Computer Vision - Saudi Arabia | Statista Market Forecast

The market size in the Computer Vision market is projected to reach US$299.30m 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$544.80m 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 Saudi Arabia is experiencing mild growth, driven by increasing adoption of digital technologies, rising health awareness among consumers, and the convenience of online health services. Factors such as the sub-markets of Speech Recognition, Image Recognition, and Facial Recognition play a significant role in shaping the market's growth rate.

Customer preferences: The growing adoption of advanced technologies, such as facial recognition and object detection, is driving the growth of the Computer Vision Market within the Artificial Intelligence Market in Saudi Arabia. This trend is fueled by the increasing use of smart devices and the rise of e-commerce, which require efficient and accurate visual recognition capabilities. Additionally, the cultural emphasis on privacy and security is promoting the development of AI-powered solutions to protect personal information and prevent fraud, further propelling the demand for computer vision technology.

Trends in the market: In Saudi Arabia, the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for facial recognition technology. This trend is driven by the government's efforts to improve security and streamline processes in various industries, such as banking and healthcare. Additionally, there is a growing adoption of computer vision in the retail sector for customer behavior analysis and inventory management. These trends indicate a shift towards more efficient and automated processes, providing opportunities for industry stakeholders to tap into the growing market. However, there are potential implications for privacy and data protection, which may require regulations to be put in place.

Local special circumstances: In Saudi Arabia, the Computer Vision market within the Artificial Intelligence Market is rapidly growing due to the government's Vision 2030 initiative, which aims to diversify the economy and promote technology adoption. This has led to increased investments in AI technology, creating a favorable environment for the market's growth. Additionally, the country's thriving construction and manufacturing industries have created a demand for computer vision solutions for quality control and automation. The conservative cultural values and strict data privacy regulations in Saudi Arabia have also influenced the market, with companies offering AI solutions tailored to adhere to these norms.

Underlying macroeconomic factors: The growth of the Computer Vision market in Saudi Arabia is largely influenced by macroeconomic factors such as government initiatives to promote AI and digital transformation, as well as the overall economic health of the country. With initiatives like Vision 2030, the nation is investing heavily in technology and innovation, creating a favorable environment for the adoption of computer vision solutions. Additionally, the rise in internet and smartphone penetration, along with the increasing demand for automation and efficiency, are driving the growth of the market. However, challenges such as data privacy regulations and limited AI talent pool may hinder the market growth in the country.

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 - Saudi Arabia

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Value

Market Size

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Technology

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Key Market Indicators

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