Image Recognition - South America

The market size in the Image Recognition market is projected to reach US$494.20m 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$815.50m 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 South American market for image recognition in computer vision within the field of artificial intelligence is experiencing subdued growth due to various factors such as slow adoption of technology and limited awareness among consumers. Despite these challenges, the convenience offered by online services is driving some growth in the region.

Customer preferences: As the use of Artificial Intelligence and Computer Vision expands in South America, there is a growing demand for image recognition technology in various industries such as retail, healthcare, and transportation. This is driven by the region's increasing adoption of e-commerce, the rise of smart cities, and the need for advanced security systems. Additionally, with the growing popularity of social media and visual content, there is a rising demand for image recognition tools to analyze and organize large amounts of digital images.

Trends in the market: In South America, the Image Recognition Market within the Computer Vision Market of the Artificial Intelligence Market is experiencing a surge in demand for facial recognition technology. This is due to the increasing need for security and surveillance in public spaces, as well as the rising adoption of biometric authentication in banking and financial services. This trend is expected to continue as governments and businesses invest in advanced image recognition solutions for various applications, including fraud detection and customer identification. It also presents opportunities for market players to expand their offerings and tap into the growing market potential.

Local special circumstances: In South America, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing significant growth due to several unique local factors. Brazil, for example, has a large and growing e-commerce market, driving the need for advanced image recognition technology to improve product search and recommendation systems. In Colombia, the government is investing in AI research and development, creating a favorable environment for the growth of the market. In Argentina, the rising demand for automation and efficiency in industries such as manufacturing and retail is fueling the adoption of computer vision technology. These local factors, along with the region's increasing digitalization and tech-savvy population, are expected to drive the growth of the Image Recognition Market in South America.

Underlying macroeconomic factors: The growth of the Image Recognition Market within the Computer Vision Market of the Artificial Intelligence Market in South America is heavily influenced by macroeconomic factors such as technological advancements, government policies and investments, and overall economic stability. Countries with favorable regulatory environments, strong investments in AI technologies, and a growing IT sector are experiencing faster market growth compared to regions with regulatory challenges and limited funding for technological advancements. Moreover, the increasing adoption of AI-based solutions in various industries, such as healthcare, retail, and automotive, is driving the demand for image recognition technology in South America.

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 - South America

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Image Recognition - South America

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