Computer Vision - Canada | Statista Market Forecast

The market size in the Computer Vision market is projected to reach US$577.50m 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$1.05bn 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.

For more information on the data displayed, use the info button right next to the boxes.

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 Computer Vision market within the Artificial Intelligence Market in Canada is experiencing mild growth, driven by factors such as increasing adoption of digital technologies, growing health awareness among consumers, and the convenience of online health services. These factors are likely influenced by the sub-markets of Speech Recognition, Image Recognition, and Facial Recognition, which have all seen a rise in demand. However, the market's growth rate may also be impacted by factors such as limited access to advanced technology and concerns about privacy and security.

Customer preferences: With the rise of e-commerce and the increasing popularity of online shopping, consumer demand for advanced visual search and recommendation systems has grown. This has led to a surge in adoption of computer vision technology in the retail industry, where it is being used to enhance the shopping experience and personalize product recommendations for customers. Additionally, the integration of computer vision in smart home devices, such as voice-activated assistants, is gaining traction as consumers seek more convenient and intuitive ways to interact with technology.

Trends in the market: In Canada, the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for facial recognition technology in various industries such as banking, retail, and healthcare. This trend is driven by the increasing need for security and personalization in customer interactions. Additionally, there is a growing trend of using Computer Vision for object detection and tracking in industrial and manufacturing applications. These trends are expected to continue, with advancements in Computer Vision technology and the emergence of new use cases. Industry stakeholders should embrace these trends to stay competitive and reap the benefits of increased efficiency and improved customer experience.

Local special circumstances: In Canada, the Computer Vision market is thriving due to the country's strong research and development capabilities, particularly in the fields of computer science and engineering. Additionally, the country's highly educated workforce and advanced technological infrastructure contribute to its competitive advantage in this market. Furthermore, Canada's supportive government policies and investment in AI research and development have created a favorable environment for the growth of the Computer Vision market. These factors, combined with Canada's multicultural society and diverse business landscape, have led to the emergence of innovative solutions and applications for Computer Vision technology.

Underlying macroeconomic factors: The growth of the Computer Vision market within the Artificial Intelligence Market in Canada is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with strong research and development capabilities and favorable regulatory environments are experiencing faster market growth compared to regions with regulatory challenges and limited investment in AI technologies. Additionally, the increasing demand for automation and efficiency across industries is driving the adoption of computer vision solutions, as well as the growing need for improved decision-making and customer experience.

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 - Canada

Value

Market Size

Analyst Opinion

Global Comparison

Methodology

Technology

Access more Market Insights on Technology topics with our featured report

Key Market Indicators

Explore more high-quality data on related topic

Artificial intelligence (AI) worldwide - statistics & facts

Explore more high-quality data on related topic

Artificial intelligence (AI) in the U.S. - statistics & facts

Contact

Get in touch with us. We are happy to help.

Computer Vision - Canada

In-Scope

Out-Of-Scope

Artificial Intelligence

Related markets:

Artificial Intelligence: in-depth market analysis

Value

Market Size

Analyst Opinion

Global Comparison

Methodology

Technology

Access more Market Insights on Technology topics with our featured report

Key Market Indicators

Explore more high-quality data on related topic

Artificial intelligence (AI) worldwide - statistics & facts

Explore more high-quality data on related topic

Artificial intelligence (AI) in the U.S. - statistics & facts