Image Recognition - Egypt | Statista Market Forecast

The market size in the Image Recognition market is projected to reach US$68.28m 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$112.70m 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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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.

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.

The Artificial Intelligence Market in Egypt is seeing moderate growth in the Image Recognition Market of the Computer Vision Market. Factors impacting this growth include slow adoption of digital technologies and lower health awareness among consumers. Convenience offered by online services is also a key driver.

Customer preferences: As the use of image recognition technology becomes more prevalent in Egypt, consumer preferences are shifting towards personalized and convenient shopping experiences. This has led to an increase in demand for AI-powered virtual shopping assistants and recommendation engines. Additionally, the growing adoption of e-commerce and online shopping platforms has further fueled the need for accurate and efficient image recognition solutions to enhance the online shopping experience.

Trends in the market: In Egypt, there is a significant trend towards the use of computer vision and image recognition technologies in industries such as healthcare, retail, and security. This is driven by the government's initiatives to promote digital transformation and the increasing demand for automation and efficiency in these sectors. With the adoption of these technologies, there is a growing focus on data analytics and machine learning to enhance their capabilities. This trend is expected to continue, with potential implications for industry stakeholders, including improved customer experience, increased productivity, and cost savings. Additionally, the growing number of startups and investments in these technologies indicate a promising market for artificial intelligence in Egypt.

Local special circumstances: In Egypt, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is growing due to the country's increasing adoption of new technologies and digital transformation initiatives. The market is also driven by the rising demand for efficient and accurate image recognition solutions in various industries, such as healthcare and retail. Additionally, the government's efforts to promote foreign investment and establish tech hubs in the country have further contributed to the market's growth. However, the market faces challenges related to data privacy and security regulations, which may hinder its growth potential.

Underlying macroeconomic factors: The Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in Egypt is greatly impacted by macroeconomic factors such as technological advancements, government initiatives, and investment in digital infrastructure. Favorable regulatory environments and strong investments in digital technologies are driving the market growth, while regulatory challenges and limited funding hinder market development. Furthermore, the rising prevalence of chronic diseases and aging population in Egypt are fueling the demand for image recognition solutions to enhance healthcare access and outcomes.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Artificial intelligence evokes images of supercomputer assistants, machines that can think creatively, and, to some, scenes from their favorite sci-fi movie. The reality, despite not being as futuristic, is not far off from this. AI refers to the ability of a computer or machine to mimic the competencies of the human mind, which often learns from previous experiences to understand and respond to language, decisions, and problems. The market for AI technologies is vast, amounting to around 200 billion U.S. dollars in 2023 and is expected to grow well beyond that to over 1.8 trillion U.S. dollars by 2030.

Artificial intelligence (AI), the technology that allows digital computers or computer-controlled robots to perform tasks more commonly associated with intelligent beings, has been leaping into the limelight following the release of a wide variety of Generative AI models in 2023. The United States, being the largest economy in the world, has a natural advantage. Although human-like androids such as those portrayed in the science fiction movie Blade Runner are still far from reality, applications of AI such as smartphone virtual assistants and industrial robots are already widespread in U.S. society. The industry’s powerful ability to improve efficiency and increase productivity has made it of strategic importance to U.S. industries and government, both of which push the U.S. lead in the AI race.

Image Recognition - Egypt

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