Computer Vision - MENA | Statista Market Forecast

The market size in the Computer Vision market is projected to reach US$1.10bn in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 10.50%, resulting in a market volume of US$2.01bn by 2030.
In global comparison, the largest market size will be United States (US$6.88bn in 2024).

Definition:
Computer vision is a field of artificial intelligence that focuses on enabling computers to understand and interpret visual information from digital images or videos. It involves the development of algorithms and models that can extract meaningful insights from visual data, such as identifying objects in images (image recognition), converting spoken language into written text (speech recognition), and analyzing unique facial features for identification (facial recognition). By mimicking human vision and perception, computer vision technology enables machines to comprehend and analyze visual content. This technology is applicable to a wide range of industries.

Structure:
The Computer Vision market has three markets. The Speech Recognition market covers the analysis and interpretation of human speech. The Image Recognition market covers the analysis and interpretation of digital images using computer vision, and the Facial Recognition covers the analysis and interpretation of human faces in digital images and/or videos.

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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Applications of computer vision to enable machines to interpret and analyze visual data, such as image and video recognition, autonomous vehicles, and medical imaging.

Non-artificial intelligence applications of computer vision, such as video processing and editing, which do not involve machine learning or pattern recognition.

The Artificial Intelligence market in MENA is experiencing moderate growth, driven by factors such as increasing adoption of computer vision technologies, rising awareness of its benefits, and the convenience of online services. The sub-markets of Speech, Image, and Facial Recognition have contributed to this growth, but challenges such as data privacy concerns and limited infrastructure may impact the overall market's mild growth rate.

Customer preferences: As the MENA region continues to invest in technological advancements, there has been a significant rise in the integration of computer vision technology in various industries. This has resulted in a growing demand for efficient and accurate computer vision solutions, especially in the healthcare and retail sectors. Additionally, there has been a noticeable shift towards the use of computer vision for security and surveillance purposes, driven by concerns over safety and security. This trend is further fueled by the increasing availability of affordable and user-friendly computer vision software and hardware.

Trends in the market: In the MENA region, 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 sectors. This trend is driven by the increasing need for advanced security measures in the wake of growing security threats. Additionally, there is a growing use of computer vision in the retail and healthcare industries to improve customer experience and streamline processes. This trend is expected to continue in the coming years, with potential implications for industry stakeholders in terms of increased adoption and investment in computer vision technology.

Local special circumstances: In MENA, the Computer Vision Market within the Artificial Intelligence Market is seeing significant growth due to the region's increasing investment in advanced technologies and its push for digital transformation. The market is also influenced by the region's unique cultural and regulatory landscape, which has led to the development of localized solutions and partnerships. For example, the UAE has seen a rise in AI-powered government services, while Saudi Arabia has invested in AI education and research, creating a favorable environment for the growth of the market.

Underlying macroeconomic factors: The Computer Vision Market within the Artificial Intelligence Market in MENA is influenced by various macroeconomic factors, including technological advancements, government support, and investment in 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. The growing demand for AI-driven solutions in various industries, coupled with the increasing digitalization of businesses, is driving the growth of the market in the region. Additionally, the rising adoption of AI-powered devices and the growth of the e-commerce sector are expected to further fuel the demand for computer vision technology in MENA.

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.

Computer Vision - MENA

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