Asia-Pacific Image Recognition Market, By Offering (Hardware, Software, Services), Technology (QR/Barcode Recognition, Object Recognition, Facial Recognition, Pattern Recognition, Optical Character Recognition), Deployment (Cloud, On-Premise), Application (Augmented Reality, Scanning, and Imaging, Security and Surveillance, Marketing and Advertising, Image Search), End Use (Automobile and Transportation, BFSI, Government, Healthcare, IT and Telecom, Media and Entertainment, Retail and E-Commerce, others), Country (Australia, Indonesia, Singapore, Thailand, Vietnam, Taiwan and Rest of Asia-Pacific), Industry Trends and Forecast to 2028.
The Asia-Pacific image recognition market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 19.5% in the forecast period of 2021 to 2028 and is expected to reach USD 30,360.65 million by 2028.
One of the factors which are increasing demand for image recognition across the Asia-Pacific region is the growing adoption of cloud-based image recognition solutions. Growing adoption of security applications, which acts as a driving factor for the growth of the market. The high installation cost of image recognition services can act as a major restraining factor for the market. Increasing demand from government and private sectors for service improvement of the business can be a lucrative opportunity for the market growth. The major challenges in image classification are the challenge for the market growth.
This image recognition market report provides details of market share, new developments, and product pipeline analysis, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographical expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
The Asia-Pacific image recognition market is segmented on the basis of are offering, technology, deployment, application, and end use. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of offering, the Asia-Pacific image recognition market has been segmented into hardware, software, and services. In 2021, hardware is expected to dominate the market. It is the most important element of the image recognition system, including cameras, sensors, and chipsets, among others widely used in the image recognition market.
- On the basis of technology, the Asia-Pacific image recognition market has been segmented into QR/Barcode recognition, object recognition, facial recognition, pattern recognition, optical character recognition. In 2021, facial recognition is expected to dominate the market. It offers many advantages to the customers, such as strengthening security measures in financial institutes and reducing the number of touchpoints.
- On the basis of deployment, the Asia-Pacific image recognition market has been segmented into cloud and on-premise. In 2021, the cloud segment is expected to dominate the market as it offers many advantages such as reduced cost, high scalability for computing and storing data. This ability to quickly access the data allows the business to reduce downtime and effectively increase productivity.
- On the basis of application, the Asia-Pacific image recognition market is segmented into image search, scanning and imaging, security and surveillance, marketing and advertising, and augmented reality. In 2021, security and surveillance are expected to dominate the market as image recognition is majorly used at financial institutions, commercial and private places to maintain high security. These factors play an important role in dominating the market in the application segment.
- On the basis of end use, the Asia-Pacific image recognition market is segmented into BFSI, IT and telecommunication, government, retail and e-commerce, automobile & transportation, healthcare, media and entertainment, and others. In 2021, the retail & e-commerce segment is expected to dominate the market as image recognition is used to monitor the stock-keeping units at hypermarkets and supermarkets.
The Asia-Pacific image recognition market is analyzed, and market size information is provided by the country, offering, deployment, technology, application, and end use.
The countries covered in the Asia-Pacific Image Recognition market report are Australia, Indonesia, Taiwan, Thailand, Singapore, Vietnam, and the Rest of Asia-Pacific.
Australia accounted for the maximum share in the Asia-Pacific image recognition market due to factors such as a large number of companies providing image recognition products and solutions. Indonesia holds the second largest market after Australia due to high adoption of image recognition solutions and services. Taiwan is the third largest market due to the presence of companies and advancement in technologies in image recognition market.
The country section of the Asia-Pacific image recognition market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of sales channels are considered while providing forecast analysis of the country data.
Increasing Adoption of Image Recognition Solutions in Industries
The Asia-Pacific image recognition market also provides you with detailed market analysis for every country growth in the installed base of different kinds of products for the Asia-Pacific image recognition market, impact of technology using lifeline curves and changes in requirement of abrasives products, regulatory scenarios, and their impact on the image recognition market. The data is available for the historical period 2010 to 2019.
Competitive Landscape and Asia-Pacific Image Recognition Market Share Analysis
The Asia-Pacific image recognition market competitive landscape provides details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, clinical trials pipelines, brand analysis, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus on the Asia-Pacific image recognition market.
Some of the major players operating in the Asia-Pacific image recognition market are IBM Corporation, Microsoft, Clarifai, Inc, Huawei Technologies Co., Ltd., TRAX IMAGE RECOGNITION, Vispera Information Technologies, Partium.io, LTU Tech, Blippar, Wikitude GmbH, Trigo, Ricoh, Honeywell International Inc., Google, TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION, Qualcomm Technologies, Inc., Hitachi Information & Telecommunication Engineering, Ltd., Amazon Web Services, Inc among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
- In August 2021, Huawei Technologies Co., Ltd. launched seven new machine vision products. The key feature of this product was improved image quality evaluation standard using AI-based features. These products helped the company improve its product portfolio and offered customers unique vision products with improved image/object identification and detection capabilities
Partnership, joint ventures, and other strategies enhance the company's market share with increased coverage and presence. It also provides the benefit for the organization to improve their offering for the Asia-Pacific image recognition market through an expanded product range.
Customization Available: Asia-Pacific Image Recognition Market
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