Computer Vision - EMEA

  • EMEA
  • The market size in the Computer Vision market is projected to reach US$7.65bn in 2024.
  • The market size is expected to show an annual growth rate (CAGR 2024-2030) of 10.49%, resulting in a market volume of US$13.92bn by 2030.
  • In global comparison, the largest market size will be in the United States (US$6,877.00m in 2024).
 
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Analyst Opinion

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.

Methodology

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.

Overview

  • Market Size
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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