Computer Vision - Peru | Statista Market Forecast

The market size in the Computer Vision market is projected to reach US$66.06m 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$120.30m 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 Peru, a sub-market of the Artificial Intelligence industry, is experiencing mild growth due to factors such as increasing demand for digital technologies, rising awareness about health, and the ease of online health services. These sub-markets, including Speech Recognition, Image Recognition, and Facial Recognition, further contribute to the overall growth rate of the market. However, challenges such as limited infrastructure and lack of skilled professionals may impede its progress.

Customer preferences: Recently, there has been a growing demand for computer vision technologies in Peru, driven by the increasing adoption of artificial intelligence solutions in various industries. This trend is particularly evident in the retail sector, where businesses are leveraging computer vision to enhance the customer experience through personalized product recommendations and efficient inventory management. Additionally, the rising number of tech-savvy consumers in Peru is fueling the demand for computer vision applications such as facial recognition for security purposes and augmented reality for shopping experiences. This shift towards incorporating computer vision in daily operations reflects the country's growing acceptance and reliance on advanced technologies.

Trends in the market: In Peru, the Computer Vision Market within the Artificial Intelligence Market is experiencing a significant increase in demand for facial recognition technology. This trend is being driven by the need for enhanced security measures and the adoption of contactless technology in response to the COVID-19 pandemic. Additionally, there is a growing trend of using computer vision for inventory management and quality control in industries such as manufacturing and retail. These trends signify a shift towards more efficient and automated processes, which can lead to cost savings and improved productivity for businesses. However, there are potential implications for industry stakeholders, such as concerns over data privacy and job displacement due to automation. It is important for companies to address these concerns and ensure ethical and responsible use of computer vision technology.

Local special circumstances: In Peru, the Computer Vision Market within the Artificial Intelligence Market is experiencing steady growth due to the country's high adoption of technology and strong IT infrastructure. Despite this, the market is still in its early stages compared to other countries. However, with government initiatives promoting AI research and development, the market is expected to see significant growth in the coming years. Additionally, Peru's strong focus on agriculture and mining industries creates a unique demand for AI-powered solutions in these sectors. Moreover, the country's cultural diversity and geographical challenges also play a crucial role in shaping the market, with AI companies having to adapt their technologies to meet the specific needs of the local population.

Underlying macroeconomic factors: The Computer Vision Market within the Artificial Intelligence Market in Peru is influenced by macroeconomic factors such as technological advancements, government support, and investment in infrastructure. Peru has a growing economy and is investing in technology, making it a favorable environment for the development of the Computer Vision Market. Additionally, the increasing demand for automation and efficiency in various industries, such as manufacturing and healthcare, is driving the growth of the market. Furthermore, the adoption of AI-based solutions in Peru is also being driven by the rising demand for personalized and efficient services, as well as the increasing use of AI in decision-making processes.

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 - Peru

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