Computer Vision - EMEA | Statista Market Forecast

The market size in the Computer Vision market is projected to reach US$7.64bn 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$13.92bn 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 EMEA is witnessing steady growth, driven by increasing adoption of digital technologies, rising awareness on health and convenience of online health services. The sub-markets of Speech Recognition, Image Recognition and Facial Recognition contribute to this growth, with a mild growth rate influenced by factors such as regulatory challenges and data privacy concerns.

Customer preferences: The rising demand for autonomous vehicles and smart transportation solutions is fueling the growth of the computer vision market in EMEA. This trend is driven by the increasing adoption of advanced driver assistance systems and the need for real-time image and object recognition for safe navigation. Additionally, the integration of computer vision technology in retail and manufacturing industries is expected to drive market growth, as it enables efficient inventory management and enhanced quality control.

Trends in the market: In EMEA, the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for facial recognition technology, driven by increased security concerns and the need for contactless identification solutions. This trend is expected to continue as companies across industries, including retail, banking, and transportation, incorporate computer vision into their operations. Additionally, there is a growing focus on the development of autonomous vehicles, creating opportunities for computer vision technology providers. This trajectory highlights the importance of investing in research and development to stay competitive in the market. It also has implications for industry stakeholders, as partnerships and collaborations will be crucial to capitalize on the potential of this technology.

Local special circumstances: In EMEA, the Computer Vision Market within the Artificial Intelligence Market is heavily influenced by the region's strong focus on innovation and technological advancements. This has led to a high adoption of computer vision solutions in various industries, such as healthcare and retail. Additionally, the strict data privacy regulations in Europe have resulted in the development of AI systems that prioritize privacy and security. In contrast, the Middle East has seen a surge in the use of computer vision in smart city initiatives, while the African market is driven by the need for efficient and cost-effective solutions in the agriculture sector.

Underlying macroeconomic factors: The Computer Vision Market within the Artificial Intelligence Market in EMEA is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with strong economic growth and favorable business environments are experiencing faster market growth compared to regions with economic challenges and limited investment in AI technologies. Additionally, the increasing demand for automation and efficiency in industries such as healthcare, retail, and manufacturing is driving the adoption of computer vision solutions, leading to market growth in the region.

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 - EMEA

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