Image Recognition - Singapore | Statista Market Forecast

The market size in the Image Recognition market is projected to reach US$67.06m 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$110.70m 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 in Singapore is experiencing subdued growth, due to factors such as slower adoption of digital technologies and limited awareness among consumers. However, the market is poised for growth with the increasing demand for computer vision and the convenience offered by online services.

Customer preferences: As the use of computer vision and artificial intelligence becomes more prevalent in Singapore, there is a growing demand for image recognition technology. This is driven by the increasing adoption of smart city initiatives and the need for efficient surveillance systems. Additionally, with the rise of e-commerce and online shopping, there is an emerging trend towards using image recognition for product search and recommendation. This shift is fueled by the preference for visual-based search and the desire for a personalized shopping experience.

Trends in the market: In Singapore, 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 need for enhanced security measures in public spaces and the growing use of biometric authentication in various industries. Additionally, there is an increasing focus on developing more advanced and accurate image recognition algorithms, which has led to the rise of startups and investments in this sector. These developments have significant implications for industry stakeholders, including potential opportunities for new partnerships and collaborations, as well as potential ethical concerns surrounding the use of facial recognition technology.

Local special circumstances: In Singapore, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is driven by the government's strong support for innovation and advanced technology. The country's highly educated and tech-savvy population has also played a significant role in the rapid adoption of image recognition solutions in various industries. Additionally, Singapore's strict data privacy laws and regulations have established a high level of trust among consumers, boosting the demand for image recognition technology in areas such as e-commerce and security.

Underlying macroeconomic factors: The Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in Singapore is heavily influenced by macroeconomic factors such as technological advancements, government support, and investments in research and development. Singapore's strong economic growth and favorable business environment have attracted significant investments in AI and has enabled the country to become a regional leader in this field. Additionally, the government's focus on promoting innovation and entrepreneurship, as well as its investments in digital infrastructure, have further propelled the growth of the market. The increasing demand for AI solutions in various industries, such as retail, healthcare, and transportation, is also contributing to 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.

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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 - Singapore

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