Computer Vision - GCC

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.