Hamburg, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Overview
The Europe Generative AI Market size is expected to reach USD 3.5 billion by 2024 and is further anticipated to reach USD 59.0 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 37.0% from 2024 to 2033.
Generative AI is a tool that allows users to quickly develop new content from many inputs like text, images, sounds, & more. These AI models use neural networks to find patterns in current data & generate fresh content.
In Europe, it plays a significant role in the development of the region through the use of advanced technologies
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Important Insights
- The Europe Generative AI Market is expected to grow by USD 54.4 billion by 2033 from 2024 with a CAGR of 37.0%.
- The Text segment is set to lead in 2024 significantly & is anticipated to dominate throughout the forecasted period.
- The Cloud segment is set to dominate the Europe Generative AI Market in 2024.
- The media & entertainment segment is anticipated to get the biggest revenue share in 2024 in the Europe Generative AI Market.
Europe Generative AI Market: Trends
- Rise of Multimodal AI: Increase in the adoption of AI models that handle multiple media types, like text, images, and audio, improving interactive and immersive experiences.
- AI in Green Tech: Growing focus on the usage of AI for sustainability and energy efficiency, aligning with Europe’s green initiatives & climate goals.
- Ethical AI Development: A trend towards prioritizing ethical AI practices, with a focus on lowering bias and ensuring transparency in AI systems.
- AI-Powered Automation: Expanding the use of generative AI for automating tasks in industries like customer service, content creation, and manufacturing, driving efficiency and innovation.
Europe Generative AI Market: Competitive Landscape
The European Generative AI market features a dynamic mix of technology leaders and innovative startups building advanced AI models for applications like content creation and automation. Major collaborations between tech companies and research institutions are also fostering innovation and enhancing AI capabilities across the region.
Some of the major players in the market include Microsoft Corp, IBM, Oracle, Helsing, DeepL, Aleph Alpha, and more.
Some of the prominent market players:
- Microsoft Corp
- IBM
- Oracle
- Helsing
- DeepL
- Aleph Alpha
- Deepmind
- Graphcore
- Twenty BN
- Mistral AI
- Other Key Players
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Europe Generative AI Market Scope
| Report Highlights | Details |
| Market Size (2024) | USD 3.5 Bn |
| Forecast Value (2033) | USD 59.0 Bn |
| CAGR (2024-2033) | 37.0% |
| Historical Data | 2018 - 2023 |
| Forecast Data | 2025 - 2033 |
| Base Year | 2023 |
| Estimate Year | 2024 |
| Segments Covered | By Software, By Software Deployment, By Data Modality, By Application, By End User |
| Regional Coverage | Europe |
Segment Analysis
Text-based data is driving growth in Europe's generative AI market in 2024 by improving communication, personalization, and operations. Businesses highly adopt AI-driven solutions for tasks like translation, summarization, and sentiment analysis, boosting the need for natural language processing (NLP) technologies that analyze large text volumes.
In addition, code as a data modality accelerates market expansion by enabling AI to generate, debug, and optimize software. AI-driven coding tools enhance productivity, reduce errors, and speed up innovation across industries like tech, finance, and manufacturing, further fueling growth in Europe’s generative AI market.
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Europe Generative AI Market Segmentation
By Software
- Rule-based Models
- Statistical Models
- Deep Learning
- Generative Adversarial Networks
- Transformer Model
- Others
By Software Deployment
- On-Premise
- Cloud
By Data Modality
- Text
- Text Generation
- Text-based Chatbots
- Text Summarization
- Text Translation
- Others
- Image
- Image Generation
- Image Captioning
- Image Editing & Enhancement
- Others
- Video
- Video Generation
- Video Editing & Enhancement
- Video Annotation
- Others
- Audio & Speech
- Text-to-Speech
- Speech Recognition & Transcription
- Music Generation
- Others
- Code
- Code Generation
- Code Documentation
- Code Translation & Transpilation
- Others
By Application
- Business Intelligence & Visualization
- Sales Intelligence
- Marketing Intelligence
- Finance Intelligence
- Human Resource Intelligence
- Operation Intelligence
- Content Management
- Content Generation
- Content Curation, Tagging & Categorization
- Digital Marketing
- Media Editing
- Synthetic Data Management
- Synthetic Data Augmentation
- Synthetic Data Training
- Search & Discovery
- General Search
- Insight Generation
- Automation & Integration
- Personalization & Recommendation Systems
- Customer Experience Management
- Application Development & API Integration
- Cybersecurity Intelligence
- Generative AI Design
- Others
By End User
- BFSI
- Fraud Detection
- Customer Service
- Risk Management
- Personalized Financial Services
- Document Automation
- Healthcare & Life Sciences
- Medical Imaging
- Drug Discovery
- Personalized Medicine
- Patient Care
- Administrative Automation
- Media & Entertainment
- Content Generation
- Personalization
- Visual Effects
- Interactive Entertainment
- Construction & Real Estate
- Design & Planning
- Project Management
- Building Information Modeling
- Property Valuation
- Smart Building
- Transportation & Logistics
- Route Optimization
- Fleet Management
- Supply Chain Logistics
- Autonomous Vehicles
- IT & ITES
- Software Development
- IT Operations
- Customer Support
- Business Intelligence
- Cloud Services
- Energy & Utilities
- Demand Forecasting
- Grid Management
- Renewable Energy
- Energy Efficiency
- Smart Metering
- Telecommunication
- Network Optimization
- Customer Experience
- Fraud Detection
- Service Automation
- Content Delivery
- Government & Defense
- Surveillance
- Cybersecurity
- Resource Allocation
- Public Services
- Military Applications
- Manufacturing
- Design Automation
- Predictive Maintenance
- Quality Control
- Supply Chain Optimization
- Retail & E-commerce
- Product Optimization
- Fleet Management
- Building Information Modeling
- Property Valuation
- Smart Building
- Other
Europe Generative AI Market: Driver
- Advanced AI Solutions Demand: The increase in the need for AI-driven natural language processing & generation across applications like content creation, virtual assistants, and sentiment analysis.
- Multimodal AI Expansion: Growth in multimodal generative models that handle text, images, and audio, improving user experiences and driving innovation.
- Government Support and Funding: Strong government policies & financial backing across Europe, support AI integration in various sectors.
- Startup Ecosystem and R&D: A thriving startup scene and strong research and development initiatives, mainly in leading countries like the UK, Germany, and France.
Europe Generative AI Market: Restraints
- Data Privacy Regulations: Strict data protection laws, like GDPR, create challenges for AI development and deployment, mainly in handling sensitive data.
- High Development Costs: The higher investment needed for developing and maintaining advanced AI models can be a barrier, mainly for smaller companies and startups.
- Talent Shortage: A shortage of skilled AI professionals across Europe limits the pace of AI adoption and innovation.
- Ethical and Bias Concerns: Ethical issues & concerns regarding AI bias create challenges in gaining public trust and regulatory approval for generative AI solutions.
Europe Generative AI Market: Opportunities
- Industry-Specific AI Applications: A higher potential for generative AI in specialized sectors like healthcare, finance, and manufacturing, providing customized solutions and efficiencies.
- Cross-Border Collaborations: Opportunities for innovation through partnerships between European countries, using diverse expertise and shared research initiatives.
- Expansion in Multimodal AI: Growth in demand for multimodal generative models that integrate text, images, and audio, driving innovation in content creation and virtual assistance.
- EU-Funded Initiatives: Access to significant EU funding for AI research and development, helping startups, and accelerating AI adoption across many industries.
European Countries Analysis
In the European Generative AI market, the UK, Germany, and France are leading in innovation and adoption. The UK leads in AI R&D, driven by strong investments & a vibrant startup ecosystem.
Further, Germany uses AI for development in the manufacturing and automotive sectors, while France integrates AI into healthcare and media, supported by favorable government policies.
Moreover, Spain, Italy, Poland, and Hungary are also progressing, focusing on digital transformation and AI research. This diverse landscape makes Europe a dynamic and promising market for generative AI growth.
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By Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
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- The Artificial Intelligence (AI) in Logistics Market is expected to reach USD 18.2 billion by 2024, growing at an impressive CAGR of 47.5%, and is projected to reach a market value of USD 599.5 billion by 2033.
- The Artificial Intelligence (AI) Image Generator Market is set to reach USD 419.2 million in 2024, with a projected CAGR of 18.1%, resulting in a market value of USD 1,880.3 million by 2033.
- The U.S. Generative AI Market is expected to reach a market size of USD 9.6 billion in 2024, and is anticipated to grow at a CAGR of 38.4%, reaching USD 179.4 billion by 2033.
Recent Developments in the Europe Generative AI Market
- June 2024: Amazon unveiled that its sellers in France, Germany, Italy, Spain, and the United Kingdom can gain from innovations that use the power of generative AI to greatly simplify the process of product listing creation as well as enrich current product listings to better resonate with customers and help drive sales
- June 2024: EBU reported a strategic paper for generative artificial intelligence (AI) and media., created to support its Members to implement AI tools knowledgeably, efficiently, and in the best interests of audiences.
- January 2024: The Dutch government provided a vision of generative AI, where the government focuses on the urgent need to take action with a view to the opportunities and challenges of this disruptive & at the same time, promising technology.
About Dimension Market Research (DMR)
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