considerable growth in the information technology (IT) sector. This is supported by the widespread adoption of digitization across numerous sectors that utilize AI-integrated systems for streamlining their work process and improving operational efficiencies. Along with this, there has been a rising demand for reliable cloud computing infrastructures across the region. Cloud computing solutions are now employing AI tools to process accurate real-time data and improve the overall productivity, which, in turn, is providing a thrust to the market growth. The market is further driven by the utilization of AI-based algorithms and tools by numerous online platforms. This enables them to analyze large amounts of data for extracting specific insights that are further used to enhance customer engagement. Some of the other factors contributing to the market growth include the rising demand for intelligent virtual assistants, rapid expansion of 5G infrastructure, and the advent of AI-powered industrial and surgical robots. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 29% during 2023-2028.
- On the basis of the type, the market has been bifurcated into narrow/weak and general/strong artificial intelligence.
- Based on the offering, the market has been divided into hardware, software and services.
- On the basis of the technology, the market has been classified into machine learning, natural language processing, context-aware computing, computer vision and others.
- Based on the system, the market has been categorized into intelligence systems, decision support processing, hybrid systems and fuzzy systems.
- On the basis of the end use industry, the market has been segmented into healthcare, manufacturing, automotive, agriculture, retail, security, human resources, marketing, financial services, transportation and logistics, and others.
- On the geographical front, the market has been segregated Germany, France, the United Kingdom, Italy, Spain and others.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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||Type, Offering, Technology, System, End-Use Industry, Country
||Germany, France, United Kingdom, Italy, Spain, Others
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