Computer Vision - Africa | Statista Market Forecast

The market size in the Computer Vision market is projected to reach US$485.50m in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 10.50%, resulting in a market volume of US$883.70m by 2030.
In global comparison, the largest market size will be United States (US$6.88bn in 2024).

Definition:
Computer vision is a field of artificial intelligence that focuses on enabling computers to understand and interpret visual information from digital images or videos. It involves the development of algorithms and models that can extract meaningful insights from visual data, such as identifying objects in images (image recognition), converting spoken language into written text (speech recognition), and analyzing unique facial features for identification (facial recognition). By mimicking human vision and perception, computer vision technology enables machines to comprehend and analyze visual content. This technology is applicable to a wide range of industries.

Structure:
The Computer Vision market has three markets. The Speech Recognition market covers the analysis and interpretation of human speech. The Image Recognition market covers the analysis and interpretation of digital images using computer vision, and the Facial Recognition covers the analysis and interpretation of human faces in digital images and/or videos.

Additional Information:

The market comprises two key performance indicators: market sizes and market sizes by industry. Market sizes are generated by the funding amount of Computer Vision companies. Key players of the market include companies such as Nvidia, Intel, and IBM.

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Applications of computer vision to enable machines to interpret and analyze visual data, such as image and video recognition, autonomous vehicles, and medical imaging.

Non-artificial intelligence applications of computer vision, such as video processing and editing, which do not involve machine learning or pattern recognition.

The Artificial Intelligence market in Africa is experiencing mild growth, driven by factors such as increasing adoption of computer vision technologies, growing awareness about the benefits of AI in healthcare, and the convenience of online services. These factors are particularly impactful in the sub-markets of speech recognition, image recognition, and facial recognition, contributing to the overall growth rate of the market.

Customer preferences: As technology continues to advance in Africa, there is a growing interest in computer vision applications, particularly in the healthcare sector. With limited access to medical professionals in many areas, consumers are turning to AI-powered tools for remote diagnosis and treatment. Additionally, the rise of e-commerce and online shopping has led to an increased demand for computer vision technology in supply chain management and product recognition. This shift towards digital solutions is driven by the need for efficiency and convenience in an increasingly digital landscape.

Trends in the market: In Africa, there is a growing interest in using computer vision technology for various applications, including healthcare, agriculture, and security. This is driven by the increasing availability of affordable smartphones and internet access. In the Computer Vision Market within the Artificial Intelligence Market, there is a trend towards using deep learning algorithms for more accurate and efficient image recognition and analysis. This has significant implications for industry stakeholders, as it can improve productivity, reduce costs, and enable new business opportunities. Furthermore, the adoption of computer vision technology in Africa has the potential to bridge the digital divide and promote economic growth in the region.

Local special circumstances: In Africa, the Computer Vision Market within the Artificial Intelligence Market is influenced by the continent's unique blend of traditional and modern cultures. Additionally, the region's diverse landscape and infrastructure challenges contribute to the market's dynamics. For example, in South Africa, advancements in computer vision technology are being applied to improve agriculture and wildlife conservation efforts, while in Nigeria, the market is driven by the increasing adoption of AI-powered security systems. Furthermore, regulatory initiatives, such as the recent launch of the African Union's AI Continental Strategy, are expected to shape the market's growth in the coming years.

Underlying macroeconomic factors: The growth of the Computer Vision Market within the Artificial Intelligence Market in Africa is influenced by macroeconomic factors such as technological advancements, government support, and investment in digital infrastructure. Countries with favorable regulatory environments and strong investment in AI technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing adoption of AI in various industries, such as healthcare, finance, and retail, is driving the demand for computer vision solutions to improve efficiency and productivity. Government initiatives to promote digital transformation and the growing tech-savvy population are also contributing to the market growth.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Artificial intelligence evokes images of supercomputer assistants, machines that can think creatively, and, to some, scenes from their favorite sci-fi movie. The reality, despite not being as futuristic, is not far off from this. AI refers to the ability of a computer or machine to mimic the competencies of the human mind, which often learns from previous experiences to understand and respond to language, decisions, and problems. The market for AI technologies is vast, amounting to around 200 billion U.S. dollars in 2023 and is expected to grow well beyond that to over 1.8 trillion U.S. dollars by 2030.

Artificial intelligence (AI), the technology that allows digital computers or computer-controlled robots to perform tasks more commonly associated with intelligent beings, has been leaping into the limelight following the release of a wide variety of Generative AI models in 2023. The United States, being the largest economy in the world, has a natural advantage. Although human-like androids such as those portrayed in the science fiction movie Blade Runner are still far from reality, applications of AI such as smartphone virtual assistants and industrial robots are already widespread in U.S. society. The industry’s powerful ability to improve efficiency and increase productivity has made it of strategic importance to U.S. industries and government, both of which push the U.S. lead in the AI race.

Computer Vision - Africa

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Computer Vision - Africa

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