Computer Vision - Estonia | Statista Market Forecast

The market size in the Computer Vision market is projected to reach US$10.25m 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$18.66m 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 Estonia, specifically in the sub-markets of Speech Recognition, Image Recognition, and Facial Recognition, is experiencing mild growth. Factors such as increasing adoption of digital technologies, rising health awareness among consumers, and the convenience offered by online health services are driving this growth. Additionally, the country's focus on advancing technology and innovation is contributing to the market's growth. However, challenges such as data privacy and security concerns may have a slight impact on the growth rate.

Customer preferences: With the rise of advanced technologies and the increasing need for efficiency, there has been a noticeable shift towards the integration of computer vision technology in various industries, including healthcare, retail, and transportation. This trend is driven by the demand for automation and real-time data analysis, as well as the growing preference for contactless interactions. Additionally, the development of more sophisticated and accurate computer vision algorithms has opened up new opportunities for applications in security and surveillance, further driving the growth of the market.

Trends in the market: In Estonia, the Computer Vision market within the Artificial Intelligence market is experiencing a surge in demand for facial recognition technology, particularly in the retail and security sectors. This trend is expected to continue as companies seek to improve the customer experience and enhance security measures. Additionally, there is a growing interest in the use of Computer Vision for autonomous vehicles and industrial applications. This shift towards automation and efficiency is expected to drive significant growth in the market and create opportunities for industry stakeholders. Furthermore, the integration of Computer Vision with other emerging technologies, such as Internet of Things and Big Data, is expected to further expand the potential applications and impact of this technology in various industries.

Local special circumstances: In Estonia, the Computer Vision market within the Artificial Intelligence market is rapidly growing due to the country's strong focus on innovation and technology. The government's support for research and development, along with the country's highly skilled workforce, has created a favorable environment for the market's growth. Additionally, Estonia's small size and close-knit tech community foster collaboration and knowledge-sharing, allowing for faster advancements in the field of Computer Vision.

Underlying macroeconomic factors: The growth of the Computer Vision Market within the Artificial Intelligence Market in Estonia is also influenced by macroeconomic factors such as technological advancements, government support, and investment in digital infrastructure. Estonia has a strong digital infrastructure and favorable regulatory environment for AI technologies, which is driving the market growth. Additionally, the country's strong investment in research and development, as well as its highly skilled workforce, are contributing to the adoption of computer vision solutions in various industries. Furthermore, the rising demand for automation and efficiency in industries, along with the increasing adoption of AI technologies across the globe, is expected to drive the growth of the computer vision market in Estonia.

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 - Estonia

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Value

Market Size

Analyst Opinion

Global Comparison

Methodology

Technology

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Key Market Indicators

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Artificial intelligence (AI) worldwide - statistics & facts

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