Computer Vision - South Africa | Statista Market Forecast

The market size in the Computer Vision market is projected to reach US$109.40m 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$199.20m 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 Artificial Intelligence market in South Africa is experiencing mild growth, driven by increasing adoption of digital technologies, rising awareness of the benefits of computer vision in industries such as speech, image, and facial recognition, and the convenience of online services. These sub-markets play a significant role in the overall market's growth, as they cater to various industries and provide advanced solutions. However, factors such as limited resources and infrastructure may impact the market's growth rate.

Customer preferences: As South Africa's computer vision market within the artificial intelligence market continues to grow, there is a noticeable increase in demand for automation and optimization solutions across various industries. This is driven by the country's rapidly advancing technological landscape, as well as a growing preference for efficient and accurate data analysis. Additionally, cultural shifts towards digital transformation and remote work have also contributed to the rise in demand for computer vision technology.

Trends in the market: In South Africa, the Computer Vision market within the Artificial Intelligence market is experiencing a surge in demand for facial recognition technology in various industries, such as banking and retail. Furthermore, there is a growing trend towards using Computer Vision for surveillance and security purposes. This trend is expected to continue as companies and government agencies increasingly prioritize safety and efficiency. The implications for industry stakeholders include an increased focus on developing advanced Computer Vision solutions and potential partnerships with local businesses to expand their reach in the market.

Local special circumstances: In South Africa, the Computer Vision market within the Artificial Intelligence market is influenced by the country's unique geographical and cultural diversity. With a large rural population, there is a growing demand for AI-powered solutions that can bridge the gap in healthcare access and education. Additionally, the government's focus on promoting technological advancements and innovation has created a conducive environment for the growth of the AI industry. This has led to an increase in the adoption of computer vision technology in various sectors, such as healthcare, agriculture, and security.

Underlying macroeconomic factors: The growth of the Computer Vision Market within the Artificial Intelligence Market in South Africa is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in digital infrastructure. As the country continues to develop and modernize its economy, there is a growing demand for advanced AI technologies, including computer vision, to drive innovation and improve business efficiencies. Furthermore, South Africa's favorable regulatory environment and increasing investment in the AI industry are creating a conducive market landscape for the growth of computer vision solutions. Additionally, the country's fast-growing population and rising demand for automation in various industries are further propelling the market's 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.

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 - South Africa

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Computer Vision - South Africa

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Value

Market Size

Analyst Opinion

Global Comparison

Methodology

Technology

Access more Market Insights on Technology topics with our featured report

Key Market Indicators

Explore more high-quality data on related topic

Artificial intelligence (AI) worldwide - statistics & facts

Explore more high-quality data on related topic

Artificial intelligence (AI) in the U.S. - statistics & facts