Computer Vision - North America | Statista Market Forecast

The market size in the Computer Vision market is projected to reach US$7.85bn 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$14.29bn 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 North America is seeing steady growth in the Artificial Intelligence sector, driven by factors such as the increasing use of digital technologies, growing awareness of health issues among consumers, and the convenience of online health services. The mild growth rate could be attributed to the competitive nature of sub-markets like Speech Recognition, Image Recognition, and Facial Recognition, which may impact the overall market's growth.

Customer preferences: The Computer Vision Market within the Artificial Intelligence Market in North America is witnessing a rise in demand for advanced virtual assistant technology. This can be attributed to the increasing preference for voice-enabled devices and the growing adoption of smart home solutions. Additionally, there is a growing interest in virtual reality and augmented reality applications, especially in the gaming and entertainment industries. This trend is indicative of a shift towards more immersive and interactive experiences, driven by the increasing availability and affordability of these technologies.

Trends in the market: In North America, 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 due to its potential for enhancing customer experience and improving security measures. Additionally, there is a growing trend of using computer vision in autonomous vehicles for enhanced safety and navigation. These developments have significant implications for stakeholders, including increased competition and the need for advanced data privacy and security measures.

Local special circumstances: In North America, the Computer Vision Market within the Artificial Intelligence Market is heavily influenced by the advanced technological landscape and high adoption rates of digital solutions. Additionally, the region's strong focus on research and development in AI and machine learning has resulted in a highly competitive market with a large number of startups and established players. Furthermore, the strict data privacy regulations in North America have led to the development of robust security measures, making it a trusted market for AI-based solutions.

Underlying macroeconomic factors: The Computer Vision Market within the Artificial Intelligence Market in North America is heavily influenced by macroeconomic factors such as technological advancements, government policies, and investment in research and development. Countries with strong technological capabilities and favorable regulatory environments are experiencing significant growth in this market, as they are able to attract more investment and drive innovation. Additionally, the rising demand for AI-based solutions in various industries, coupled with the increasing adoption of automation in the region, is further propelling the growth of the market. Furthermore, the growing need for efficient and accurate data analysis and processing, driven by the rapid growth of big data, is also contributing to the expansion of the Computer Vision Market in North America.

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 - North America

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