Image Recognition - EU-27

The Image Recognition and Computer Vision market within the Artificial Intelligence market in EU-27 nan is experiencing subdued growth due to various factors, including slow adoption of digital technologies, lack of awareness among consumers, and limited convenience offered by online services. Despite this, the market is still expected to see moderate growth in the coming years.

Customer preferences: With the rise of e-commerce and online shopping, consumers are increasingly demanding more advanced and accurate visual search capabilities. This has led to a growing demand for image recognition technology in the EU-27 market, with companies investing in AI-powered solutions to enhance the shopping experience for customers. Additionally, there has been a shift towards using image recognition for security and surveillance purposes, with a focus on improving public safety and preventing crime. This trend is driven by the growing concerns over privacy and the need for advanced security measures.

Trends in the market: In the EU-27, 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 use of facial recognition in security and surveillance applications. Additionally, there is a growing interest in using facial recognition for personalized marketing and advertising. This trajectory is significant as it raises concerns about privacy and surveillance, leading to discussions about regulation and ethical implications. Industry stakeholders must navigate these challenges while capitalizing on the potential benefits of this technology.

Local special circumstances: In Germany, the Image Recognition Market within the Computer Vision Market of the Artificial Intelligence Market is driven by strict data privacy laws and regulations. The country's strong focus on protecting consumer data has resulted in a slower adoption of image recognition technology compared to other markets. Additionally, cultural attitudes towards privacy and security have also influenced market dynamics, with companies having to navigate through these unique considerations when developing and implementing image recognition solutions.

Underlying macroeconomic factors: The growth of the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is influenced by macroeconomic factors such as advancements in technology, government support, and investment in digital 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 funding for technology. Additionally, the increasing demand for AI solutions in various industries, such as healthcare, finance, and retail, is driving the growth of the market. Moreover, the rising adoption of AI by businesses for process automation and optimization is also contributing to the market's growth.

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.