Computer Vision - Serbia

The Artificial Intelligence market in Serbia, particularly in the sub-markets of Speech Recognition, Image Recognition, and Facial Recognition, is experiencing mild growth. Factors such as increasing adoption of digital technologies, growing health awareness among consumers, and the convenience of online health services are driving this growth. Additionally, the market's growth rate is being impacted by factors such as government initiatives, investment in research and development, and the availability of skilled professionals in the country.

Customer preferences: Consumers in Serbia are increasingly adopting computer vision technology for a variety of applications, from security and surveillance to retail and healthcare. This is driven by a growing awareness and acceptance of artificial intelligence solutions, as well as a desire for more efficient and effective processes. Additionally, the rise of e-commerce and the need for accurate product recognition and recommendation systems have further boosted the demand for computer vision technology. As digitalization continues to expand, we can expect to see a continued growth in the adoption of computer vision in Serbia and the wider Artificial Intelligence Market.

Trends in the market: In Serbia, the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for facial recognition technology, as it is being increasingly used for security and surveillance purposes. This trend is expected to continue, with the market projected to grow significantly in the coming years. Additionally, there is a growing focus on incorporating computer vision technology into various industries, such as healthcare, retail, and manufacturing, to improve efficiency and enhance customer experience. This trend has significant implications for industry stakeholders, as it presents opportunities for innovation and growth. However, it also raises concerns about privacy and ethical implications, which must be addressed for the technology to be widely adopted.

Local special circumstances: In Serbia, the Computer Vision market within the Artificial Intelligence market is influenced by the country's strong background in software development and engineering. This has led to a highly skilled workforce and a growing number of startups focused on computer vision technology. Additionally, Serbia's location in Southeast Europe provides access to a diverse range of markets, enabling companies to develop and test their products in different environments. Furthermore, the government's support for innovation and technological advancements has fostered a favorable business climate for the growth of the AI market in Serbia.

Underlying macroeconomic factors: The Computer Vision Market within the Artificial Intelligence Market in Serbia is heavily influenced by macroeconomic factors such as technological advancements, government policies, and investment in digital infrastructure. 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 growing demand for automation in industries such as manufacturing, healthcare, and retail is driving the adoption of computer vision solutions, leading to market growth.

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.