Image Recognition - Hong Kong | Statista Market Forecast

The market size in the Image Recognition market is projected to reach US$51.70m 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$85.31m 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 Image Recognition market in the Artificial Intelligence market of Hong Kong has seen moderate growth, influenced by factors such as increasing adoption of digital technologies, rising awareness about AI, and the convenience of online services. This subdued growth rate may be impacted by the limited availability of skilled professionals and the high costs associated with implementing AI technology.

Customer preferences: With the rapid growth of e-commerce and mobile technology, consumer preferences in Hong Kong are shifting towards seamless and personalized shopping experiences. This has led to an increased demand for image recognition technology within the computer vision market, as it allows for efficient product search and recommendation. Additionally, the rise of social media and influencer culture has influenced consumer purchasing decisions, with image recognition being used to identify and purchase products featured in posts and videos.

Trends in the market: In Hong Kong, 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 government's implementation of biometric technology for public safety and security purposes. Additionally, there is a growing trend of using image recognition for retail analytics and customer behavior tracking. Industry stakeholders are closely monitoring these developments as they have the potential to significantly impact the market landscape. Companies are investing heavily in research and development to improve the accuracy and efficiency of image recognition technology, which could lead to increased adoption and revenue for the market. The implications of these trends for industry stakeholders include potential partnerships and collaborations with government agencies, as well as opportunities to tap into the retail analytics market. As the use of facial recognition technology becomes more prevalent, there may also be concerns regarding data privacy and security, which businesses will need to address in order to maintain consumer trust.

Local special circumstances: In Hong Kong, the Image Recognition Market within the Computer Vision Market of the Artificial Intelligence Market is heavily influenced by the city's fast-paced lifestyle and strong emphasis on technology. With a high population density and limited physical space, demand for advanced image recognition solutions has grown to streamline various industries, such as retail and transportation. Additionally, the city's strict data privacy regulations have led to the development of innovative privacy-preserving image recognition algorithms, catering to the privacy concerns of its tech-savvy population.

Underlying macroeconomic factors: The growth of the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is also influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with strong technological capabilities and favorable government policies are experiencing faster market growth compared to regions with limited technological infrastructure and regulatory challenges. Additionally, the increasing demand for automation and efficiency in various industries, such as healthcare, retail, and automotive, is driving the adoption of image recognition technology, further boosting 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.

Image Recognition - Hong Kong

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