Image Recognition - Saudi Arabia | Statista Market Forecast

The market size in the Image Recognition market is projected to reach US$159.20m 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$262.70m 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 Saudi Arabia is witnessing subdued growth in the Image Recognition and Computer Vision sectors. Factors such as slow adoption of digital technologies and limited awareness about the benefits of online health services are impacting the market's growth rate.

Customer preferences: As the use of technology becomes more prevalent in daily life, consumers in Saudi Arabia are increasingly turning to image recognition software for a variety of purposes. This includes using it for security and surveillance, as well as for personalized shopping experiences. With a growing population of tech-savvy individuals, the demand for efficient and accurate image recognition solutions is on the rise. This trend is also driven by the desire for convenience and efficiency in daily tasks, as well as the need for improved accuracy and speed in identifying objects and people.

Trends in the market: In Saudi Arabia, the Image Recognition Market within the Computer Vision Market of the Artificial Intelligence Market is experiencing a surge in demand due to the rising adoption of advanced technologies. This trend is driven by the increasing use of image recognition in various industries, such as healthcare and retail, for tasks like image-based diagnosis and product categorization. This growth trajectory is significant for industry stakeholders as it presents opportunities for them to tap into this market and offer innovative solutions. However, it also poses challenges, such as the need for skilled professionals and concerns about data privacy and security.

Local special circumstances: In Saudi Arabia, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is driven by the government's efforts to promote digital transformation and diversify the economy away from oil. The country's large youth population and high smartphone penetration rate also contribute to the growth of the market. Additionally, the strict regulations on data privacy and security in the country create a unique environment for companies operating in the market.

Underlying macroeconomic factors: The growth of the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in Saudi Arabia is driven by various macroeconomic factors. These include the country's strong investment in technology and infrastructure, as well as its favorable regulatory environment. Additionally, the increasing adoption of digital technologies in various industries, such as healthcare, retail, and automotive, is fueling the demand for image recognition solutions. Moreover, the government's Vision 2030 plan, which aims to diversify the economy and promote the development of emerging technologies, is expected to further boost the growth of the market in the country.

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 - Saudi Arabia

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