Press release
EU AI Act Shapes Trustworthy Growth in Europe Artificial Intelligence Market Valued USD 28.6 Billion in 2024
Europe Artificial Intelligence Market Report
The Europe Artificial Intelligence Market size reached USD 28.6 Billion in 2024. The market is expected to grow at a CAGR of 24.3% during the forecast period 2025-2033 to reach USD 202.0 Billion by 2033. Artificial intelligence integrates hardware like CPUs and GPUs with software technologies such as machine learning and natural language processing, driving the advancement of programmable machines that simulate human intelligence. This growth is supported by the European Commission's Horizon 2020 program and increased R&D investment in AI, especially highlighted by the COVID-19 pandemic impact.
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Study Assumption Years
Base Year: 2024
Historical Years: 2019-2024
Forecast Period: 2025-2033
Europe Artificial Intelligence Market Key Takeaways
The market size in 2024 was USD 28.6 Billion.
The market is expected to grow at a CAGR of 24.3% during 2025-2033.
The forecast period for the market covers the years 2025 to 2033.
Horizon 2020, a European Commission research program, is boosting annual investments in AI by 70%.
The COVID-19 pandemic has accelerated pharmaceutical investments in AI R&D, positively impacting the market.
AI hardware includes key chipsets such as CPUs, GPUs, FPGAs, and ASICs.
Core software technologies include augmented/virtual reality, deep learning, machine learning, and natural language processing.
Market Growth Factors
The Europe Artificial Intelligence market is growing notably due to strong support from Horizon 2020, a research and innovation initiative launched by the European Commission. This program aims to increase annual investments in AI by 70%, which facilitates the connection and strengthening of AI research centers across various European countries. This collaborative environment fosters the development of AI applications, significantly propelling market growth.
The outbreak of the COVID-19 pandemic has had a pivotal impact on the European AI market. Leading pharmaceutical companies have increased their expenditure on AI research and development, leveraging AI technologies to support medical and scientific advancements. This accelerated investment not only enhances AI application in healthcare but also stimulates the overall AI market in the region.
On the technological front, the Europe AI market benefits from advanced hardware components like central processing units (CPU), graphics processing units (GPU), field-programmable gate arrays (FPGA), and application-specific integrated circuits (ASIC). These enable high computational power for AI solutions. Concurrently, software technologies including augmented and virtual reality, deep learning, machine learning, and natural language processing facilitate processing large data volumes, enhancing AI capabilities and adoption.
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Market Segmentation
Type
Narrow/Weak Artificial Intelligence, General/Strong Artificial Intelligence. The market segmentation by type differentiates AI capabilities based on their strength and learning capabilities.
Offering
Hardware, Software, Services. This segmentation covers the physical components, software solutions, and related AI services driving the market.
Technology
Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision, Others. Technologies that underpin AI functions such as learning from data, understanding human language, contextual awareness, and image recognition.
System
Intelligence Systems, Decision Support Processing, Hybrid Systems, Fuzzy Systems. Various AI system architectures with distinct operational principles.
End-Use Industry
Healthcare, Manufacturing, Automotive, Agriculture, Retail, Security, Human Resources, Marketing, Financial Services, Transportation and Logistics, Others. Diverse sectors utilizing AI solutions for improved efficiency and innovation.
Country
Germany, France, United Kingdom, Italy, Spain, Others. Geographical segmentation covering key European countries involved in AI market activities.
Regional Insights
Germany, France, United Kingdom, Italy, and Spain are identified as key countries in the Europe Artificial Intelligence market. The European Commission's Horizon 2020 program fosters strong multilateral collaboration among these countries, enabling accelerated AI research and application development. This regional cooperation supports robust market expansion and technology integration fueling growth at a CAGR of 24.3% during 2025-2033.
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Key Players
Aleph Alpha
Mistral AI
Helsing GmbH
X.AI Corp.
Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co., Ltd.
Microsoft Corporation
Google LLC
OpenAI, Inc.
Market Report Coverage
Base Year: 2024
Historical Period: 2019-2024
Forecast Period: 2025-2033
Market Size in 2024: USD 28.6 Billion
Forecast Market Size in 2033: USD 202.0 Billion
CAGR: 24.3%
Market Segments: Type, Offering, Technology, System, End-Use Industry, Country
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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About Us
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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