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Computer Vision - ASEAN

ASEAN
  • The market size in the Computer Vision market is projected to reach US$945.00m 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$1.72bn 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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In-Scope

  • Applications of computer vision to enable machines to interpret and analyze visual data, such as image and video recognition, autonomous vehicles, and medical imaging.

Out-Of-Scope

  • Non-artificial intelligence applications of computer vision, such as video processing and editing, which do not involve machine learning or pattern recognition.
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    Market Size

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Artificial Intelligence market in ASEAN is witnessing steady growth, driven by the increasing adoption of digital technologies and rising awareness about the benefits of computer vision. Factors such as the convenience offered by online health services and the demand for speech, image and facial recognition technology are also contributing to the market's growth. However, the mild growth rate can be attributed to challenges such as data privacy concerns and high implementation costs.

    Customer preferences:     With the rise of e-commerce and online shopping in ASEAN countries, the Computer Vision Market within the Artificial Intelligence Market is experiencing a growing demand for automated product recognition and recommendation systems. This trend is fueled by the increasing reliance on technology for convenience and efficiency in shopping. Furthermore, the incorporation of cultural and language-specific features in these systems caters to the diverse consumer preferences in the region, enhancing the overall shopping experience.

    Trends in the market:     In ASEAN, the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for image recognition technologies in various industries, such as retail, healthcare, and manufacturing. This trend is driven by the increasing need for automation and efficiency in business processes. Furthermore, the rise of e-commerce in the region is fueling the demand for computer vision solutions to improve product search and recommendation systems. These trends are expected to continue, presenting significant opportunities for stakeholders to enhance their offerings and gain a competitive edge in the market.

    Local special circumstances:     In Vietnam, the Computer Vision Market within the Artificial Intelligence Market is experiencing rapid growth due to the country's strong investment in technology and rising adoption of digital services. The government's initiative to develop a smart city infrastructure is further boosting the demand for computer vision solutions. In Malaysia, the market is driven by the country's robust tech ecosystem and support for innovation, leading to the emergence of startups offering computer vision-based solutions for various industries.

    Underlying macroeconomic factors:     The growth of the Computer Vision Market within the Artificial Intelligence Market in ASEAN is heavily impacted by macroeconomic factors such as technological advancements, government support, and investment in AI infrastructure. Countries with supportive regulatory environments and a strong focus on AI technology are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing adoption of AI in various industries and the rise of smart cities in the region are driving the demand for advanced computer vision solutions. This is further supported by the growing population and increasing demand for automation and efficiency in the ASEAN region.

    Global Comparison

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Methodology

    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.

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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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