Computer Vision - Latvia

The Artificial Intelligence market in Latvia, specifically the Computer Vision sector, is experiencing mild growth due to factors such as increasing adoption of digital technologies, rising awareness about health and wellness, and the convenience of online health services. These factors are driving the overall growth of the market, including sub-markets like Speech Recognition, Image Recognition, and Facial Recognition. However, challenges such as high costs and lack of skilled professionals are impacting the growth rate.

Customer preferences: Consumer demand for advanced computer vision technology is growing in the Artificial Intelligence market in Latvia. This is driven by the increasing use of computer vision in various industries, such as retail, healthcare, and manufacturing. Additionally, there is a growing trend towards automation and efficiency in these industries, leading to a rise in the adoption of computer vision solutions. Furthermore, the integration of computer vision with other emerging technologies, such as Internet of Things, is opening up new possibilities for enhanced data analysis and decision-making. This indicates a shift towards a more technologically advanced and data-driven approach in businesses.

Trends in the market: In Latvia, the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for facial recognition technology, particularly in the retail and security sectors. This trend is expected to continue as companies look for ways to enhance customer experience and increase security measures. Additionally, there is a growing interest in using computer vision for automated quality control in manufacturing processes. These trends have significant implications for industry stakeholders, as they provide opportunities for companies to improve efficiency and competitiveness. However, there may also be concerns about data privacy and potential job displacement.

Local special circumstances: In Latvia, the Computer Vision market within the Artificial Intelligence market is influenced by the country's small size and relatively low adoption of new technologies. This creates a unique opportunity for companies to enter the market and establish themselves as leaders in the field. Additionally, the country's strong focus on education and innovation, as well as its strategic location within the EU, make it an attractive location for companies looking to expand into the European market. However, the country's strict data privacy regulations may also pose challenges for businesses operating in this sector.

Underlying macroeconomic factors: The growth of the Computer Vision market in Latvia is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in the country's digital infrastructure. Countries with favorable regulatory environments and strong investment in AI technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding for technology development. Additionally, the increasing demand for automation and efficiency in various industries and the growing emphasis on using AI for decision-making processes are driving the adoption of computer vision solutions in Latvia.

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.