Image Recognition - APAC

The APAC computer vision market, within the artificial intelligence market, is experiencing subdued growth due to factors such as slow adoption of digital technologies and limited awareness among consumers. Despite this, the convenience offered by online health services has the potential to drive growth in the image recognition market.

Customer preferences: The growing adoption of e-commerce and the rise of social media platforms have led to a surge in demand for image recognition technology in the APAC region. This is driven by consumers' desire for a more personalized and seamless online shopping experience, as well as their increasing reliance on visual content for communication and engagement. Additionally, the prevalence of mobile devices and the rise of influencer marketing have further fueled the demand for image recognition technology for targeted advertising and product recommendations.

Trends in the market: In APAC, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for facial recognition technology, as governments and businesses seek to enhance security and streamline processes. Additionally, there is a growing trend of using image recognition for e-commerce and advertising purposes, with retailers and marketers leveraging AI-powered image recognition solutions to personalize customer experiences. This trend is expected to continue, driving significant growth in the Image Recognition Market and offering new opportunities for industry stakeholders to tap into the potential of AI-powered image recognition technology.

Local special circumstances: In Japan, the Image Recognition Market is experiencing significant growth due to the country's advanced technological infrastructure and high adoption of AI-driven solutions in various industries. Additionally, the Japanese culture values privacy and data security, which has led to the development of advanced facial recognition technology for secure authentication. Furthermore, strict data privacy regulations have created a favorable environment for the growth of the market, with companies investing heavily in compliance and security measures to gain consumer trust.

Underlying macroeconomic factors: The growth of the Image Recognition Market in the APAC region is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in AI infrastructure. Countries with supportive regulatory environments and strong investments in AI technology are experiencing faster market growth compared to regions with regulatory challenges and limited funding for AI research and development. Additionally, the increasing adoption of AI in various industries and the rise of digital transformation initiatives in the region are driving the demand for image recognition solutions to improve business processes and outcomes.

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.