The European market for artificial intelligence will grow from around two billion euros at present to up to ten billion euros in 2022. This is the result of a new study published recently.

In December 2018, the European Information Technology Observatory (EITO) presented the study "AI in Europe - Ready for Take-off". It underlines that Artificial Intelligence (AI) is becoming a key technology in many areas.

The report explains the significance of AI and looks into the drivers and the barriers of its adoption in European organizations. The market forecast until 2022 includes information on top use cases in terms of current and future spending.

Industry invests the most

Based on the results, the authors of the study expect an average annual growth of 38 percent until 2022. The strongest increases will be in revenues from software (45 percent) and services (47 percent), while expenditures for servers and storage space will only increase by 24 percent per year.

According to the EITO report, the manufacturing industry in Europe is currently investing the most in AI - followed by the financial sector and retail. The biggest increases in spending over the next few years are expected in the healthcare and retail sectors.