Computer Vision - G7 | Statista Market Forecast

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 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 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.

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 - G7

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