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Image Recognition - EMEA

EMEA
  • The market size in the Image Recognition market is projected to reach US$4.07bn 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$6.71bn 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: Jul 2024

    Source: Statista Market Insights

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

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Analyst Opinion

    The EMEA nan Artificial Intelligence market for Image Recognition and Computer Vision is experiencing subdued growth, impacted by factors such as slow adoption of advanced technologies and limited awareness among consumers. However, the convenience of online services is expected to drive growth in the future.

    Customer preferences:     As the use of image recognition technology continues to expand in industries such as retail, healthcare, and automotive, there has been a growing demand for solutions that cater to diverse cultural and language preferences. This has led to the development of multi-lingual and culturally-specific image recognition software, allowing businesses to better engage with their target markets. Additionally, there has been a notable increase in the adoption of AI-powered chatbots and virtual assistants, providing a more personalized and efficient customer experience.

    Trends in the market:     In EMEA, 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 driven by the increasing adoption of biometric security systems in various industries, including banking, retail, and healthcare. Additionally, there is a growing focus on using image recognition for automated quality control in manufacturing. These developments have significant implications for industry stakeholders, as they provide opportunities for cost savings and improved efficiency. However, there are also concerns regarding data privacy and potential bias in facial recognition algorithms, which may need to be addressed to ensure fair and ethical use of this technology.

    Local special circumstances:     In EMEA, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is heavily influenced by the strict data privacy regulations in Europe and the Middle East. Companies operating in this market must comply with the General Data Protection Regulation (GDPR) and other similar laws, which can impact the development and deployment of image recognition technology. Additionally, cultural attitudes towards privacy and data collection vary greatly across the region, further shaping the market landscape. The adoption of these technologies in EMEA may be slower compared to other regions due to these unique regulatory and cultural factors.

    Underlying macroeconomic factors:     The growth of the Image Recognition Market within the Computer Vision Market of the Artificial Intelligence Market in EMEA is largely influenced by macroeconomic factors such as advancements in technology, government support, and investment in infrastructure. Countries with favorable regulatory environments and strong investment in AI technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funds for AI development. Furthermore, the increasing demand for AI solutions in various industries, such as healthcare, retail, and automotive, is driving the growth of the Image Recognition Market in the region.

    Global Comparison

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

    Most recent update: Jul 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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