Image Recognition - South Korea

The Image Recognition Market in South Korea is experiencing subdued growth due to factors such as slow adoption of digital technologies, lack of consumer awareness about health, and limited convenience of online health services. Nevertheless, the market is expected to grow in the coming years with the increasing use of artificial intelligence in the country, driving innovation and demand for computer vision technologies.

Customer preferences: The rise of e-commerce and online shopping has driven the demand for advanced visual search and recommendation systems, resulting in a growing adoption of image recognition technology in the retail sector. Additionally, with the increasing popularity of social media platforms and influencer marketing, businesses are leveraging image recognition tools to identify and engage with relevant online influencers to promote their products and services. This trend is further amplified by the growing influence of K-beauty and K-pop culture, which has sparked a demand for AI-powered virtual makeup try-on and style recommendations.

Trends in the market: In South Korea, the Image Recognition Market within the Computer Vision Market of the Artificial Intelligence Market is experiencing a surge in demand due to the rising adoption of facial recognition technology in various industries such as retail, healthcare, and security. Additionally, there is a growing trend of using image recognition for personalized marketing and customer engagement. This is expected to drive the growth of the market in the coming years. However, there are concerns regarding privacy and data security, which may pose challenges for industry stakeholders.

Local special circumstances: In South Korea, the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is heavily influenced by the country's advanced technology infrastructure and high internet penetration rate. The government's focus on promoting AI technology and the presence of major tech companies like Samsung and LG contribute to the market's growth. Additionally, cultural factors such as the widespread use of mobile devices and the popularity of e-commerce have created a strong demand for image recognition solutions in areas like retail and advertising. Strict data privacy laws also play a significant role in shaping market dynamics, as companies must adhere to stringent regulations when implementing AI technology.

Underlying macroeconomic factors: The growth of the Image Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in South Korea is influenced by various macroeconomic factors. These include the country's strong investment in technology, favorable regulatory environment, and robust healthcare infrastructure. South Korea's strong government support for artificial intelligence and its focus on becoming a global leader in technology have led to a favorable market landscape for image recognition solutions. Additionally, the country's aging population and the increasing prevalence of chronic diseases are driving the demand for AI-based solutions to improve healthcare outcomes. This, coupled with the country's stable economic growth and strong fiscal policies, is expected to drive the growth of the Image Recognition Market in South Korea.

Data coverage: The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the funding values from different industries for the market.

Modeling approach / Market size:Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use annual financial reports, funding data, and third-party data. In addition, we use relevant key market indicators and data from country-specific associations such as GDP, number of internet users, number of secure internet servers, and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are the level of digitalization, the number of secure internet servers, and the revenue of the Public Cloud market.

Additional Notes: The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russian-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the market is updated on an ad-hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is weighted for representativeness.