The Europe Embedded AI Market would witness market growth of 13.6% CAGR during the forecast period (2023-2030).
The automobile industry had a significant impact on embedded AI adoption. Gesture recognition, Object identification, voice assistants, and predictive maintenance are only some of the features that embedded AI makes possible in driverless vehicles, in-car entertainment systems, and advanced driver assistance systems (ADAS). Automakers and providers of AI technology were forming partnerships to offer AI-driven solutions that would enhance convenience, customer experience, and safety. As embedded AI applications proliferated across sectors, regulators and lawmakers began to concern about ensuring AI's moral and responsible use. The creation of standards, norms, and procedures was discussed, along with data protection, transparency, and accountability. Compliance with these guidelines has become increasingly important for vendors of embedded AI systems.
The market is anticipated to have significant prospects with the advent of 5G technology. Due to the incorporation of 5G into their design, embedded devices used in smart video surveillance systems for automobiles provide speedy response times. Additionally, since 5G technology offers quick photo processing, it will likely help with the problems arising from industrial automation and smart farming. Therefore, embedded AI devices that support 5G infrastructure are anticipated to dominate the market.
Europe is a pioneer in artificial intelligence research and development owing to its creative businesspeople, industrialists, and digital start-ups founded on scientific discoveries. With a strong industrial base, Europe produces a significant share of the world's industrial and professional service robots and equipment in the areas of health, logistics, energy, security, and farming. Virtually every significant industry, including manufacturing, transportation, healthcare, e-government, and space technology, makes extensive use of artificial intelligence. The European Commission is boosting its expenditures in artificial intelligence via the framework program for research and innovation. Additionally, the Commission will promote and fund research into artificial technologies in basic and applied fields. The market is anticipated to expand rapidly due to the rising popularity of artificial intelligence technologies.
The Germany market dominated the Europe Embedded AI Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,473.8 million by 2030. The UK market is exhibiting a CAGR of 12.7% during (2023 - 2030). Additionally, The France market would experience a CAGR of 14.5% during (2023 - 2030).
Based on Vertical, the market is segmented into BFSI, Healthcare & Lifesciences, IT & Telecom, Automotive, Media & Entertainment, Energy & Power, Transportation & Logistics, Government & Defense, Manufacturing, and Others. Based on Data Type, the market is segmented into Numeric Data, Sensor Data, Image & Video Data, Categorical Data, and Others. Based on Offering, the market is segmented into Hardware (Processors, Memory Units, AI Accelerators, and Others), Software (Edge Computing Platforms, AI & ML Framework, and AI Middleware & Others), and Services. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Embedded AI Market is Projected to reach USD 22.4 Billion by 2030, at a CAGR of 13.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google LLC (Alphabet Inc.), IBM Corporation, Microsoft Corporation, Amazon Web Services, Inc. (Amazon.com, Inc.), NVIDIA Corporation, Intel Corporation, Qualcomm, Inc., Salesforce, Inc., Siemens AG and Oracle Corporation.
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