Image Recognition - Americas

The image recognition market is seeing moderate growth in the Americas due to factors like adoption of AI, awareness of health, and convenience of online services. This growth is being impacted by challenges in data quality and privacy concerns.

Customer preferences: In America, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a rise in demand for personalized shopping experiences and virtual try-on technologies. This is driven by the growing trend of online shopping and the desire for more accurate product recommendations. Additionally, there is a shift towards sustainable and ethical consumption, with consumers using image recognition to verify product origins and authenticity.

Trends in the market: In the Americas, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for facial recognition technology. This trend is particularly evident in the United States, where facial recognition is being used for security purposes in airports and public spaces. In Canada, there is a rise in the use of image recognition in the retail industry to enhance the customer experience. In Mexico, there is a growing demand for image recognition in the healthcare sector to improve patient diagnosis and treatment. These trends are expected to continue, making image recognition a crucial tool for industry stakeholders in the Americas.

Local special circumstances: In the Americas, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is heavily influenced by the widespread adoption of advanced technologies and the presence of major tech companies. In the United States, the market is driven by the high demand for security and surveillance systems, while in Canada, the emphasis on innovation and technological advancements has led to the growth of the market. Additionally, in Latin American countries like Mexico and Brazil, the market is driven by the increasing use of facial recognition technology for security and identity verification purposes.

Underlying macroeconomic factors: The growth of the Image Recognition Market in the Computer Vision Market within the Artificial Intelligence Market in the Americas is influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with favorable regulatory environments and strong investment in artificial intelligence technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding for innovation. Additionally, the increasing demand for automation and digitization in various industries, including retail, healthcare, and automotive, is driving the adoption of image recognition solutions in the 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.