Facial Recognition - APAC

The Facial Recognition Market in APAC is experiencing subdued growth due to various factors such as slow adoption of digital technologies, privacy concerns, and lack of regulations. However, the rising demand for AI-powered solutions is expected to drive market growth in the future.

Customer preferences: The facial recognition market in APAC is witnessing a surge in demand, driven by the increasing adoption of biometric authentication and security solutions. Additionally, there is a growing preference for contactless interactions and transactions, leading to the integration of facial recognition technology in various industries such as retail, banking, and healthcare. This trend is expected to continue as the region experiences a rapid rise in digitalization and the need for efficient and secure identity verification methods.

Trends in the market: In APAC, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for contactless technology, with governments and businesses implementing facial recognition systems for security and identification purposes. This trend is expected to continue, driven by the region's high mobile and internet penetration rates. Additionally, there is a growing focus on ethical and responsible use of facial recognition technology, with regulations being implemented to address privacy concerns. This trend is likely to shape the market landscape and influence the adoption of facial recognition technology in the region.

Local special circumstances: In China, the Facial Recognition Market is rapidly growing due to the government's heavy investment in surveillance technology and the widespread use of mobile payment systems. This has led to the adoption of facial recognition for authentication and security purposes in various industries including banking, transportation, and retail. In Japan, the market is driven by the aging population and the need for advanced healthcare solutions, resulting in the use of facial recognition for patient identification and monitoring. Additionally, cultural acceptance and high levels of technological innovation also contribute to the growth of this market in the country.

Underlying macroeconomic factors: The growth of the Facial Recognition Market within the Computer Vision Market of the Artificial Intelligence Market is heavily influenced by macroeconomic factors such as technological advancements, government regulations, and investment in infrastructure. Countries with favorable regulatory environments and strong investments in AI technology are experiencing faster market growth compared to regions with regulatory challenges and limited funding. The increasing demand for advanced security solutions and the rising adoption of AI in various industries are also driving the growth of the Facial Recognition Market in APAC. Additionally, the growing population and rising urbanization in the region are creating a need for efficient and accurate identification technologies, further fueling the demand for facial recognition solutions.

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.