More than a third of European businesses deployed AI in 2023, research commissioned by Amazon Web Services (AWS) found, paving the way for adoption of the technology to deliver an economic impact of around €3.4 trillion by 2030.

Conducted by consulting company Strand Partners, the research found the growth could materialise if the current trajectory of AI deployments by European enterprises is maintained.

The €3.4 trillion figure represents an increase of around €600 billion from estimates made in 2023, largely due to a boom in generative AI during the year.

Strand Partners stated the survey sought to examine where Europe finds itself on its journey towards meeting digital targets set by the European Commission (EC).

Data was gathered from respondents representing more than 16,000 citizens and 14,000 businesses across the European Union, UK and Switzerland. 

More than 50 per cent of businesses surveyed noted digital technologies are essential to their operations, up from 42 per cent in 2022.

Meanwhile, European citizens believe AI “will positively transform key public services” including education, healthcare, agriculture, and sports and culture. 

AWS stated the latest study offered a more optimistic outlook than research by the EC in 2023, which claimed uptake of digital technologies by European companies is still well below its targets.

However, AWS warned Europe must address three critical areas to fully unlock AI’s potential: creating a “pro-innovation environment”; addressing a skills gap; and ensuring all businesses have access to new technologies.

The research found adoption of AI and other digital technologies are currently concentrated in large companies.