Facial Recognition - Belgium

The Facial Recognition market in Belgium is experiencing subdued growth due to factors such as privacy concerns, limited adoption of digital technologies, and slow awareness among consumers. However, the convenience of online health services is driving growth in the Computer Vision market within the Artificial Intelligence industry in Belgium.

Customer preferences: In Belgium, there has been a growing demand for facial recognition technology in various sectors, including security, retail, and healthcare. This is fueled by the increasing adoption of digital solutions and the need for contactless interactions in the wake of the pandemic. Moreover, there is a cultural shift towards personalized services, which has led to the integration of facial recognition in customer identification and marketing strategies. Additionally, demographic changes, such as the aging population, have also contributed to the increased demand for facial recognition technology in healthcare for efficient patient management.

Trends in the market: In Belgium, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a significant increase in demand due to the country's strict data privacy laws. This has led to the implementation of facial recognition technology in various industries, such as banking and retail. Additionally, there is a growing trend of integrating facial recognition technology with other AI applications, such as emotion detection. This trend is expected to continue, as facial recognition technology becomes more advanced and integrated with other technologies. This could have significant implications for industry stakeholders, such as increased efficiency and security in various sectors.

Local special circumstances: In Belgium, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is heavily influenced by the country's strict regulations on data privacy. This has led to the emergence of facial recognition solutions that prioritize the protection of personal information. Additionally, Belgium's high adoption of smart city initiatives has created a demand for facial recognition technology in areas such as public safety and transportation. However, concerns over potential misuse of this technology have also sparked debates and discussions within the country's political and social spheres, shaping the market landscape.

Underlying macroeconomic factors: The Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in Belgium is influenced by macroeconomic factors such as technological advancements, government policies, and investment in AI infrastructure. Belgium has a strong and stable economy, with a high level of digitalization and a supportive regulatory environment for AI technologies. This has led to a growing demand for facial recognition solutions in various industries, including security, retail, and healthcare. Additionally, the increasing adoption of digital transformation and the rising need for automation in business processes are also driving the growth of the facial recognition market in Belgium.

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.