Computer Vision - G7

  • G7
  • The market size in the Computer Vision market is projected to reach US$11.83bn 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$21.53bn 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 G7 is experiencing mild growth, driven by factors such as increasing adoption of digital technologies, rising awareness about health and the convenience of online health services. These factors are particularly impactful in the sub-markets of Speech Recognition, Image Recognition, and Facial Recognition.

Customer preferences:
With the increasing adoption of AI-powered computer vision technology, consumer preferences in the G7 countries are shifting towards more efficient and accurate solutions for tasks such as facial recognition, object detection, and virtual try-ons. This trend is driven by the growing demand for personalized and seamless shopping experiences, as well as the need for advanced security and surveillance measures. Additionally, the rise of remote work and virtual events has also led to a surge in demand for AI-based video conferencing and virtual event platforms.

Trends in the market:
In the G7 countries, 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. Additionally, there is a growing trend of using computer vision in healthcare, such as analyzing medical images and assisting with surgeries. These trends are expected to continue as the technology becomes more advanced and its applications become more widespread. This presents significant opportunities for industry stakeholders, but also raises concerns about privacy and ethical implications of using facial recognition technology. As regulations and guidelines are being developed, it will be important for industry players to navigate these issues and ensure responsible and ethical use of computer vision technology.

Local special circumstances:
In Japan, the Computer Vision Market within the Artificial Intelligence Market is seeing significant growth due to the country's advanced technology infrastructure and high adoption rate of AI. Additionally, the government's initiatives to promote AI development and partnerships with leading companies have accelerated market growth. In Germany, strict data privacy laws have led to the emergence of privacy-focused computer vision applications, such as facial recognition for access control in public spaces. These unique local factors are shaping the market landscape and driving innovation in the G7 countries.

Underlying macroeconomic factors:
The growth of the Computer Vision Market within the Artificial Intelligence Market is also influenced by macroeconomic factors such as the increasing demand for automation and efficiency in various industries, technological advancements, and government support for AI research and development. Countries with strong national economic health and favorable fiscal policies are experiencing faster market growth compared to regions with economic instability and limited government funding for AI initiatives. Additionally, the increasing adoption of AI-driven solutions in sectors such as healthcare, manufacturing, and retail is driving the demand for computer vision technology to enhance productivity and decision-making.

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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