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) - Industry Trends and Forecast to 2031.
Asia-Pacific Image Recognition Market Analysis and Size
Image recognition, also known as computer vision or image classification, refers to the process of identifying and categorizing objects or patterns within digital images or videos. It is a subfield of artificial intelligence that involves developing algorithms and models to enable machines to understand and interpret visual data. It typically involves training a machine learning model using a large dataset of labeled images.
Data Bridge Market Research analyzes that the Asia-Pacific image recognition market is expected to reach USD 51,810.14 million by 2031, from USD 12,458.67 Million in 2023 and is expected to undergo a CAGR of 19.5% during the forecast period of 2024 to 2031. “Hardware” dominates the components segment of the market due to demand from growing markets. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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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)
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Countries Covered
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Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific
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Market Players Covered
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IBM Corporation (U.S.), Microsoft (U.S.), Clarifai, Inc. (U.S.), Huawei Technologies Co., Ltd. (China), TRAX IMAGE RECOGNITION (Singapore), Vispera Information Technologies (Turkey), Partium.io (Germany), LTU Tech (U.S.), Blippar (U.K.), Wikitude GmbH (Austria), Trigo (Israel), Ricoh (Japan), Honeywell International Inc. (U.S.), Google (U.S.), TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION (Japan), Qualcomm Technologies, Inc. (U.S.), Hitachi Information & Telecommunication Engineering, Ltd. (Japan), Amazon Web Services, Inc. (U.S.)
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Market Opportunities
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Market Definition
Image recognition is a method used to acquire, process, and scrutinize images. The technique is used to gather high-dimensional data for the purpose of generating numerical or symbolic information. Image recognition incorporates disentangling of representational information from the data gathered from the image by using replicas created with the help of geometry, physics, statistics, and learning theory.
Asia-Pacific Image Recognition Market Dynamics
Driver
- Efficient and profitable retail execution processes with adherence to compliance standards
Image recognition solutions are revolutionizing the way companies manage customer interactions, market products online and offline, and manage store inventory. Image recognition technology is increasingly being used to search for products online for purchase. The use of image recognition for shelf recognition, product placement, and maintaining compliance with merchandising standards is quickly gaining momentum. Image recognition technology is assisting manufacturers, retailers, and marketers to understand their market and react dynamically.
Opportunity
- Accelerating demand for cloud-powered image recognition solutions
Major cloud companies such as AWS, Microsoft, and Google are heavily investing in enhancing their image recognition market offerings to optimize in-store and online retail execution. Organic and inorganic strategies supported by underlying cloud infrastructure promotes the future growth of the image recognition market.
Restraints/Challenges
- High installation cost
Most of the enabling technologies, such as face recognition, deep learning, computer vision, Al, ML, and gesture recognition, have huge development costs. Thus, companies that lack financial resources do not opt for image recognition offerings even if they are interested in such solutions to increase productivity. Well-known vendor solutions in the market such as Microsoft Computer Vision API, Microsoft Emotion API, Amazon Rekognition, Google Cloud Vision API, and IBM Watson Visual Recognition are highly priced, making it difficult for small companies to deploy them. The huge cost of implementing image recognition solutions and training Al enablers to execute a specific task will act as a deterrent for small retail and e-commerce businesses; this could prove to be a restraint for image recognition solution vendors during the forecast period.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Developments
- 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
Asia-Pacific Image Recognition Market Scope
The image recognition market is segmented on the basis of offering, technology, deployment, application, and end-use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
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
Asia-Pacific Image Recognition Market Region Analysis/Insights
The image recognition market is analyzed and market size insights and trends are provided by country, offering, technology, deployment, application, and end use industry as referenced above.
The countries covered in the market report are Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, and rest of Asia-Pacific.
China is expected to dominate the market due to China being home to renowned research institutions, universities, and technology companies that conduct cutting-edge research in photonics and integrated circuit technologies. This strong R&D ecosystem fosters innovation and drives advancements in Image Recognition circuits.
China is expected to be the fastest-growing country in the market due to the a large and rapidly growing population, along with a significant increase in internet usage and data consumption. This drives the demand for high-speed and efficient communication networks, which can benefit from the use of Image Recognition circuits. PICs are capable of integrating multiple optical components on a single chip, making them well-suited for high-speed data transmission and communication applications.
The region section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Asia-Pacific brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.
Competitive Landscape and Asia-Pacific Image Recognition Market Share Analysis
The image recognition market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Asia-Pacific presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the image recognition market.
Some of the major players operating in the image recognition market are:
- IBM Corporation (U.S.)
- Microsoft (U.S.)
- Clarifai, Inc. (U.S.)
- Huawei Technologies Co., Ltd. (China)
- TRAX IMAGE RECOGNITION (Singapore)
- Vispera Information Technologies (Turkey)
- Partium.io (Germany)
- LTU Tech (U.S.)
- Blippar (U.K.)
- Wikitude GmbH (Austria)
- Trigo (Israel)
- Ricoh (Japan)
- Honeywell International Inc. (U.S.)
- Google (U.S.)
- TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION (Japan)
- Qualcomm Technologies, Inc. (U.S.)
- Hitachi Information & Telecommunication Engineering, Ltd. (Japan)
- Amazon Web Services, Inc. (U.S.)
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