Image Recognition - Serbia

The Image Recognition and Computer Vision markets in the Artificial Intelligence sector in Serbia are experiencing subdued growth, impacted by factors such as limited investment and slow adoption of advanced technology. The convenience of online health services and rising health awareness among consumers are driving growth in the Digital Health market worldwide.

Customer preferences: As the use of artificial intelligence continues to grow in Serbia, the Image Recognition Market within the Computer Vision Market is seeing a rise in demand for AI-powered security systems. This trend is driven by the need for advanced surveillance and threat detection solutions in the face of increasing security threats. Additionally, the integration of AI technology in security systems allows for real-time analysis and response, providing a more efficient and effective approach to maintaining safety and security.

Trends in the market: In Serbia, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for facial recognition technology. This is driven by the increasing use of biometric identification for security purposes in industries such as banking and retail. Additionally, there is a growing trend of using computer vision for autonomous vehicles and smart city applications. These trends are significant as they indicate a shift towards more advanced and efficient systems in various industries. For industry stakeholders, this trend presents opportunities for growth and innovation, while also raising concerns about privacy and ethical implications. As the demand for image recognition technology continues to grow, it is crucial for stakeholders to stay updated on the latest advancements and regulations in this market.

Local special circumstances: In Serbia, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is seeing rapid growth due to the country's increasing investment in advanced technologies and its goal to become a regional IT hub. Additionally, the government's initiatives to promote the use of AI, coupled with a highly skilled workforce, have contributed to the market's growth. Furthermore, the country's close proximity to other European markets, along with its favorable regulatory environment, has made it an attractive market for international players.

Underlying macroeconomic factors: The Image Recognition Market within the Computer Vision Market of the Artificial Intelligence Market in Serbia is influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with favorable regulatory environments and strong investments in AI are experiencing faster market growth compared to regions with limited funding and regulatory challenges. The increasing adoption of AI technologies in various industries, such as healthcare, retail, and automotive, is also driving the demand for image recognition solutions in Serbia. Additionally, the country's growing IT sector and skilled workforce are contributing to the growth of the AI market in Serbia.

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.