Computer Vision - Iceland

The Artificial Intelligence market in Iceland is witnessing mild growth, driven by factors such as increasing adoption of digital technologies, growing awareness about the benefits of AI in healthcare, and the convenience of online health services. The sub-markets of Speech Recognition, Image Recognition, and Facial Recognition are also contributing to this growth. However, factors like limited infrastructure and high costs of implementation are impacting the market's growth rate.

Customer preferences: In Iceland, the Computer Vision Market within the Artificial Intelligence Market is experiencing a growing demand for advanced video surveillance systems. This is attributed to the country's high crime rates and the need for enhanced security measures. Additionally, there is a shift towards using computer vision technology for traffic management and monitoring environmental conditions. This trend is fueled by the country's emphasis on sustainability and smart city initiatives.

Trends in the market: In Iceland, the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for facial recognition technology, especially in the retail and security sectors. This trend is driven by the need for contactless interactions and enhanced security measures amidst the COVID-19 pandemic. Furthermore, there is a growing focus on developing computer vision solutions for agriculture and healthcare applications. These trends are expected to continue in the coming years, offering opportunities for industry players to expand their offerings and tap into new markets.

Local special circumstances: In Iceland, the Computer Vision Market within the Artificial Intelligence Market is influenced by the country's small population and advanced technology infrastructure. With a highly educated workforce and a supportive government, Iceland has become a hub for AI development and research. Additionally, its remote location and unique environmental challenges have led to the development of innovative computer vision solutions, such as using drones for monitoring and mapping. This has also created opportunities for Iceland to export its expertise in computer vision to other markets, making it a key player in the global AI market.

Underlying macroeconomic factors: The growth of the Computer Vision Market within the Artificial Intelligence Market in Iceland is heavily influenced by macroeconomic factors such as advancements in technology, government support, and investment in digital infrastructure. Iceland's strong economy and favorable regulatory environment have made it an attractive market for AI companies, leading to significant investments in research and development. Additionally, the increasing demand for AI-powered solutions in various industries, such as healthcare, finance, and transportation, is driving the growth of the market in Iceland. The country's focus on digital transformation and its well-educated workforce also contribute to its strong position in the AI market.

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.