The European Artificial Intelligence market is estimated to grow significantly at a CAGR of 34.4% during the forecast period. Europe has a huge potential for the growth of AI owing to an advanced economy and significant investment. European Union is one of the unique economic and political unions amongst countries that together cover much of the continent. UK, Spain, Germany, France, and Italy are the major economies of Europe which are contributing significantly towards the growth of the market.
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One of the major motivating factors that push the European region upward is the presence of supportive government initiatives. Europe is a fully developed region in terms of technological advancement. In April 2018, the European Commission planned to invest $10.5 billion to develop the first-ever Digital Europe program. Digital Europe program will significantly raise the competitive position of Europe Union in the international market.
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The market is segmented on the basis of offering, end-user industry, and country. Based on offering, the market is divided into software & services and hardware. The market for software and services was the highest market during the forecast period. Based on the end-user industry, the market is segmented into manufacturing, automotive, IT and BFSI, healthcare, e-commerce & logistics, home appliances, and others. On the basis of country, the market covers the analysis of UK, Spain, Germany, France, Italy, and Rest of Europe.
Some of the companies which are contributing to the growth of the European AI market include AIBrain Inc., Google LLC, IBM Corp., Microsoft Corp., Medtronic PLC and others.
European Artificial Intelligence Market by Offering
Software & Services
European Artificial Intelligence Market by End-User Industry
IT and BFSI
E-Commerce & Logistics
Other (Agriculture, Energy & Utilities, Media & Entertainment, Education)
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