Image Recognition - Greece | Statista Market Forecast

The market size in the Image Recognition market is projected to reach US$31.50m 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$51.98m 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 Greece is seeing steady growth in the Image Recognition and Computer Vision segments, driven by the increasing use of digital technologies and growing awareness of health. However, the market's growth rate is subdued due to factors such as limited investment and slow adoption of AI technologies by businesses.

Customer preferences: The Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in Greece is experiencing a rise in demand for facial recognition technology, particularly in the retail and security sectors. This is driven by the increasing need for efficient and accurate surveillance and identification systems. Additionally, there is a growing interest in utilizing AI-powered image recognition for personalized marketing campaigns and targeted advertising. This trend is expected to continue as businesses look for innovative ways to engage with consumers and improve their overall shopping experience.

Trends in the market: In Greece, the Image Recognition market of the Computer Vision market is experiencing a surge in demand for facial recognition technology. This trend is being driven by the need for enhanced security and safety measures, as well as the growing adoption of biometric authentication methods. Furthermore, there is a rising trend of using image recognition in retail and marketing, with companies using it to analyze customer behavior and improve targeting strategies. These trends are expected to continue on an upward trajectory, with significant implications for industry stakeholders. For instance, businesses can capitalize on the use of image recognition for personalized advertising and customer engagement, while government agencies can leverage it for enhanced security measures. This presents a lucrative opportunity for companies operating in the Image Recognition market, with potential for further growth and advancements in the field.

Local special circumstances: In Greece, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is influenced by the country's economic crisis, which has led to a decreased demand for technology and limited investments in research and development. Additionally, the cultural preference for face-to-face interactions in business may hinder the growth of virtual solutions. However, the government's focus on promoting technology and digital transformation in various industries may present opportunities for market growth.

Underlying macroeconomic factors: The Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in Greece is influenced by macroeconomic factors such as technological advancements, government support, and investment in digital infrastructure. Greece has been investing in technology and digitalization, which has created a favorable environment for the growth of the market. Additionally, the country's aging population and increasing prevalence of chronic diseases are driving the demand for AI-powered healthcare solutions, leading to further growth in the market. However, the current economic crisis in Greece may pose challenges for market growth, as the government may prioritize other sectors for investment.

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 - Greece

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