Computer Vision - LATAM

The Computer Vision market in the Artificial Intelligence market in LATAM is experiencing mild growth, driven by factors such as increasing adoption of digital technologies, rising awareness of the benefits of computer vision, and the convenience offered by online health services. Factors such as government initiatives and investments in research and development are also impacting the market's growth rate.

Customer preferences: The adoption of computer vision technology in LATAM is rapidly increasing, with consumers seeking more efficient and personalized solutions. This trend is driven by cultural nuances and lifestyle factors, such as the desire for convenience and time-saving measures. As a result, there is a growing demand for AI-powered virtual assistants and chatbots for customer service and product recommendations. Additionally, there is a shift towards using AI for fraud detection and security in financial services, as consumers prioritize security and trust in their digital transactions.

Trends in the market: In LATAM, the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for facial recognition technology, particularly in the security and surveillance sector. This trend is expected to continue as the region grapples with rising crime rates and the need for more efficient and accurate identification methods. Additionally, there is a growing focus on using computer vision for industrial applications such as quality control and automation. These developments have significant implications for both businesses and government agencies, as they seek to enhance security and improve operational efficiency. As such, industry stakeholders are investing in research and development to further innovate and adapt computer vision technology to meet the unique needs of the LATAM market.

Local special circumstances: In LATAM, the Computer Vision Market within the Artificial Intelligence Market is experiencing growth due to the region's increasing internet and smartphone penetration rates. Additionally, government initiatives promoting digital transformation and innovation are driving the adoption of AI technologies. In Brazil, the market is also influenced by the country's large and growing middle class, which is fueling demand for convenient and affordable solutions. In Mexico, the market is driven by the rapidly expanding e-commerce sector, which is leveraging computer vision for enhanced customer experiences and improved supply chain management.

Underlying macroeconomic factors: The growth of the Computer Vision Market within the Artificial Intelligence Market in LATAM is greatly influenced by macroeconomic factors such as technological advancements, government support, and investment in infrastructure. Countries with favorable business environments and strong investment in AI technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing demand for efficient and accurate computer vision solutions in various industries, along with the rising adoption of AI technologies, is driving the growth of the market in the region.

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.