Computer Vision - South America

The artificial intelligence market in South America is experiencing mild growth, influenced by factors such as increasing adoption of digital technologies, growing awareness of health concerns, and the convenience of online health services. The sub-markets of speech recognition, image recognition, and facial recognition play a significant role in shaping the overall computer vision market in the region.

Customer preferences: As the demand for advanced security solutions increases in South America, the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand. This is attributed to the region's high crime rates and growing concerns over safety. Additionally, consumers are increasingly seeking personalized shopping experiences, leading to the adoption of Computer Vision-based retail technologies. This trend is driven by the region's young and tech-savvy population, who value convenience and are open to trying new technologies for a seamless shopping experience.

Trends in the market: In South 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 driven by the need for efficient and contactless identification methods amidst the COVID-19 pandemic. Additionally, there is a growing trend of using computer vision in agriculture for crop monitoring and yield optimization. These advancements in the region are significant as they offer cost-effective and sustainable solutions for various industries. However, there may be potential implications for privacy concerns and job displacement in certain sectors.

Local special circumstances: In South America, the Computer Vision Market within the Artificial Intelligence Market is seeing significant growth due to the region's large population and increasing adoption of advanced technologies. In Brazil, the market is driven by the government's initiatives to promote digital transformation and the rise of e-commerce, leading to a high demand for computer vision solutions in retail and logistics. In Argentina, the market is fueled by the growing demand for AI-powered security and surveillance systems, while in Colombia, the market is driven by the rise of smart cities and the need for efficient traffic management systems. These unique local factors are shaping the market dynamics in South America and driving the growth of the Computer Vision Market within the Artificial Intelligence Market.

Underlying macroeconomic factors: The growth of the Computer Vision Market within the Artificial Intelligence Market in South America is heavily influenced by macroeconomic factors such as technological advancements, government policies and investment in research and development. Countries with strong economic growth and supportive policies towards AI, such as Brazil and Argentina, are experiencing faster market growth compared to countries with economic challenges and limited government support. Additionally, the increasing adoption of AI technologies across various industries, such as healthcare, agriculture, and manufacturing, is driving the demand for Computer Vision solutions in South 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.