Facial Recognition - Taiwan

The Facial Recognition Market in Taiwan nan, part of the Computer Vision Market in the Artificial Intelligence Market, has seen moderate growth due to factors like limited adoption of advanced technology and privacy concerns. However, with increasing government initiatives and awareness, the market is expected to grow in the coming years.

Customer preferences: As the use of facial recognition technology becomes more prevalent in Taiwan, there is a growing concern about privacy and data protection. This has led to a demand for stricter regulations and increased transparency from companies utilizing this technology. Additionally, there is a growing trend towards incorporating facial recognition in everyday life, such as using it for contactless payments or unlocking devices, as consumers seek convenient and secure solutions. This shift towards widespread acceptance of facial recognition is also driven by the cultural emphasis on efficiency and technological advancement.

Trends in the market: In Taiwan, there is a growing trend of implementing facial recognition technology in various industries, including retail, banking, and transportation. This trend is expected to continue as the government pushes for a cashless society and increased security measures. Additionally, there is a focus on developing facial recognition technology for contactless authentication and identification in response to the COVID-19 pandemic. These developments have significant implications for industry stakeholders, as they can improve efficiency, reduce costs, and enhance customer experience. However, concerns over privacy and data security must be addressed for widespread adoption.

Local special circumstances: In Taiwan, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is heavily influenced by the country's strong technology sector and government support for innovation. The market is also driven by the growing demand for security and surveillance solutions in various industries, such as banking and transportation. Additionally, the cultural emphasis on efficiency and convenience has led to the adoption of facial recognition technology in retail and hospitality sectors. The country's strict privacy laws and regulations also play a significant role in shaping the market's growth and development.

Underlying macroeconomic factors: The growth of the Facial Recognition Market in Taiwan is heavily influenced by macroeconomic factors such as advancements in technology, government policies, and investments in infrastructure. With a strong regulatory environment and significant investments in artificial intelligence, Taiwan is experiencing rapid growth in the Facial Recognition Market. Additionally, the country's aging population and increasing demand for security solutions are driving the adoption of facial recognition technology. Furthermore, the global trend towards digitalization and the growing need for efficient and secure identification methods are expected to further boost the Facial Recognition Market in Taiwan.

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.