Computer Vision - Spain | Statista Market Forecast

The market size in the Computer Vision market is projected to reach US$383.20m 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$697.60m 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 Spain is experiencing mild growth, driven by factors such as increasing adoption of computer vision technologies, growing awareness of the benefits of AI in healthcare, and the convenience of online health services. The sub-markets of speech recognition, image recognition, and facial recognition are also contributing to this growth. However, challenges like data privacy concerns and high implementation costs are impacting the market's growth rate.

Customer preferences: The popularity of smart home technology and the growing use of virtual assistants in households is driving the demand for computer vision in Spain. Consumers are seeking convenience and efficiency in their daily tasks, leading to a rise in the adoption of computer vision-powered devices such as smart speakers and home security systems. This trend is further accelerated by the increasing number of tech-savvy individuals and the high internet penetration rate in the country. Additionally, the COVID-19 pandemic has also highlighted the need for contactless technologies, further fueling the growth of computer vision in the Spanish market.

Trends in the market: In Spain, the Computer Vision market is experiencing a surge in demand for facial recognition technology, particularly in security and surveillance applications. This trend is expected to continue with the increasing use of biometric authentication in various industries. Additionally, there is a growing interest in using Computer Vision for object detection and tracking in manufacturing and retail sectors. These developments are significant for industry stakeholders, as they open up new opportunities for cost savings and improved efficiency. However, concerns around data privacy and security may pose challenges for the widespread adoption of Computer Vision technology in Spain.

Local special circumstances: In Spain, the Computer Vision Market within the Artificial Intelligence Market is influenced by the country's strong focus on research and development in the field and its highly skilled workforce. Additionally, the government's support for startups and innovative technologies has led to a thriving ecosystem for AI companies. Furthermore, Spain's strategic location in Europe allows easy access to other markets, making it a desirable location for companies looking to expand. The country's cultural emphasis on work-life balance also plays a role in the market, with a growing demand for AI solutions that can increase productivity and efficiency in the workplace. Additionally, Spain's strict data protection laws and regulations create a unique environment for AI companies, promoting trust and transparency in the use of AI technologies.

Underlying macroeconomic factors: The growth of the Computer Vision Market within the Artificial Intelligence Market in Spain is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. With Spain being one of the top countries in Europe for research and development expenditure, there is a strong foundation for the growth of the market. Additionally, the country's well-developed information and communication technology infrastructure and favorable regulatory environment are also contributing to the market's growth. However, the current economic slowdown in Spain due to the COVID-19 pandemic may have a temporary impact on the market's growth, but the long-term prospects remain promising.

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 - Spain

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Value

Market Size

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Global Comparison

Methodology

Technology

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Key Market Indicators

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