Artificial Intelligence - Iceland

  • Iceland
  • The market size in the Artificial Intelligence market is projected to reach US$57.57m in 2024.
  • The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.33%, resulting in a market volume of US$257.10m by 2030.
  • In global comparison, the largest market size will be in the United States (US$50.16bn in 2024).
 
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Analyst Opinion

The Artificial Intelligence market in Iceland is experiencing rapid growth, driven by factors such as the increasing adoption of digital technologies, growing health awareness, and the convenience of online health services. The market's elevated growth rate can be attributed to advancements in AI Robotics, Autonomous & Sensor Technology, Computer Vision, Machine Learning, Natural Language Processing, and Generative AI, making it a highly attractive market for investment and innovation.

Customer preferences:
The demand for AI-powered virtual assistants and chatbots has increased in Iceland, as consumers seek more efficient and personalized ways to interact with businesses and access information. This trend is driven by the country's small population and dispersed geographic location, making virtual solutions a convenient and cost-effective alternative to in-person services. Additionally, the rise of remote work and virtual communication due to the pandemic has accelerated the adoption of AI technology in various industries, including customer service and education.

Trends in the market:
In Iceland, the Artificial Intelligence market is experiencing a surge in the adoption of AI-powered solutions in various industries such as finance, healthcare, and retail. This is driven by the government's investment in promoting AI technology, as well as the country's highly skilled workforce. Additionally, there is a growing trend in the use of AI for data analysis and decision-making, leading to improved efficiency and cost savings. As the market continues to grow, industry stakeholders must stay updated on the latest AI advancements and invest in AI capabilities to remain competitive in the global market. This trend also presents opportunities for the development of AI startups and partnerships between local businesses and international AI companies.

Local special circumstances:
In Iceland, the Artificial Intelligence market is growing due to the country's highly educated workforce and its focus on innovation and technology. The government has also been supportive of AI development, providing funding and resources for research and development. Additionally, Iceland's remote location and harsh climate have led to the development of specialized solutions in areas such as renewable energy and natural resource management, making it a unique market for AI applications.

Underlying macroeconomic factors:
The Artificial Intelligence market in Iceland is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with advanced technological infrastructure and favorable regulatory environments are experiencing rapid growth in the AI market. Additionally, the increasing demand for automation and efficiency across industries, as well as the focus on innovation and digital transformation, are driving the adoption of AI solutions in Iceland. Furthermore, the country's strong fiscal policies and stable economic health also contribute to a conducive business environment for the growth of the AI market.

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.

Overview

  • Market Size
  • Value
  • Users
  • Annual AI Publications
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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