Computer Vision - EU-27

The Artificial Intelligence market in EU-27 is seeing moderate growth, influenced by factors like increasing adoption of digital technologies, growing health awareness, and the convenience of online health services. The sub-markets of Speech Recognition, Image Recognition, and Facial Recognition are also contributing to this growth. However, the market's mild growth rate may be impacted by factors such as regulatory challenges and ethical concerns surrounding AI technology.

Customer preferences: The increasing adoption of computer vision technology in the EU-27 has been driven by the demand for more efficient and personalized consumer experiences. This trend is fueled by demographic shifts towards tech-savvy younger generations and the growing preference for immersive and interactive shopping experiences. Additionally, the rise of e-commerce and online shopping has also contributed to the demand for computer vision solutions that can enhance product visualization and streamline the online shopping process. As a result, businesses are increasingly investing in computer vision technology to keep up with consumer expectations and stand out in a crowded market.

Trends in the market: In the EU-27, the Computer Vision market is experiencing a surge in demand for facial recognition technology, particularly in the security and surveillance sector. Additionally, there is a growing trend of using computer vision for autonomous vehicles and industrial automation. These trends highlight the increasing adoption of AI-powered solutions in various industries. This trajectory is significant as it showcases the potential for AI to revolutionize traditional processes and improve efficiency. However, it also raises concerns about privacy and ethical implications. As the market continues to grow, industry stakeholders must address these concerns and ensure responsible use of AI technology.

Local special circumstances: In the EU-27, the Computer Vision market is rapidly growing due to the region's high investments in AI research and development, as well as the presence of major technology players. Additionally, the EU's strict data privacy regulations have fostered trust in AI-powered solutions, driving their adoption in various industries. Moreover, the cultural diversity within the EU has led to the development of specialized computer vision solutions tailored to specific regional needs, such as autonomous vehicles in Germany and facial recognition technology for security purposes in France.

Underlying macroeconomic factors: The Computer Vision Market within the Artificial Intelligence Market in the EU-27 is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with advanced technological infrastructure and favorable regulatory environments are witnessing a higher adoption of computer vision solutions, driving market growth. Additionally, the increasing focus on digital transformation and automation in industries such as manufacturing, healthcare, and retail is also fueling the demand for computer vision technology. However, the market growth may be hindered by economic downturns and budget constraints in some countries, impacting the adoption of expensive AI technologies.

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.