Image Recognition - Europe | Statista Market Forecast

The market size in the Image Recognition market is projected to reach US$3.47bn 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$5.72bn 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 European Artificial Intelligence Market, specifically the Image Recognition Market within the Computer Vision Market, is experiencing subdued growth due to factors such as slow adoption of digital technologies and limited consumer awareness. This has resulted in a slower growth rate compared to other regions. However, the market is still expected to see significant growth in the coming years, driven by advancements in technology and increased investment in the sector.

Customer preferences: In Europe, the Image Recognition Market within the Computer Vision Market of the Artificial Intelligence Market is experiencing a rise in demand for advanced security and surveillance systems. This can be attributed to the growing concern for public safety and the need for enhanced security measures. Additionally, the integration of facial recognition technology in retail stores and banking sectors is gaining traction, driven by the need for personalized and contactless interactions.

Trends in the market: In Europe, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for facial recognition technology in various industries, from retail to security. This trend is driven by the increasing need for enhanced security measures and personalized customer experiences. The trajectory of this trend is expected to continue as more industries adopt this technology, with significant implications for stakeholders such as retailers, security companies, and data privacy regulators. As facial recognition technology becomes more widely adopted, it is crucial for stakeholders to address concerns surrounding data privacy and ethical use of the technology.

Local special circumstances: In Europe, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing rapid growth due to the region's strong focus on innovation and technological advancements. The European Union's General Data Protection Regulation (GDPR) has also played a role in shaping the market, as it prioritizes data privacy and security. Additionally, the diverse cultural landscape of Europe has led to the development of specialized image recognition solutions catering to specific industries, such as retail and healthcare. This localized approach has fostered a competitive and dynamic market, with companies constantly adapting to the unique needs and regulations of each European country.

Underlying macroeconomic factors: The growth of the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in Europe is greatly impacted by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with favorable regulatory environments and strong investment in AI technology are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing adoption of AI in various industries and the rise of smart city initiatives are driving the demand for image recognition technology in Europe.

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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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 - Europe

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