Artificial Intelligence - Chile

Chile

The market size in the Artificial Intelligence market is projected to reach US$576.20m in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.54%, resulting in a market volume of US$2,599.00m 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 Chile is experiencing rapid growth due to increasing adoption of digital technologies, rising awareness about health, and the convenience of online health services. The elevated growth rate can be attributed to advancements in AI Robotics, Autonomous & Sensor Technology, Computer Vision, Machine Learning, Natural Language Processing, and Generative AI. Factors such as government support, investment in research and development, and collaborations between industry players are driving the growth of this market.

Customer preferences: With the rapid growth of the Artificial Intelligence Market in Chile, there has been a notable increase in the use of AI-powered virtual assistants and chatbots by businesses to enhance customer service and improve efficiency. Additionally, consumers are increasingly relying on voice-activated AI technology for daily tasks, such as shopping and managing appointments. This trend is driven by the high adoption of smartphones and the growing preference for convenience and personalized experiences.

Trends in the market: In Chile, the Artificial Intelligence market is experiencing a surge in the adoption of AI-powered chatbots in various industries, such as banking and healthcare. This trend is driven by the need for efficient and cost-effective customer service solutions. Additionally, there is a growing focus on using AI for data analysis and decision-making, particularly in the financial sector. These trends not only signify a shift towards automation and enhanced customer experiences, but also have significant implications for industry stakeholders, such as increased efficiency and competitiveness. It is expected that the trajectory of these trends will continue to accelerate as companies increasingly recognize the potential of AI in improving business operations and customer satisfaction.

Local special circumstances: In Chile, the Artificial Intelligence market is fueled by the country's growing tech industry and its emphasis on innovation and entrepreneurship. With a strong focus on sustainability and renewable energy, Chile has also seen the emergence of AI solutions in the energy sector. Additionally, the government has implemented initiatives to promote the adoption of AI in various industries, such as healthcare and education. This, combined with Chile's stable economy and favorable business environment, has created a conducive market for the growth of Artificial Intelligence.

Underlying macroeconomic factors: The growth of the Artificial Intelligence market in Chile is influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. As a developing country, Chile has made significant progress in advancing its technological infrastructure and has implemented policies to promote the adoption of AI. Additionally, the country's stable economy and favorable business environment make it an attractive market for AI companies. Furthermore, the increasing need for automation and efficiency in industries such as healthcare, retail, and finance is driving the demand for AI solutions in Chile. This trend is expected to continue as the country continues to invest in its digital transformation and innovation strategies.

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.