Europe Artificial Intelligence (AI) Market Overview:

Maximize Market Research is a Business Consultancy Firm that has published a detailed analysis of the “ Europe Artificial Intelligence (AI) Market”. The report includes key business insights, demand analysis, pricing analysis, and competitive landscape. The report provides the current state of the Europe Artificial Intelligence (AI) market by thorough analysis, and projections are made up to 2030.

The Europe Artificial Intelligence (AI) Market size was valued at USD 304.02 Billion in 2023 and the total Europe Artificial Intelligence (AI) revenue is expected to grow at a CAGR of 36.38 % from 2024 to 2030, reaching nearly USD 2667.82 Billion by 2030.

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Europe Artificial Intelligence (AI) Market Dynamics:

The artificial intelligence (AI) market in Europe is expanding exponentially, overcoming obstacles in the form of politics and the economy to keep moving forward. Europe is a key player in the global AI market, with a projected expenditure of $33.2 billion in 2023—a substantial 20% share—despite challenges including the conflict in Ukraine, inflation, slashed IT spending, and job losses in well-known tech companies. Between 2021 and 2026, the region expects a phenomenal Compound Annual Growth Rate (CAGR) of 29.6%, above the global CAGR of 27.0%. Together, Western and Central and Eastern Europe are driving this increase, which is expected to see AI spending reach $70 billion by 2026. Software is the main driver of this development and is expected to account for about two thirds of all investment by 2023.

The main sectors driving this increase are banking, retail, manufacturing (both discrete and process), and professional services. Together, these sectors will account for more than half (55.5%) of the total spending on artificial intelligence in Europe by 2023. Key use cases, including better threat intelligence and prevention systems as well as fraud analysis and investigation, are highlighted by the emphasis on enhanced security. These goals go beyond financial services and include the public sector as well as sectors like utilities, transportation, and telecommunications that are vulnerable to increased threats.

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Europe Artificial Intelligence (AI) Market Segmentation:

by Technology
Machine Learning
Natural Language Processing (NLP)
Computer Vision
Robotics
Others

Technology-wise, machine learning led the artificial intelligence (AI) market in Europe in 2023 since it is widely applied in a variety of sectors, including marketing, finance, and healthcare. Because of its flexibility, it can be used for process optimisation, personalised recommendations, and predictive analytics. Similar to this, natural language processing, or NLP, has been widely used in sentiment analysis, customer support, and translation services, improving communication via chatbots and language processing. Computer vision is widely used in industries such as retail (facial recognition for personalised experiences), automotive (autonomous vehicles), and healthcare (medical image analysis).

by Component
Hardware
Software
Services
by Deployment Model
On-Premises
Cloud-Based

by Application
Healthcare
Automotive
BFSI
Retail
Manufacturing
Agriculture
Others

The Europe Artificial Intelligence (AI) Market was led by the Healthcare category in 2023, and this trend is anticipated to continue during the forecast period. By utilising AI for drug development, personalised medicine, and diagnostic imaging, it greatly enhances patient care and treatment results. AI is being rapidly incorporated into autonomous cars in the automotive industry, improving safety features and completely changing transportation. Artificial intelligence (AI) algorithms power fraud detection, risk assessment, and customised financial services in the BFSI industry, guaranteeing safe transactions and effective operations. AI is having an impact on retail through chatbots and recommendation engines that provide personalised recommendations, inventory optimisation, and improved consumer experiences.

by End User
Enterprises
Small and Medium-sized Enterprises (SMEs)
Government
Healthcare Providers
Others

Europe Artificial Intelligence (AI) Market Regional Insights:

Regional insights play a vital role in understanding the nuanced dynamics of the Europe Artificial Intelligence (AI) market. The Europe Artificial Intelligence (AI) market is divided into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The report offers a comprehensive examination of factors, market size, growth rate, and import and export activities within each region. The Regional Analysis section presents the current status of the Europe Artificial Intelligence (AI) market in the countries covered in the report.

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Europe Artificial Intelligence (AI) Market Key Players:

1. DeepMind Technologies, London, United Kingdom
2. Cognizant Softvision, Bucharest, Romania
3. UiPath, Bucharest, Romania
4. BenevolentAI, London, United Kingdom
5. Darktrace, Cambridge, United Kingdom
6. Dataiku, Paris, France
7. Babylon Health, London, United Kingdom
8. Zalando, Berlin, Germany
9. Freenome, San Francisco, United States (with a strong presence in Europe)
10. Graphcore, Bristol, United Kingdom

Key questions answered in the Europe Artificial Intelligence (AI) Market are:

• What is Europe Artificial Intelligence (AI) ?
• What was the Europe Artificial Intelligence (AI) market size in 2023?
• Who are the leading companies and what are their portfolios in Europe Artificial Intelligence (AI) Market?
• What growth strategies are the players considering to increase their presence in Europe Artificial Intelligence (AI) ?
• What are the upcoming industry applications and trends for the Europe Artificial Intelligence (AI) Market?
• Which are the factors expected to drive the Europe Artificial Intelligence (AI) market growth?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Europe Artificial Intelligence (AI) Market?
• What are the different segments of the Europe Artificial Intelligence (AI) Market?
• What will be the CAGR at which the Europe Artificial Intelligence (AI) market will grow?
• What is the growth rate of the Europe Artificial Intelligence (AI) Market?
• What segments are covered in the Europe Artificial Intelligence (AI) Market?
• What are the key challenges and opportunities in the Europe Artificial Intelligence (AI) market?
• Which application holds the highest potential in the Europe Artificial Intelligence (AI) market?
• Who are the key players in the Europe Artificial Intelligence (AI) market?

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Key Offerings:

• Past Market Size and Competitive Landscape 
• Past Pricing and price curve by region 
• Market Size, Share, Size & Forecast by different segment 
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
• Competitive landscape – Market Leaders, Market Followers, Regional player
• Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of Business by Region
• Lucrative business opportunities with SWOT analysis
• Recommendations

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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