Facial Recognition - Indonesia

The Facial Recognition Market in Indonesia is experiencing subdued growth due to factors such as slow adoption of digital technologies, limited health awareness, and challenges with accuracy and privacy concerns. Despite this, the market is expected to grow due to increasing government initiatives and investments in AI technology development.

Customer preferences: With the increasing adoption of facial recognition technology, consumers in Indonesia are demanding more secure and convenient authentication methods. This has led to a rise in the use of facial recognition for payments and access control in various industries such as banking, retail, and transportation. Additionally, the cultural emphasis on personal appearance and beauty has also fueled the demand for facial recognition in the cosmetics and fashion industries for personalized recommendations and virtual try-on features.

Trends in the market: In Indonesia, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand due to the country's increasing focus on security and surveillance. This trend is expected to continue as the government and private sector invest in advanced facial recognition technology. Additionally, the market is witnessing a shift towards mobile-based facial recognition solutions, allowing for easier and more convenient access. This trend has significant implications for stakeholders, including increased efficiency and accuracy in security measures, but also raises concerns about privacy and ethical implications.

Local special circumstances: In Indonesia, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is seeing significant growth due to the government's push for digital transformation and the increasing adoption of facial recognition technology in various industries. Additionally, the country's large population and high smartphone penetration rate have created a favorable environment for facial recognition technology. However, challenges such as data privacy concerns and cultural attitudes towards surveillance may impact the market's growth in the country.

Underlying macroeconomic factors: The growth of the Facial Recognition Market within the Computer Vision Market of the Artificial Intelligence Market in Indonesia is influenced by macroeconomic factors such as government initiatives to promote digital transformation, increased investments in AI technologies, and rising demand for efficient and secure identification systems. A favorable business environment and strong support from the government have also contributed to the rapid growth of the market in Indonesia. Additionally, the increasing adoption of facial recognition technology in various industries, such as banking and retail, is driving the demand for this market in the country.

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.