Computer Vision - GCC | Statista Market Forecast

The market size in the Computer Vision market is projected to reach US$500.10m 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$910.30m 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 GCC is experiencing steady growth, driven by the increasing adoption of computer vision technologies in various industries. Factors such as the growing need for automation, rising demand for advanced surveillance systems, and the convenience of facial and image recognition in security and healthcare are fueling the market's growth. However, the market is experiencing mild growth due to challenges in data privacy and ethical concerns surrounding the use of facial recognition technology.

Customer preferences: As the demand for advanced technology in the GCC and Computer Vision Market continues to rise, there is a noticeable increase in consumer preference for personalized and efficient solutions. This has led to a surge in demand for AI-powered virtual assistants and chatbots, as well as facial recognition technology for enhanced security. Furthermore, the adoption of smart home devices and the integration of AI in everyday tasks showcase the cultural shift towards a more tech-savvy and connected lifestyle.

Trends in the market: In GCC, the Computer Vision Market within the Artificial Intelligence Market is witnessing a surge in demand for automated surveillance and security systems, driven by increasing safety concerns in public spaces. This trend is expected to continue with the implementation of smart city projects across the region. Additionally, there is a growing focus on using computer vision in retail and manufacturing industries for optimizing operations and improving customer experience. These developments signal a shift towards more advanced and integrated AI solutions in the GCC, creating opportunities for industry stakeholders to tap into a lucrative market.

Local special circumstances: In the GCC region, the Computer Vision Market within the Artificial Intelligence Market is experiencing rapid growth due to the strong government support for technology and innovation. This has led to numerous investments in AI-based initiatives, including computer vision applications. Additionally, the region's high oil revenues have enabled the adoption of advanced technologies, such as AI, in various industries. Furthermore, the culturally diverse population in GCC has created a demand for AI-based solutions that cater to different languages and dialects, driving the growth of the computer vision market.

Underlying macroeconomic factors: The GCC region, known for its rapid adoption of advanced technologies, is also experiencing significant growth in the Computer Vision Market within the Artificial Intelligence Market. This growth is heavily influenced by macroeconomic factors such as increasing investment in research and development, government initiatives to promote digital transformation, and the availability of skilled labor. Additionally, the region's strong economic stability and favorable business environment are attracting major players in the market, further driving its growth. Furthermore, the rising demand for computer vision solutions in various industries, including retail, healthcare, and automotive, is expected to propel the market's growth in the region. These factors indicate a promising future for the Computer Vision Market within the Artificial Intelligence Market in the GCC region.

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 - GCC

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Computer Vision - GCC

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