Image Recognition - South America

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.