Computer Vision - Hungary

The Artificial Intelligence market in Hungary is experiencing mild growth, driven by factors such as increasing adoption of digital technologies and rising demand for online health services. The sub-markets of Speech Recognition, Image Recognition, and Facial Recognition are also contributing to this growth. However, challenges such as limited funding and lack of skilled professionals may impact the overall market's growth rate.

Customer preferences: As the use of artificial intelligence continues to expand in various industries, the Computer Vision Market in Hungary is seeing a rise in demand for advanced image recognition and analysis technologies. This is driven by a growing preference for automation and efficiency in businesses, as well as an increasing focus on data-driven decision making. Additionally, the rise in e-commerce and online shopping has also led to a demand for computer vision technology for tasks such as product recognition and inventory management.

Trends in the market: In Hungary, the Computer Vision market within the Artificial Intelligence market is experiencing a surge in demand for facial recognition technology in various industries such as retail, security, and healthcare. This trend is expected to continue as the market for facial recognition technology is projected to reach $9.6 billion by 2022. With the adoption of facial recognition technology, industry stakeholders can expect increased efficiency, improved security, and enhanced customer experience. Additionally, the use of Computer Vision technology in self-driving cars is expected to bring significant changes to the transportation sector. As the market continues to grow, there is a potential for partnerships and collaborations between local and international players to capitalize on the emerging opportunities in the Hungarian market.

Local special circumstances: In Hungary, the Computer Vision Market within the Artificial Intelligence Market is growing due to the country's strong focus on innovation and technology. The government has implemented favorable policies and incentives for companies operating in this market, leading to a surge in investment and research activities. Additionally, the country's strategic location and access to highly skilled talent make it an ideal location for companies to establish their presence. This, coupled with a strong education system and a culture of entrepreneurship, has contributed to the rapid growth of the Computer Vision Market in Hungary.

Underlying macroeconomic factors: The growth of the Computer Vision Market within the Artificial Intelligence Market in Hungary is influenced by macroeconomic factors such as technological advancements, government support, and investment in digital infrastructure. Hungary's strong focus on innovation and technological development, coupled with favorable regulatory policies, has created a conducive environment for the growth of the market. Additionally, the country's stable economic conditions and increasing investment in AI research and development have also contributed to the growth of the market. Furthermore, the rising demand for AI-based solutions in various industries, such as healthcare, manufacturing, and retail, is also driving the growth of the market in Hungary.

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.