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Image Recognition - MENA

MENA
  • The market size in the Image Recognition market is projected to reach US$586.70m 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$968.20m 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 Image Recognition and Computer Vision Market in MENA is seeing subdued growth due to factors such as slow adoption of AI technologies, limited funding for research and development, and lack of skilled professionals. However, with increasing demand for AI-powered solutions and rising investments in the region, the market is expected to witness significant growth in the coming years.

    Customer preferences:     As the use of artificial intelligence continues to expand in various industries, the demand for advanced image recognition technology in the MENA region is on the rise. This can be attributed to the growing need for efficient and accurate data analysis, especially in the healthcare and retail sectors. Additionally, the rise of e-commerce and the shift towards online shopping has led to an increased demand for image recognition tools that can accurately identify products and aid in personalized marketing strategies.

    Trends in the market:     In MENA, 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 the retail and security sectors. This trend is expected to continue, with a projected market value of $1.6 billion by 2024. As AI technology continues to evolve, the use of image recognition is expected to expand into other industries, such as healthcare and transportation. This presents opportunities for industry stakeholders to tap into new markets and diversify their offerings. Additionally, the increasing use of AI-powered image recognition in various applications is expected to drive market growth and foster innovation in the region.

    Local special circumstances:     In the MENA region, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is seeing significant growth due to the increasing adoption of advanced technologies and the rising demand for efficient security solutions. However, the market is also influenced by cultural and religious factors, leading to specific use cases such as face recognition for identity verification in religious settings. Additionally, regulatory frameworks and data privacy concerns play a critical role in shaping the market landscape in this region.

    Underlying macroeconomic factors:     The growth of the Image Recognition Market in the Computer Vision Market within the Artificial Intelligence Market is heavily influenced by macroeconomic factors such as technological advancements, 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. Additionally, the increasing demand for automation and efficiency, especially in industries such as retail and healthcare, is driving the adoption of image recognition technology. This trend is further accelerated by the growing use of smartphones and social media, leading to a massive increase in image and video data that needs to be processed and analyzed.

    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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