Computer Vision - Hong Kong | Statista Market Forecast

The market size in the Computer Vision market is projected to reach US$97.19m 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$176.90m 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.

For more information on the data displayed, use the info button right next to the boxes.

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

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

The Artificial Intelligence market in Hong Kong is witnessing mild growth, driven by factors such as increasing adoption of digital technologies, growing awareness about the benefits of AI in healthcare, and the convenience offered by online health services. The sub-markets of Speech Recognition, Image Recognition, and Facial Recognition are also contributing to the overall market growth. However, factors such as limited government funding and privacy concerns may impact the growth rate in the future.

Customer preferences: As Hong Kong continues to embrace advancements in technology, the Computer Vision Market within the Artificial Intelligence Market is witnessing a rise in demand for facial recognition and gesture recognition technologies. This is driven by the city's fast-paced lifestyle and the need for efficient and contactless transactions in various industries such as retail and transportation. Additionally, the integration of Computer Vision with AI is enabling personalized and more accurate data analysis, catering to the diverse consumer preferences in Hong Kong.

Trends in the market: In Hong Kong, the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for facial recognition technology, particularly in the retail and security sectors. This trend is expected to continue as the government invests in Smart City initiatives and companies integrate AI technology into their operations. This shift towards AI-driven solutions has significant implications for industry stakeholders, as it offers increased efficiency and cost savings, but also raises concerns about privacy and data protection. Additionally, there is a growing trend of using computer vision technology in healthcare, with the potential to revolutionize medical imaging and diagnosis. As the market evolves, we can expect to see further advancements and applications of computer vision in various industries.

Local special circumstances: In Hong Kong, the Computer Vision Market within the Artificial Intelligence Market is heavily influenced by the city's advanced technology infrastructure and skilled workforce. Moreover, the government actively supports research and development in this field, leading to a highly competitive and innovative market. Additionally, the city's high population density and fast-paced lifestyle drive the demand for convenient and efficient AI solutions, especially in areas such as transportation and retail.

Underlying macroeconomic factors: The growth of the Computer Vision market in Hong Kong is heavily influenced by macroeconomic factors such as technological advancements, government support, and overall economic stability. Hong Kong's strong investment in technology and infrastructure, as well as favorable regulatory policies, have created a conducive environment for the growth of the Artificial Intelligence market. Additionally, the increasing demand for AI-powered solutions in various industries, such as healthcare, finance, and retail, is driving the growth of the Computer Vision market in Hong Kong. Furthermore, the country's strategic location and strong economic ties with other global markets make it an attractive hub for AI development and adoption, further contributing to market growth.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Artificial intelligence evokes images of supercomputer assistants, machines that can think creatively, and, to some, scenes from their favorite sci-fi movie. The reality, despite not being as futuristic, is not far off from this. AI refers to the ability of a computer or machine to mimic the competencies of the human mind, which often learns from previous experiences to understand and respond to language, decisions, and problems. The market for AI technologies is vast, amounting to around 200 billion U.S. dollars in 2023 and is expected to grow well beyond that to over 1.8 trillion U.S. dollars by 2030.

Artificial intelligence (AI), the technology that allows digital computers or computer-controlled robots to perform tasks more commonly associated with intelligent beings, has been leaping into the limelight following the release of a wide variety of Generative AI models in 2023. The United States, being the largest economy in the world, has a natural advantage. Although human-like androids such as those portrayed in the science fiction movie Blade Runner are still far from reality, applications of AI such as smartphone virtual assistants and industrial robots are already widespread in U.S. society. The industry’s powerful ability to improve efficiency and increase productivity has made it of strategic importance to U.S. industries and government, both of which push the U.S. lead in the AI race.

Computer Vision - Hong Kong

Value

Market Size

Analyst Opinion

Global Comparison

Methodology

Technology

Access more Market Insights on Technology topics with our featured report

Key Market Indicators

Explore more high-quality data on related topic

Artificial intelligence (AI) worldwide - statistics & facts

Explore more high-quality data on related topic

Artificial intelligence (AI) in the U.S. - statistics & facts

Contact

Get in touch with us. We are happy to help.

Computer Vision - Hong Kong

In-Scope

Out-Of-Scope

Artificial Intelligence

Related markets:

Artificial Intelligence: in-depth market analysis

Value

Market Size

Analyst Opinion

Global Comparison

Methodology

Technology

Access more Market Insights on Technology topics with our featured report

Key Market Indicators

Explore more high-quality data on related topic

Artificial intelligence (AI) worldwide - statistics & facts

Explore more high-quality data on related topic

Artificial intelligence (AI) in the U.S. - statistics & facts