Facial Recognition - South Korea

The Facial Recognition market in South Korea is experiencing subdued growth due to factors such as privacy concerns and limited government regulations. The increasing adoption of Artificial Intelligence and Computer Vision technologies is driving growth, along with the convenience offered by online facial recognition services. This trend is also fueled by the rising health awareness among consumers in the country.

Customer preferences: With the growing concerns over identity theft and security, there has been a rise in the adoption of facial recognition technology in South Korea. This trend is driven by the government's efforts to use facial recognition for identification purposes, such as at airports and for access to public services. Additionally, there is a growing demand for facial recognition in the retail and banking sectors for secure transactions and personalized customer experiences. As South Korea has a highly tech-savvy population, this trend is expected to continue to grow and expand into other industries.

Trends in the market: In South Korea, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand due to the government's push for digital transformation and the rise of smart cities. This trend is driven by the country's high adoption of advanced technology and the need for efficient and secure identification methods. As a result, there is a growing demand for facial recognition technology in various industries, including finance, retail, and transportation. This trend is expected to continue as the technology becomes more accurate and affordable, providing significant opportunities for industry stakeholders. However, there are concerns regarding privacy and data security, which may lead to regulatory challenges in the future.

Local special circumstances: In South Korea, the Facial Recognition Market within the Computer Vision Market of the Artificial Intelligence Market is heavily influenced by the country's advanced technological infrastructure and high smartphone penetration rate. Additionally, the government's strong push for smart city initiatives has created a demand for facial recognition technology in various public services, such as transportation and security. The country's unique cultural emphasis on privacy and data protection also impacts the development and adoption of facial recognition technology, with strict regulations in place.

Underlying macroeconomic factors: The Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in South Korea is greatly impacted by macroeconomic factors. The country's strong investment in artificial intelligence technology, along with favorable regulatory policies, has resulted in a thriving market for facial recognition solutions. Furthermore, the increasing demand for advanced security measures and the growing awareness about the benefits of facial recognition technology have also contributed to market growth. South Korea's stable economic health and government initiatives to promote the adoption of AI have also played a significant role in shaping the facial recognition 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.