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Image Recognition - Benelux

Benelux
  • The market size in the Image Recognition market is projected to reach US$228.30m in 2024.
  • The market size is expected to show an annual growth rate (CAGR 2024-2030) of 8.71%, resulting in a market volume of US$376.80m by 2030.
  • In global comparison, the largest market size will be United States (US$3.66bn in 2024).

Definition:
Image recognition, as part of computer vision, refers to the technology that enables machines to analyze and understand visual data such as images and/or video frames. It involves the use of algorithms and deep learning models to identify objects, scenes, patterns, and other visual elements within images. By extracting features and patterns from the input data, image recognition systems can classify and categorize images based on the content within these images. The applications for this technology are diverse and broad and include the areas of object detection, image classification, medical imaging, autonomous vehicles, and augmented reality and make it possible for machines to comprehend and interpret visual information much like humans do.

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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In-Scope

  • Technologies that use artificial intelligence and machine learning algorithms to analyze and interpret digital images, such as object detection, pattern recognition, and facial recognition
  • Products and services that use image recognition technology, such as security cameras, self-driving cars, and medical imaging equipment.

Out-Of-Scope

  • Technologies that do not rely on digital images, such as text-based information or audio signals
  • Products and services that do not use image recognition technology, such as physical goods or traditional customer service support.
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    Market Size

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Image Recognition Market in the Benelux region is experiencing subdued growth due to factors like slow adoption of digital technologies, low health awareness, and limited convenience offered by online services. This trend is impacting the overall growth rate of the Computer Vision Market within the Artificial Intelligence Market in the region.

    Customer preferences:     As the demand for personalized and seamless shopping experiences grows, consumers in Benelux are increasingly turning to image recognition technology for enhanced product discovery and recommendation. With the rise of e-commerce and social media platforms, there is a growing trend towards visual search and virtual try-on options. This is further fueled by the region's affluent and tech-savvy population, as well as their preference for convenience and efficiency in their shopping journey.

    Trends in the market:     In Benelux, the market for Image Recognition within the Computer Vision sector is experiencing a surge in demand for facial recognition technology. This trend is driven by increasing adoption in security and surveillance applications, as well as in retail and marketing for customer identification and personalization. With the rise of internet of things and smart homes, there is also a growing use of image recognition in home automation systems for facial recognition-based access control. This trend is expected to continue, presenting opportunities for industry players to capitalize on the growing demand for image recognition technology in various sectors.

    Local special circumstances:     In Benelux, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is driven by the government's focus on promoting innovation and technological advancements. The region has a strong presence of multinational technology companies, leading to a high adoption rate of AI-based solutions. Additionally, the cultural emphasis on privacy and data protection has resulted in the development of advanced privacy-preserving AI technologies in the market.

    Underlying macroeconomic factors:     The growth of the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is also influenced by macroeconomic factors such as technological advancements, government support, and investment in digital infrastructure. 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. Additionally, the increasing demand for automation and efficiency in industries such as healthcare, retail, and automotive is driving the adoption of image recognition solutions, further propelling market growth.

    Global Comparison

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Methodology

    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.

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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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