Asia Pacific Artificial Intelligence (AI) Image Recognition Market 2016-2027 by Offering, Function, Industry Vertical, and Country: Trend Forecast and Growth Opportunity

Image recognition is the ability of the software to identify places, objects, people, writing and actions in images. Computers can use machine vision technologies in combination with a camera and artificial intelligence software to achieve image recognition. Image recognition is used to perform a large number of machine-based visual tasks, such as labelling the content of images with meta tags, performing image content search, guiding autonomous robots and self-driving cars, and in accident-avoidance systems. Asia Pacific AI image recognition market will register a 2020-2026 CAGR of 30.6% with a total addressable market cap of $9.73 billion over the forecast years. 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. With AI becoming the core of many technology-based applications, the investments in the sector are growing. Image recognition stands as one of the standard features for many AI-related applications. Thus, the market is expected to leverage the fast-growing technology and expand in the coming years. 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. The adoption of artificial intelligence (AI) technology is also rising, owing to its ability to enhance and automate operations and enrich the user experience. Governments are also focusing on increasing their AI capabilities to revolutionize various sectors, from healthcare to transport. Images are real and extensive, and unlike other forms of data, they also cannot be forged easily. These characteristics make the images, repositories of big data, and hence, exploiting such valuable data can be a great source of information for banks and financial institutions. The high installation cost of image recognition services can act as a major restraining factor for the market. Image recognition solutions have been gaining prominence incessantly in Asia-Pacific, particularly to cater to the growing need for security solutions due to the advent of the smart homes and smart city initiatives in the developing economies in the region. With the growing e-commerce segment in the retail industry in the recent past in the region, vendors in the market are investing majorly in the image recognition technologies to offer an enhanced digital experience to consumers. 

Company preferences for different platforms vary greatly in this region, with AI vendors in China preferring Tensor Flow or Caffe, whereas companies in Singapore prefer Microsoft CNTK, and companies in Japan prefer Chainer Software, to support AI technologies. The ease of availability of such platforms has created huge potential opportunities for vendors to leverage these advanced technologies to develop tools for critical business needs. 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.

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

COVID-19 Impact 
Artificial intelligence image recognition market was positively and negatively affected by the pandemic. The high cost of installation and execution of the AI based image recognition reduced the growth of the industry especially in the Asia pacific market which consist of developing countries which were focusing their resources towards more essential business sustaining practices. But on the other hand the need for reducing touch points to curb the spread of the virus boosted the AI image recognition market as it provides contactless functioning. 

Highlighted with 30 tables and 41 figures, this 97-page report “Asia Pacific Artificial Intelligence (AI) Image Recognition Market 2020-2026 by Offering, Function, Industry Vertical, and Country: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire Asia Pacific AI image recognition market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. 

In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure 
• Growth Drivers 
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces

The trend and outlook of Asia Pacific market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most likely) projection is used to quantify Asia Pacific AI image recognition market in every aspect of the classification from perspectives of Offering, Function, Industry Vertical, and Country. 

By Offering
     • Hardware
     • Software
     • Service

By Function

     • Biometrics Recognition
          • Facial Recognition
          • Hand and Fingerprint Scan
          • Eyes Recognition
          • Other Biometrics
     • Object Identification
 
By Industry Vertical
     • Automotive 
     • BFSI
     • Healthcare
     • Security
     • Retail
     • Other Industry Verticals

By Geography
     • Japan
     • China
     • South Korea
     • Australia
     • India
     • Rest of APAC (further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)

For each aforementioned region and country, detailed analysis and data for annual revenue are available for 2015-2026. The breakdown of key national markets by Offering, Function, and Industry Vertical over the forecast years are also included.

The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.Specifically, potential risks associated with investing in Asia Pacific AI image recognition market are assayed quantitatively and qualitatively through GMD’s Risk Assessment System. According to the risk analysis and evaluation, Critical Success Factors (CSFs) are generated as a guidance to help investors & stockholders identify emerging opportunities, manage and minimize the risks, develop appropriate business models, and make wise strategies and decisions.

Key Players (this may not be a complete list and extra companies can be added upon request): 
Artivatic Data Labs Pvt. Ltd.,  Automation Anywhere, Inc., Fujitsu Ltd., IBM Corporation, iFlytek, Intel Corporation,  LPixel, Inc., Megvii, Samsung Electronics Co., Ltd., SenseTime, ViSenze Pte Ltd., YITU Technologies 

(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)