Artificial Intelligence - Belgium

Belgium

The market size in the Artificial Intelligence market is projected to reach US$1.16bn in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.28%, resulting in a market volume of US$5.17bn by 2030.
In global comparison, the largest market size will be in the United States (US$50.16bn in 2024).

Definition:
Artificial intelligence (AI) is a branch of computer science that focuses on creating machines able to perform tasks traditionally requiring human intelligence, such as perception, reasoning, and learning. The Artificial Intelligence (AI) market includes a wide range of applications, such as speech recognition, image processing, and autonomous vehicles and has seen rapid growth in recent years due to advancements in technology and increased investment. The Artificial Intelligence (AI) market includes software, hardware, and services that enable organizations to develop and deploy AI applications.

Structure:

The Artificial Intelligence (AI) market is structured into six markets based on the technology:

The Computer Vision market covers applications that enable computers to interpret and understand digital images and video data.
The Machine Learning market covers the use of algorithms to enable computer systems to learn from data.
The Natural Language Processing market covers applications that enable computers to understand, interpret, and generate human language.
The Artificial Intelligence Robotics market covers the combination of AI, machine learning, and engineering to create intelligent machines that can perform tasks autonomously.
The Autonomous & Sensor Technology market covers machines and systems that operate independently by using sensors, AI, and machine learning to respond to changes in their environment.
The Generative AI market covers artificial intelligence that involves creating models capable of generating new content, such as images, videos, and text, which are indistinguishable from content created by humans.

Additional Information:

The Artificial Intelligence (AI) market comprises three key performance indicators: market sizes, market sizes by industry, and users of AI tools. Market sizes are generated by the funding amount of Artificial Intelligence (AI) companies. Key players of the Artificial Intelligence (AI) market include companies such as Google, Open AI, IBM, and Microsoft.

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Analyst Opinion

The Artificial Intelligence market in Belgium is witnessing rapid growth, driven by factors such as increasing investments in AI technology, growing demand for automation and advanced data analytics, and government initiatives to promote AI adoption. The market is also benefiting from the advancements in AI sub-markets such as robotics, computer vision, and natural language processing. The elevated growth rate can be attributed to the rising need for efficient and intelligent solutions in various industries, such as healthcare, finance, and transportation. Additionally, the availability of skilled workforce and supportive regulatory environment are further propelling the growth of the AI market in Belgium.

Customer preferences: As the use of Artificial Intelligence continues to grow in Belgium, consumers are increasingly seeking personalized and efficient solutions for everyday tasks. This has led to a rise in demand for AI-powered virtual assistants and chatbots, which offer convenience and efficiency in completing various tasks. Furthermore, the integration of AI in smart home devices and appliances is becoming more prevalent, catering to the growing trend of connected living. This shift towards AI-driven solutions is driven by the desire for a seamless and effortless lifestyle.

Trends in the market: In Belgium, the Artificial Intelligence market is experiencing a surge in demand for AI-powered solutions across various industries. From healthcare to manufacturing, companies are leveraging AI to streamline operations and improve efficiency. Additionally, there is a growing trend of using AI for data analysis and predictive maintenance, helping businesses make informed decisions and reduce costs. This trajectory is significant as it highlights the potential of AI to revolutionize traditional processes and drive innovation. As AI adoption continues to increase, industry stakeholders must stay updated on the latest developments and invest in AI technologies to remain competitive in the market.

Local special circumstances: In Belgium, the Artificial Intelligence market is thriving due to the country's strong focus on innovation and technology. The government has invested heavily in developing AI research and infrastructure, creating a favorable environment for startups and established companies alike. Additionally, the country's central location in Europe allows for easy access to a diverse range of markets and talent. With a highly educated and multilingual workforce, Belgium is well-positioned to become a leading player in the global AI market.

Underlying macroeconomic factors: The growth of the Artificial Intelligence market in Belgium is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. With a strong economy and favorable regulatory environment, Belgium is witnessing a rapid adoption of AI technologies across various industries. Furthermore, the country's focus on promoting digital transformation and its strategic location in the heart of Europe make it an attractive market for AI companies looking to expand their presence. Additionally, the rising demand for AI-driven solutions to address challenges in healthcare, transportation, and manufacturing sectors is expected to drive the growth of the market in Belgium.

Methodology

Data coverage: The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the funding values from different industries for the market.

Modeling approach / Market size:Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use annual financial reports, funding data, and third-party data. In addition, we use relevant key market indicators and data from country-specific associations such as GDP, number of internet users, number of secure internet servers, and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are the level of digitalization, the number of secure internet servers, and the revenue of the Public Cloud market.

Additional Notes: The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russian-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the market is updated on an ad-hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is weighted for representativeness.