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Image Recognition - CIS

CIS
  • The market size in the Image Recognition market is projected to reach US$322.40m 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$532.10m 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.
Artificial Intelligence

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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 CIS nan is experiencing subdued growth due to various factors, such as slow adoption of digital technologies and limited awareness about online health services. However, the market is expected to grow steadily in the coming years, driven by advancements in Artificial Intelligence and increasing demand for computer vision technology.

    Customer preferences:     The growing adoption of artificial intelligence in image recognition has accelerated the demand for automated surveillance and security systems. This trend is driven by the need for enhanced safety and security measures in both residential and commercial settings. Additionally, the rise in remote work and virtual meetings has led to an increased demand for facial recognition technology to ensure seamless online authentication and identity verification.

    Trends in the market:     In the CIS region, 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 is driven by its potential applications in security, retail, and healthcare. Additionally, there is a growing trend of integrating AI-powered image recognition in e-commerce platforms, enabling personalized shopping experiences for customers. These trends are significant as they showcase the increasing adoption of AI in various industries and highlight the potential for continued growth and innovation in the Image Recognition Market. This could have significant implications for industry stakeholders, such as increased competition and the need for advanced AI solutions to stay ahead in the market.

    Local special circumstances:     In Russia and other CIS countries, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing rapid growth due to the increasing adoption of advanced technologies and the government's push for digital transformation. The market is also driven by the rising demand for automation in various industries, such as manufacturing, healthcare, and retail. Additionally, the unique cultural and regulatory landscape of the region, including data privacy laws and government support for local startups, is influencing the market dynamics and creating opportunities for market players.

    Underlying macroeconomic factors:     The growth of the Image Recognition Market within the Computer Vision Market of the Artificial Intelligence Market is heavily influenced by macroeconomic factors such as advancements in technology, government policies, and investments in infrastructure. Countries with favorable regulatory environments and strong investments in AI technology are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Furthermore, the increasing demand for efficient and accurate image recognition technology in various industries, such as healthcare, retail, and automotive, is also driving the growth of this market.

    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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