MARKET OVERVIEW- ASIA PACIFIC IMAGE RECOGNITION MARKET
The Asia Pacific region is showing significant growth in image recognition technology over the forecast period that can be performed by the software to identify an object or a feature in an image or video. It is generally used in many applications like defect detection, medical imaging, and security surveillance. Many organizations are investing in image recognition to interpret and analyze data coming primarily from visual sources for a number of uses such as medical image analysis, identifying objects in autonomous cars, face detection for security purposes, etc in regards to computer vision. Image recognition uses machine vision technologies with artificial intelligence and trained algorithms to recognize images through a camera system. Image recognition has taken the world by storm thanks to ongoing recent advancements in machine learning and an increase in the computational power of the machines, and these factors are likely to drive segment growth over the forecast period.
MARKET DRIVERS
The growing adoption of cloud-based image recognition solutions across the Asia Pacific will drive market growth. The increasing use in the various end-user industries like automotive, e-commerce, retail, manufacturing industries, security, surveillance, healthcare, and farming, will fuel the market’s growth in Asia Pacific’s region. The increasing number of applications such as visual inspection, useful in applications such as image retrieval and recommender systems in e-commerce, automated driving, as well as being used by robots to identify objects and enhance autonomous navigation by identifying locations or objects on their path. The increasing use of image identification in social media monitoring, as visual listening and visual analytics, are essential factors of digital marketing that will drive the market’s growth over the forecast period. The use of facial recognition in the Asia Pacific in public places and by law enforcement will drive market growth. In addition, the emergence of many image recognition companies in the region will boost market growth over the forecast period.
MARKET OPPORTUNITIES
The adoption of image recognition technology on a small and mid-level scale will bring future growth in the coming period. The driving force behind the recent advances in image recognition is deep learning, whose success is powered by the formation of large-scale datasets, the development of powerful models, and the availability of vast computational resources that will expand the market growth. In addition, the increasing use of image recognition in the field of surveillance, autonomous driving, and intelligent healthcare. These are some of the factors that will propel the market growth in the Asia region from a future prospective.
MARKET RESTRAINTS
The image recognition market is limited by its initial high cost, which will hinder the market growth. The interference of artificial intelligence (AI) and machine learning technologies is becoming increasingly common for image recognition projects due to their ability to accurately identify objects in photos or videos will drive up the cost of the image recognition market. These factors hinder market growth.
MARKET GROWTH CHALLENGES
The image recognition market is facing challenges such as image classification, intra-class variance, and more. The market is also facing issues such as classification problems related to image recognition, which are plagued by well-known and established problems.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the Asia Pacific Image Recognition market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. The Increasing image recognition in various end-user industries such as automotive, e-commerce, retail, manufacturing industries, security, surveillance, healthcare, and farming has led to an increase in demand for the Image Recognition market and is expected to grow at a specific CAGR from 2021-2028.
ASIA PACIFIC IMAGE RECOGNITION MARKET SEGMENTAL OVERVIEW
The Asia Pacific Image Recognition market comprises different market segments like technology, component, application, deployment, vertical and country.
IMAGE RECOGNITION MARKET BY TECHNOLOGY
By technology, the Image Recognition includes a key segment of
- Code Recognition
- Facial Recognition
- Optical Character Recognition
- Object Recognition
- Pattern Recognition
Based on the type of technology, code recognition technology helps to recognize the codes containing information when interacting with smart devices, for example, QR codes. Whereas, facial recognition technology helps to recognize facial features, and is recently used for the locking systems of smart devices. There has been impressive progress in the field of Artificial Intelligence, especially in computer vision with the rise and popularity of deep learning algorithms.
IMAGE RECOGNITION MARKET BY COMPONENT
The Image Recognition market on the basis of components splits into
The service segment is expected to witness a noticeable growth rate over the forecast period. The growing adoption of image processing software for various applications, such as medical imaging, computer graphics, and photo editing owing to the growth for software segment held a significant market share over the forecast period. For instance, several API platforms, such as Amazon Recognition, provide an option of adding video or image analytics to an application and enhance the object identification capability of the application.
IMAGE RECOGNITION MARKET BY APPLICATION
The Image Recognition market is applied across
- Scanning & Imaging
- Security & Surveillance
- Image Search
- Augmented Reality and Marketing
The augmented reality and marketing segment are accounted the major market share over the forecast period. The segment growth is attributed to an increase in the public safety concerns that drives the growth in the security & surveillance segment. The major social media platforms are using AI-enabled image recognition technologies to improve the user experience and allow advertisers to place contextually relevant advertisements will further expand market growth.
The Security & Surveillance is also growing at considerable pace over the forecast period. The growth is owing to the increasing security and surveillance in the government and defence industry will drive the segment growth over the forecast period.
IMAGE RECOGNITION MARKET BY DEPLOYMENT
Based on deployment, The Image Recognition market is divided into
The Cloud based segment accounts the major market share and is expected to dominate the market. The increasing demand for cloud-based applications and the trend towards data virtualization will drive the segment. In,addition, many organisations are adopting cloud services which will drive the market growth. Therefore, the cloud-based segment of the image recognition market is known to have a preferential growth as compared to the on-premise segment.
IMAGE RECOGNITION MARKET BY VERTICAL
Based on vertical, The Image Recognition market is classified into
- BFSI
- Media & Entertainment
- Retail & Consumer Goods
- IT & Telecommunication
- Healthcare
- Transportation & Logistics
The media and entertainment segment accounted for major market share over the forecast period. The increasing penetration of the power of AI to create excellent customer experiences and improve customer lifetime value with more efficient ways to encode, distribute, and organize your unstructured image, video, and text data in entertainment industry will drive the market segment growth over the forecast period. The increasing monitoring image, video, text and audio media for unwanted content, manual process of writing subtitles for multiple shows and movies in dozens of languages, the use of AI to identify the contents of videos frame by frame and identify objects to add appropriate tags. These are some provisions used by the media and entertainment industry will further boost segment growth.
IMAGE RECOGNITION MARKET BY COUNTRY
The Asia Pacific Image Recognition market is studied for the following countries
- China
- India
- Japan
- South Korea
- Rest of the Asia Pacific
China also has a lead in AI generally, with 250 out of a total of 1,636 export deals involving some form of AI to 136 importing countries. Face recognition technology has numerous practical applications, including unlocking smartphones, providing authentication in apps, and finding friends in social media posts. China has attention has focused on the applications of these technologies in government security systems and their geopolitical implications. The use of the technology is creeping into the private sector in China – used to monitor travelers at airports and for sealing mobile phone contracts. These factors are driving the market growth in China.
COVID-19 IMPACT ANALYSIS ON THE ASIA PACIFIC IMAGE RECOGNITION MARKET
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors in the Asia Pacific Image Recognition market. In addition, a complete analysis of changes in the Asia Pacific Image Recognition market expenditure, and economic and international policies on the supply and demand side is provided in this exclusive report. The report also studies the impact of a pandemic on Asia Pacific economies, international trade, business investments, GDP, and the marketing strategies of key players present in the market.
The COVID-19 pandemic has surged the trend of artificial intelligence and digitization which has been proved that the market of Image Recognition has been considerably impacted by the COVID-19 outbreak. The increasing machine learning technologies in artificial intelligence (AI) is at the forefront of the scientific and technological tools employed to combat the COVID-19 pandemic.
Many companies are adopting technologies for image processing, tracking of disease, prediction of outcomes, and computational medicine, to alleviate the communicability and effect of the pandemic. The transportation industry had to make immediate major operational adjustments, including limiting passenger capacity, introducing intensive cleaning and consolidating terminals and will do significant investments in digital technologies to address health and safety concerns. Many Industries are turning to facial recognition technology (FRT), which is perceived as an efficient means to ensure a seamless and contactless passenger journey while preventing virus transmission.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the Image Recognition market is primarily focused on expanding the Asia Pacific growth of the Image Recognition industry through new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in the Image Recognition sector has led to growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the required demand of consumers, which further contributes to healthy growth in the market.
The key players studied in the market are
- Amazon Web Services Inc
- Google LLC
- IBM Corporation
- Microsoft Corporation
- Nvidia Corporation
- Honeywell International
- Hitachi Ltd
- LTU Technologies
- Catchoom Technologies
- Blippar Ltd
- Slyce
RECENT DEVELOPMENT:
April 2019: IBM has launched IBM PowerAI Vision, a visual recognition solution running on IBM Power Systems. This platform enables users to create visual models without coding or deep learning expertise.
May 2019: Wikitude GmbH launched the Wikitude SDK 8.5 with new image recognition features, such as a transparent area feature and image target collection. The company is representing such enhancement in services/products/solutions to compete against other market players.
