Market Research Report
Asia-Pacific AI in Image Recognition Market 2019-2025
|Published by||Orion Market Research Pvt Ltd||Product code||922237|
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|Asia-Pacific AI in Image Recognition Market 2019-2025|
|Published: January 14, 2020||Content info:||
Asia-Pacific AI in Image Recognition Market Size, Share & Trends Analysis Report by Product Type (Hardware and Software), by End-User (Automotive, BFSI, Healthcare, Security, and Retail), and Forecast 2019-2025
Asia-Pacific AI in image recognition market is estimated to grow significantly at a CAGR of more than 29% during the forecast period. The major countries which will contribute to the market include China, India, and Japan. China is the biggest player in AI in the image recognition market. The market in the region is largely driven by the investment from the AI companies and a significant rise to the big data. A large amount of data generation enables AI systems to create more sophisticated insights, thus, offering companies to reduce costs, scale operations, improve productivity and enhance more targeted products and services to consumers. Owing to the increasing popularity of social media platforms in the region, image data has been growing significantly, which in turn is driving the demand for AI-based image recognition platforms in the region.
The market is segmented on the basis of product type and end-user. Based on the product type, the market is bifurcated into hardware and software. The market for software is growing owing to the increasing demand for highly accurate facial analysis on video and images. Based on end-user, the market is segmented into automotive, BFSI, healthcare, security, and retail. Growing adoption of image recognition software for security as well as customer identification is the most common factor contributing to the growth of the BFSI segment.
The rising number of venture funding to AI-based startup in the region is expected to accelerate the growth of the AI in image recognition market in the region. For instance, in May 2019, Megvii, a Chinese facial recognition firm, which is commonly referred to as Face++ raised funding of $750 million that will support the commercialization of its AI services and global expansion. AI in image recognition is gaining importance as it can solve real-world problems across several application areas, including automotive and BFSI.
The market study of the Asia-Pacific AI in image recognition market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
The report is intended for IT companies, software vendors, automotive industry, healthcare companies, research institutes, government organizations, and other market participants for the overall market and competitive analysis. The report provides an in-depth analysis on market size, and future market opportunities. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for making better business decisions.