Computer Vision - Southern Asia | Statista Market Forecast

The market size in the Computer Vision market is projected to reach US$1.14bn in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 10.50%, resulting in a market volume of US$2.08bn by 2030.
In global comparison, the largest market size will be United States (US$6.88bn in 2024).

Definition:
Computer vision is a field of artificial intelligence that focuses on enabling computers to understand and interpret visual information from digital images or videos. It involves the development of algorithms and models that can extract meaningful insights from visual data, such as identifying objects in images (image recognition), converting spoken language into written text (speech recognition), and analyzing unique facial features for identification (facial recognition). By mimicking human vision and perception, computer vision technology enables machines to comprehend and analyze visual content. This technology is applicable to a wide range of industries.

Structure:
The Computer Vision market has three markets. The Speech Recognition market covers the analysis and interpretation of human speech. The Image Recognition market covers the analysis and interpretation of digital images using computer vision, and the Facial Recognition covers the analysis and interpretation of human faces in digital images and/or videos.

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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Applications of computer vision to enable machines to interpret and analyze visual data, such as image and video recognition, autonomous vehicles, and medical imaging.

Non-artificial intelligence applications of computer vision, such as video processing and editing, which do not involve machine learning or pattern recognition.

The Artificial Intelligence market in Southern Asia, specifically in the sub-markets of Speech, Image, and Facial Recognition, has been experiencing moderate growth. Factors such as increasing adoption of digital technologies, growing health awareness, and convenience offered by online services are driving this growth. However, challenges such as privacy concerns and limited access to advanced technology may impact the market's growth rate.

Customer preferences: With the rise of artificial intelligence and the integration of computer vision technology, consumers in Southern Asia are showing a growing interest in smart home devices and virtual assistants. This trend is driven by the region's fast-paced lifestyle and increasing reliance on technology for convenience and efficiency. Additionally, with the growing middle-class population, there is an increasing demand for personalized and connected living experiences, leading to the adoption of smart home solutions. Furthermore, the incorporation of culturally relevant features is also becoming a key factor in the acceptance and adoption of these technologies in the region.

Trends in the market: In Southern Asia, 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 authentication for security purposes, as well as the rise of smart cities. Additionally, there is a growing interest in computer vision for retail analytics and gesture recognition for virtual and augmented reality applications. These trends are significant as they showcase the potential of computer vision in various industries, and their trajectory is expected to continue on an upward trajectory. For industry stakeholders, this presents an opportunity to invest in and develop advanced computer vision solutions to cater to the growing demand in the region. However, it also raises concerns about privacy and data security, which stakeholders must address to maintain consumer trust.

Local special circumstances: In Southern Asia, the Computer Vision Market within the Artificial Intelligence Market is influenced by a combination of factors unique to the region. Countries like India and China have a large population with high rates of smartphone adoption, leading to a growing demand for AI-powered solutions in various industries. However, these countries also have different regulatory landscapes and cultural norms that can impact the adoption and development of computer vision technology. For example, India has a strong focus on digital healthcare initiatives, while China has a robust e-commerce sector that can benefit from computer vision technology. Additionally, countries like Bangladesh and Pakistan have their own unique challenges and opportunities for the Computer Vision Market within the Artificial Intelligence Market, such as limited internet access and cultural preferences for certain types of AI solutions. These factors must be carefully considered by companies looking to enter the Southern Asian market in order to successfully navigate and capitalize on the region's potential.

Underlying macroeconomic factors: The growth of the Computer Vision Market within the Artificial Intelligence Market is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with strong economic growth, favorable regulatory environments, and substantial investments in AI technologies are experiencing faster market growth compared to regions with limited resources and regulatory challenges. Additionally, the increasing adoption of AI technologies in various industries, such as healthcare, automotive, and retail, is driving the demand for computer vision solutions to improve efficiency and competitiveness.

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.

Computer Vision - Southern Asia

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