Computer Vision - NAFTA

The Artificial Intelligence market in NAFTA is witnessing steady growth, driven by factors such as increasing adoption of digital technologies, growing awareness about the benefits of AI in various industries, and the convenience of online services. The sub-markets of Speech Recognition, Image Recognition, and Facial Recognition are also contributing to this growth. However, the mild growth rate can be attributed to factors such as data privacy concerns and regulatory limitations.

Customer preferences: With the rapid adoption of AI technology in various industries, the use of computer vision has expanded beyond traditional applications such as manufacturing and healthcare. The rise of social media and virtual reality has led to a growing demand for enhanced facial recognition and gesture recognition capabilities. Additionally, the increasing use of AI-powered personal assistants and chatbots in customer service reflects a shift towards more personalized and interactive consumer experiences.

Trends in the market: In the NAFTA region, the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for deep learning-based solutions. This trend is driven by the increasing adoption of AI in various industries, including healthcare, retail, and manufacturing. This trajectory is expected to continue in the coming years, as companies seek to improve their operational efficiency and gain a competitive edge. Additionally, the development of advanced algorithms and the availability of large datasets are further propelling the growth of the market. This trend has significant implications for industry stakeholders, as it presents immense opportunities for collaboration and innovation. Moreover, the increasing focus on incorporating computer vision in autonomous vehicles and smart cities is expected to drive the market further.

Local special circumstances: In Mexico, the Computer Vision Market within the Artificial Intelligence Market is experiencing rapid growth driven by the country's strong manufacturing industry and government support for technology advancement. The market is also influenced by the rising demand for automation solutions in industries such as automotive and electronics. In Canada, the market is driven by the country's high adoption of advanced technologies and the presence of leading players in the market. Additionally, the government's investment in research and development in the field of AI is contributing to the market's growth.

Underlying macroeconomic factors: The growth of the Computer Vision market is also influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. 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. Additionally, the increasing demand for automation and efficiency across various industries, as well as the rising adoption of AI in healthcare and retail sectors, are driving the growth of the Computer Vision market.

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.