Artificial Intelligence - South Africa

  • South Africa
  • The market size in the Artificial Intelligence market is projected to reach US$3.18bn in 2024.
  • The market size is expected to show an annual growth rate (CAGR 2024-2030) of 18.35%, resulting in a market volume of US$8.74bn by 2030.
  • In global comparison, the largest market size will be in the United States (US$106.50bn in 2024).
 
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Analyst Opinion

One of the current trends in the artificial intelligence industry is the increasing use of artificial intelligence (AI) in healthcare, particularly in areas such as disease diagnosis, drug development, and personalized medicine. Another trend is the use of AI to improve customer service and support, such as through chatbots and virtual assistants. The development of AI chips and edge computing is also a growing trend, enabling more efficient and powerful processing of AI applications. Finally, the integration of AI with other technologies, such as blockchain and the Internet of Things (IoT), is expected to continue to drive innovation and growth in the AI industry.

Several factors are contributing to the growth of the AI industry. First, the increasing availability of big data is providing more opportunities for AI applications, as AI algorithms require substantial amounts of data to learn and improve. Second, advancements in computing power and cloud computing infrastructure are enabling more efficient and powerful processing of AI applications. Third, the growing demand for automation and optimization in various industries, such as manufacturing, finance, and transportation, is driving the adoption of AI technologies. Fourth, the increasing use of AI in consumer-facing applications, such as virtual assistants and chatbots, is expanding the market for AI technologies. Finally, the growing investments and partnerships among technology companies, research institutions, and governments are fueling innovation and driving growth in the AI industry.

The Artificial Intelligence (AI) market is expected to continue to experience significant growth and development until 2030, driven by increasing adoption of AI technologies across industries, advancements in AI algorithms and infrastructure, and growing investment in AI research and development. The market is expected to see continued innovation and expansion, with AI becoming an increasingly integral part of business operations and consumer-facing applications.

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
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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