Image Recognition - Worldwide

The Artificial Intelligence market for Image Recognition and Computer Vision is experiencing subdued growth, influenced by factors such as slow adoption of advanced technologies and limited awareness among consumers. However, the convenience of online health services is expected to drive market growth worldwide.

Customer preferences: As the use of computer vision technology continues to expand, consumers are increasingly interested in more personalized and interactive shopping experiences. This has sparked a rise in the use of image recognition for virtual try-on and personalized product recommendations. Additionally, with the growing popularity of social media and influencer marketing, consumers are looking for ways to easily purchase products they see online, driving the integration of image recognition technology into social media platforms.

Trends in the market: In the worldwide Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market, there is a growing trend of incorporating deep learning techniques to improve accuracy and efficiency. This has significant implications for industry stakeholders, as it enables more precise and complex recognition tasks, such as facial recognition and object detection. Additionally, there is an increasing demand for real-time image recognition solutions, especially in retail and security sectors, leading to the development of innovative and advanced products. This trend is expected to continue, driving growth in the market and creating opportunities for companies to expand their offerings and cater to diverse industry needs.

Local special circumstances: In China, the Image Recognition Market of the Computer Vision Market is experiencing significant growth due to the country's massive investment in AI technology and its growing e-commerce sector. The Chinese government's support for AI development and its favorable regulatory environment have also played a crucial role. In Japan, the market is driven by the country's aging population and increasing demand for healthcare services. This has led to the adoption of AI-powered medical imaging systems and virtual assistants for patient care, making Japan a key market for image recognition technology.

Underlying macroeconomic factors: The growth of the Image Recognition Market within the Computer Vision Market in the Artificial Intelligence Market is heavily influenced by macroeconomic factors such as technological advancements, government policies, and investment in research and development. Countries with strong support for artificial intelligence and emerging technologies, along with robust investment in R&D, are experiencing significant market growth compared to regions with limited technological infrastructure and funding. Additionally, the increasing demand for automation and efficiency in industries such as healthcare, manufacturing, and retail is driving the adoption of image recognition technology, further fueling market 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.