The European Artificial Intelligence (AI) and Generative AI (GenAI) market will reach $47.6 billion in 2024 and record a compound annual growth rate (CAGR) of 33.7 percent over the 2022-2027 forecast period. Europe represents around one-fifth of the global AI market according to the latest worldwide market study by International Data Corporation (IDC). While the share of GenAI reached only 9.6 percent of the total European AI market in 2023, it is increasing rapidly. Investment in GenAI will grow more than three times as fast as spending on the rest of the artificial intelligence market. As a result, GenAI will be more than a quarter of the European AI market in 2027. European AI Market Development Software will be the largest technology segment in 2024, with a market value higher than hardware and services combined. Furthermore, software is expected to have the fastest growth during 2022-2027, driven by demand for AI applications and platforms. The share of hardware technologies will...
TMT Market Research and Analysis