Image Recognition - New Zealand | Statista Market Forecast

The market size in the Image Recognition market is projected to reach US$34.77m 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$57.38m 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.

For more information on the data displayed, use the info button right next to the boxes.

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 Image Recognition Market in New Zealand is seeing subdued growth, impacted by various factors such as slow adoption of digital technologies, limited health awareness among consumers, and lack of convenience in online health services. However, with the growing potential of Computer Vision and Artificial Intelligence in the region, this market is expected to witness significant growth in the near future.

Customer preferences: One of the emerging trends in the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in New Zealand is the growing demand for AI-powered virtual assistants. As more consumers turn to their smartphones and smart devices for daily tasks, there is a rising need for virtual assistants that can accurately understand and respond to natural language. This trend is fueled by the increasing adoption of smart home devices and the desire for more seamless and efficient interactions with technology.

Trends in the market: In New Zealand, the Image Recognition Market within the Computer Vision Market of the Artificial Intelligence Market is experiencing an increase in demand for facial recognition technology in security systems and retail applications. This trend is expected to continue as businesses seek to improve customer experience and security measures. Additionally, the development of self-driving cars and drones is driving the need for advanced image recognition technology. These trends present significant opportunities for industry stakeholders, including tech companies, healthcare providers, and retail businesses. However, the use of this technology also raises concerns about privacy and security, which may need to be addressed by regulations and ethical considerations.

Local special circumstances: In New Zealand, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is driven by the country's strong focus on sustainability and environmental conservation. This has led to the development of AI-powered solutions for sustainable agriculture and wildlife conservation. Additionally, the country's strict data privacy laws have encouraged the adoption of secure and transparent AI technologies, making it a unique market for image recognition.

Underlying macroeconomic factors: The growth of the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in New Zealand is influenced by macroeconomic factors such as technological advancements, government support, and investments in digital infrastructure. With a strong focus on innovation and a supportive regulatory environment, New Zealand is experiencing rapid growth in the market. Additionally, the country's stable economy, strong fiscal policies, and increasing investment in AI technologies are driving the demand for image recognition solutions across various industries.

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 - New Zealand

Value

Market Size

Analyst Opinion

Global Comparison

Methodology

Technology

Access more Market Insights on Technology topics with our featured report

Key Market Indicators

Explore more high-quality data on related topic

Artificial intelligence (AI) worldwide - statistics & facts

Explore more high-quality data on related topic

Artificial intelligence (AI) in the U.S. - statistics & facts

Contact

Get in touch with us. We are happy to help.

Image Recognition - New Zealand

In-Scope

Out-Of-Scope

Artificial Intelligence

Related markets:

Artificial Intelligence: in-depth market analysis

Value

Market Size

Analyst Opinion

Global Comparison

Methodology

Technology

Access more Market Insights on Technology topics with our featured report

Key Market Indicators

Explore more high-quality data on related topic

Artificial intelligence (AI) worldwide - statistics & facts

Explore more high-quality data on related topic

Artificial intelligence (AI) in the U.S. - statistics & facts