Computer Vision - Canada

The Computer Vision market within the Artificial Intelligence Market in Canada is experiencing mild growth, driven by factors such as increasing adoption of digital technologies, growing health awareness among consumers, and the convenience of online health services. These factors are likely influenced by the sub-markets of Speech Recognition, Image Recognition, and Facial Recognition, which have all seen a rise in demand. However, the market's growth rate may also be impacted by factors such as limited access to advanced technology and concerns about privacy and security.

Customer preferences: With the rise of e-commerce and the increasing popularity of online shopping, consumer demand for advanced visual search and recommendation systems has grown. This has led to a surge in adoption of computer vision technology in the retail industry, where it is being used to enhance the shopping experience and personalize product recommendations for customers. Additionally, the integration of computer vision in smart home devices, such as voice-activated assistants, is gaining traction as consumers seek more convenient and intuitive ways to interact with technology.

Trends in the market: In Canada, the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for facial recognition technology in various industries such as banking, retail, and healthcare. This trend is driven by the increasing need for security and personalization in customer interactions. Additionally, there is a growing trend of using Computer Vision for object detection and tracking in industrial and manufacturing applications. These trends are expected to continue, with advancements in Computer Vision technology and the emergence of new use cases. Industry stakeholders should embrace these trends to stay competitive and reap the benefits of increased efficiency and improved customer experience.

Local special circumstances: In Canada, the Computer Vision market is thriving due to the country's strong research and development capabilities, particularly in the fields of computer science and engineering. Additionally, the country's highly educated workforce and advanced technological infrastructure contribute to its competitive advantage in this market. Furthermore, Canada's supportive government policies and investment in AI research and development have created a favorable environment for the growth of the Computer Vision market. These factors, combined with Canada's multicultural society and diverse business landscape, have led to the emergence of innovative solutions and applications for Computer Vision technology.

Underlying macroeconomic factors: The growth of the Computer Vision market within the Artificial Intelligence Market in Canada is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with strong research and development capabilities and favorable regulatory environments are experiencing faster market growth compared to regions with regulatory challenges and limited investment in AI technologies. Additionally, the increasing demand for automation and efficiency across industries is driving the adoption of computer vision solutions, as well as the growing need for improved decision-making and customer experience.

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.