Computer Vision - New Zealand | Statista Market Forecast

The market size in the Computer Vision market is projected to reach US$65.37m 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$119.00m 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 Computer Vision market in New Zealand has seen a moderate growth rate, influenced by factors such as the increasing use of Artificial Intelligence, government initiatives to promote digital health, and the convenience of online services. The sub-markets of Speech Recognition, Image Recognition, and Facial Recognition have also played a role in driving the overall market growth.

Customer preferences: As computer vision technology continues to advance, consumers in New Zealand are increasingly seeking out AI-powered solutions for a variety of tasks. This trend is driven by a growing interest in efficiency and convenience, as well as a desire for personalized experiences. Additionally, the use of computer vision in industries such as healthcare and retail is on the rise, as it allows for more accurate and efficient data analysis and customer interactions. This shift towards AI-powered solutions is expected to significantly impact the way businesses operate and interact with consumers in the coming years.

Trends in the market: In New Zealand, the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for facial recognition technology, particularly in the retail and banking sectors. This trend is expected to continue as businesses seek to enhance security measures and improve customer experiences. Additionally, there is a growing interest in using computer vision for predictive maintenance and quality control in industrial settings. These trends signal a shift towards more advanced and widespread adoption of computer vision technology in various industries, presenting opportunities for industry stakeholders to capitalize on its potential benefits.

Local special circumstances: In New Zealand, the Computer Vision Market within the Artificial Intelligence Market is influenced by the country's small population and advanced digital infrastructure. This has led to the rapid adoption of computer vision technology in various industries, including healthcare and agriculture. Additionally, the government's focus on promoting innovation and investment in AI has created a conducive environment for the growth of the market. Furthermore, the country's strong data privacy laws and ethical considerations surrounding AI have played a crucial role in shaping the market dynamics.

Underlying macroeconomic factors: The growth of the Computer Vision Market within the Artificial Intelligence Market in New Zealand is influenced by various macroeconomic factors, such as technological advancements, government support, and investment in research and development. The country's stable economic environment, favorable regulatory policies, and strong focus on innovation and technology make it an attractive market for computer vision solutions. Additionally, the increasing demand for automation, data-driven decision making, and enhanced customer experience across various industries is driving the adoption of computer vision technology in the country. This is further supported by the growing digital transformation initiatives and investments in infrastructure, which are expected to fuel the growth of the market in the coming years.

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 - New Zealand

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Value

Market Size

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Technology

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Key Market Indicators

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