Facial Recognition - Thailand

The Facial Recognition market in Thailand, within the Computer Vision and Artificial Intelligence market, is experiencing subdued growth due to factors such as limited adoption, lack of awareness, and concerns over privacy and security. Despite this, the market is expected to grow in the coming years as the technology becomes more refined and accepted by consumers.

Customer preferences: The rise of facial recognition technology in Thailand is driven by the growing demand for contactless and secure authentication methods in various industries, including banking, hospitality, and retail. This trend is further fueled by the country's increasing digital adoption and the government's push towards digital transformation. As consumers become more comfortable with facial recognition, it is expected to become a key feature in the country's smart city initiatives, promoting convenience and efficiency in daily transactions.

Trends in the market: In Thailand, the Facial Recognition Market within the Computer Vision Market of the Artificial Intelligence Market is experiencing a surge in demand due to the country's adoption of smart city initiatives. This has led to an increase in the use of facial recognition technology in areas such as security, transportation, and retail. Additionally, there is a growing trend of using facial recognition for personalized marketing and customer experience. These developments have significant implications for industry stakeholders, as they highlight the potential for widespread adoption of facial recognition technology in various sectors in Thailand.

Local special circumstances: In Thailand, the Facial Recognition Market within the Computer Vision Market of the Artificial Intelligence Market is greatly influenced by the country's rapidly growing digital economy. The government's initiatives to promote digital transformation and the increasing adoption of smartphones have created a fertile ground for the market's growth. Additionally, the country's strong tourism industry has also contributed to the demand for facial recognition technology, particularly in the security sector. These unique local factors have led to a dynamic and promising market for facial recognition technology in Thailand.

Underlying macroeconomic factors: The facial recognition market in Thailand is heavily influenced by macroeconomic factors such as government initiatives to promote digital transformation, investment in research and development, and advancements in artificial intelligence technology. The country's strong economic growth and stable political climate have also created a conducive environment for market growth. Additionally, the increasing adoption of facial recognition technology in various industries such as banking, retail, and transportation is driving the demand for this market. Furthermore, the rising concerns for security and privacy are also pushing the growth of facial recognition technology in Thailand.

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.