Computer Vision - United Kingdom | Statista Market Forecast

The market size in the Computer Vision market is projected to reach US$832.40m 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$1.51bn 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 the UK is experiencing mild growth, influenced by the increasing demand for digital technologies and rising health awareness among consumers. This growth is also driven by the convenience of online health services, including Speech Recognition, Image Recognition, and Facial Recognition sub-markets. Various factors are impacting the market's growth rate, such as technological advancements and government initiatives to promote AI adoption in the healthcare sector.

Customer preferences: The adoption of computer vision technology is on the rise in the United Kingdom, driven by growing demand for advanced security and surveillance solutions. With the increasing prevalence of cybercrime and privacy concerns, companies are implementing computer vision systems to enhance their security measures. Additionally, the rise of e-commerce and the need for efficient inventory management has led to the integration of computer vision in retail and logistics industries. This trend is expected to continue as businesses prioritize cost-effective and accurate solutions for their operations.

Trends in the market: In the United Kingdom, the Computer Vision market in the Artificial Intelligence Market is seeing a surge in adoption, with more companies utilizing computer vision technology for various applications such as facial recognition, object detection, and autonomous vehicles. This trend is driven by the increasing demand for automation and efficiency in industries such as retail, healthcare, and manufacturing. With advancements in machine learning and deep learning algorithms, the accuracy and capabilities of computer vision systems are also improving, making it an attractive investment for businesses. This trend is expected to continue, with potential implications for industry stakeholders including increased competition, improved customer experiences, and potential regulatory challenges.

Local special circumstances: In the United Kingdom, the Computer Vision Market within the Artificial Intelligence Market is driven by the country's strong emphasis on research and development in the field of AI. Additionally, the UK government has implemented policies to support the growth of AI startups and attract major players in the industry. The country's well-established technology infrastructure and its position as a leading financial and business hub in Europe also contribute to the market's growth.

Underlying macroeconomic factors: The growth of the Computer Vision Market within the Artificial Intelligence Market in the United Kingdom is also influenced by macroeconomic factors such as technological advancements, government support, and investment in digital infrastructure. The country's strong technology and innovation ecosystem, coupled with its favorable regulatory environment, have encouraged the adoption of computer vision technologies across various industries. Moreover, the UK's stable economic growth and robust financial policies have created a conducive environment for businesses to invest in AI-powered solutions, including computer vision. Additionally, the increasing demand for automation and efficiency in various sectors, such as manufacturing, healthcare, and retail, is driving the growth of the computer vision market in the country.

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 - United Kingdom

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Computer Vision - United Kingdom

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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

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