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Image Recognition - Southeast Asia

Southeast Asia
  • 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 and Computer Vision markets in Southeast Asia are experiencing moderate growth due to factors such as increasing adoption of AI technologies and growing awareness of the benefits of digital healthcare. The growth rate in this region is subdued due to challenges in infrastructure and access to advanced technologies.

    Customer preferences:     Consumers in Southeast Asia are increasingly adopting image recognition technology in various industries, such as retail, healthcare, and transportation. This can be attributed to the growing popularity of e-commerce and the need for efficient and accurate inventory management. Additionally, the rise of social media and influencer marketing has also fueled the demand for image recognition technology, as businesses seek to leverage visual content for targeted advertising and customer engagement. Furthermore, the increasing use of smartphones and access to high-speed internet have led to a greater demand for image recognition solutions that can enhance user experience and convenience.

    Trends in the market:     In Southeast Asia, the demand for smart city solutions is driving the growth of the Image Recognition Market within the Computer Vision Market. The region is experiencing rapid urbanization and governments are investing in advanced technology to improve safety and efficiency. This has led to a surge in the adoption of image recognition for traffic management, surveillance, and public safety. With the increasing use of smartphones and internet, there is also a growing trend of using image recognition for e-commerce and social media platforms. This presents significant opportunities for industry players to expand their presence in the region and cater to the evolving needs of consumers. However, the market is also facing challenges such as data privacy concerns and lack of skilled professionals, which could potentially hinder its growth.

    Local special circumstances:     In Southeast Asia, 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. The rise of e-commerce and online banking has led to an increased demand for image recognition technology, driving the market forward. Additionally, the diverse cultural and linguistic landscape of Southeast Asia presents unique challenges and opportunities for image recognition technology, as it must be able to accurately identify and interpret a wide range of images and languages. Furthermore, the varying regulatory environments across Southeast Asian countries can impact the adoption and use of image recognition technology, making it crucial for companies to navigate these differences in order to succeed in the market.

    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 favorable regulatory environments and strong investment in artificial intelligence are experiencing faster market growth compared to regions with regulatory challenges and limited funding for technology. Additionally, the increasing demand for automation and efficiency in industries such as healthcare, retail, and manufacturing is driving the adoption of image recognition technology, leading to market growth.

    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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