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Image Recognition - ASEAN

ASEAN
  • The market size in the Image Recognition market is projected to reach US$502.70m in 2024.
  • The market size is expected to show an annual growth rate (CAGR 2024-2030) of 8.71%, resulting in a market volume of US$829.50m by 2030.
  • In global comparison, the largest market size will be United States (US$3.66bn in 2024).

Definition:
Image recognition, as part of computer vision, refers to the technology that enables machines to analyze and understand visual data such as images and/or video frames. It involves the use of algorithms and deep learning models to identify objects, scenes, patterns, and other visual elements within images. By extracting features and patterns from the input data, image recognition systems can classify and categorize images based on the content within these images. The applications for this technology are diverse and broad and include the areas of object detection, image classification, medical imaging, autonomous vehicles, and augmented reality and make it possible for machines to comprehend and interpret visual information much like humans do.

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.

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In-Scope

  • Technologies that use artificial intelligence and machine learning algorithms to analyze and interpret digital images, such as object detection, pattern recognition, and facial recognition
  • Products and services that use image recognition technology, such as security cameras, self-driving cars, and medical imaging equipment.

Out-Of-Scope

  • Technologies that do not rely on digital images, such as text-based information or audio signals
  • Products and services that do not use image recognition technology, such as physical goods or traditional customer service support.
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    Market Size

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Image Recognition market in ASEAN is experiencing subdued growth due to factors such as limited investment in digital technologies, lack of awareness among consumers, and challenges in implementing online services. However, with the growing adoption of Artificial Intelligence in the region, this market is expected to witness gradual growth in the coming years.

    Customer preferences:     As technology continues to advance, consumers in ASEAN are increasingly seeking more personalized and intuitive image recognition solutions, driving the growth of the Image Recognition Market within the Computer Vision Market of the Artificial Intelligence Market. This trend is fueled by a growing preference for seamless and efficient visual search options, as well as the need for accurate and speedy identification of products and objects. Additionally, the rise of e-commerce and online shopping has further boosted the demand for image recognition technology in the region.

    Trends in the market:     In ASEAN, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for facial recognition technology, particularly in the retail and hospitality sectors. With the rise of e-commerce and contactless transactions, there is a growing trend of using facial recognition for payments and identity verification. This presents significant opportunities for industry stakeholders, but also raises concerns about privacy and security. Additionally, there is a shift towards real-time video analytics for surveillance and crowd management, further driving the growth of this market.

    Local special circumstances:     In ASEAN, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing significant growth due to the region's rapid digital transformation and increasing use of smart devices. Additionally, the diversity of languages and cultural backgrounds within ASEAN countries has led to a demand for language-specific image recognition solutions. Furthermore, the varying regulatory frameworks across the region have led to unique challenges for companies looking to enter the market, creating opportunities for local players to establish themselves as key players in the industry.

    Underlying macroeconomic factors:     The growth of the Image Recognition Market within the Computer Vision Market of the Artificial Intelligence Market is also influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with favorable policies and investments in artificial intelligence are experiencing faster market growth compared to regions with regulatory challenges and limited funding for research and development. Additionally, the increasing adoption of AI in various industries and the rising demand for automation and efficiency are driving the demand for image recognition solutions, thus contributing to the growth of the market.

    Global Comparison

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Methodology

    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.

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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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