Computer Vision - Southern Africa

The Artificial Intelligence market in Southern Africa, particularly the sub-markets of Speech Recognition, Image Recognition, and Facial Recognition, is experiencing mild growth. Factors such as increasing adoption of digital technologies, rising awareness about health, and the convenience of online health services are driving this growth. However, challenges such as limited access to technology and lack of skilled professionals are impacting the market's growth rate.

Customer preferences: With the rapid growth of e-commerce and the increasing adoption of online shopping platforms, there has been a rise in demand for computer vision technology in Southern Africa. This trend is driven by the need for more efficient and accurate product identification and recommendation systems, as well as the desire for a more personalized shopping experience. Additionally, the region's young and tech-savvy population is fueling the demand for AI-powered virtual try-on features, providing a more immersive and engaging shopping experience.

Trends in the market: In Southern 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 security and retail. Additionally, there is a growing trend of using computer vision for predictive maintenance in manufacturing and transportation sectors. This trend is significant as it streamlines processes, improves efficiency, and reduces operational costs. However, it also raises concerns about privacy and data protection. Industry stakeholders must address these implications while leveraging the potential of computer vision technology.

Local special circumstances: In South Africa, the Computer Vision market is driven by the increasing adoption of AI technologies in various industries, such as healthcare, manufacturing, and automotive. The country's diverse cultural landscape has also influenced the development of AI solutions tailored to specific needs and preferences of local businesses and consumers. Additionally, the rise of smart cities and the government's focus on digital transformation have created a favorable environment for the growth of the Computer Vision market in South Africa.

Underlying macroeconomic factors: The Computer Vision Market within the Artificial Intelligence Market in Southern Africa is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in infrastructure. Favorable regulatory environments and strong investment in AI technology are leading to faster market growth compared to regions with regulatory challenges and limited funding. Furthermore, the rising prevalence of chronic diseases and aging populations in the region are creating a demand for AI-powered solutions to improve healthcare access and outcomes. These factors are expected to continue driving the growth of the market in Southern Africa.

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.