According to IDC’s Worldwide AI and Generative AI Spending Guide, the European AI and genAI market is set to soar to a £36 billion in 2024, with a staggering compound annual growth rate of 33.7 per cent over the 2022-2027 forecast period.
The number crunchers at IDC said that Europe’s slice of the global AI pie is about one-fifth, and though GenAI only made up 9.6 per cent of Europe’s total AI market last year, it’s on a rapid rise.
IDC’s crystal ball predicts that genAI spending will outpace the rest of the AI market by more than threefold, meaning genAI will account for over a quarter of the total European AI market by 2027.
When it comes to tech segments, software is king in 2024, with a market value that’s more than the combined worth of hardware and services.