Image Recognition - Eastern Asia | Statista Market Forecast

The market size in the Image Recognition market is projected to reach US$3.58bn 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$5.91bn 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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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.

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.

The Eastern Asian market for image recognition within the computer vision sector of the artificial intelligence market is experiencing subdued growth due to various factors. These include slow adoption of digital technologies, lower health awareness among consumers, and limited convenience offered by online health services. Despite this, the market is still expected to see significant growth in the coming years.

Customer preferences: In Eastern Asia, there is a growing demand for image recognition technology in retail and e-commerce industries. This is fueled by the rising popularity of online shopping and the desire for personalized shopping experiences. As a result, companies are investing in computer vision technology to enhance their product recommendations and virtual try-on features. This trend is also driven by the increasing adoption of smartphones and social media, where users expect quick and accurate image recognition capabilities. Additionally, the rise of visual search and augmented reality applications is further driving the demand for image recognition technology in Eastern Asia.

Trends in the market: In Eastern Asia, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for facial recognition technology. This trend is driven by the increasing adoption of biometric security systems and the emergence of smart cities. Additionally, there is a growing focus on using image recognition in retail and marketing, with companies utilizing the technology for personalized advertising and customer analytics. These trends have significant implications for industry stakeholders, as they open up new opportunities for revenue growth and advancements in AI technology. However, there are also concerns surrounding data privacy and security, which stakeholders must address to ensure the responsible use of image recognition in this market.

Local special circumstances: In China, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing rapid growth due to the government's investments in AI and the widespread adoption of facial recognition technology. The country's large population and high internet penetration rate have also contributed to the market's success. In Japan, the market is driven by the country's advanced technology and aging population, leading to the development of AI-powered healthcare solutions and robotic assistants for the elderly. The strict data privacy regulations in South Korea have influenced the market, leading to the development of secure and ethical AI solutions for image recognition.

Underlying macroeconomic factors: The Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in Eastern Asia is influenced by macroeconomic factors such as technological advancements, government support, and investment in infrastructure. Countries with favorable regulatory environments and strong investment in AI technologies are experiencing faster market growth. Additionally, the increasing demand for automation and optimization in industries such as retail, healthcare, and manufacturing is contributing to the growth of the market. The region's strong economic growth and rising disposable incomes have also led to a higher adoption of AI-powered solutions, further driving the market's 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.

Image Recognition - Eastern Asia

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