Computer Vision - South Korea

The computer vision market within the artificial intelligence market in South Korea is experiencing steady growth, influenced by factors such as the increasing use of digital technologies, growing awareness about health, and the convenience of online health services. The market's mild growth rate may be impacted by factors such as government regulations and the integration of computer vision in various industries.

Customer preferences: With the rise of smart homes and the Internet of Things, consumers in South Korea are increasingly adopting computer vision technology to enhance their daily lives. This includes using facial recognition for security and access control, as well as implementing smart cameras for home automation and monitoring. Additionally, with the increasing popularity of e-commerce, computer vision is being utilized for product recommendations and virtual try-on services, catering to the growing demand for personalized and convenient shopping experiences.

Trends in the market: In South Korea, the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for facial recognition technology in various industries, such as banking and retail. Additionally, there is a growing trend of using computer vision for surveillance and security purposes. This trend is expected to continue as the government has announced plans to invest heavily in AI and related technologies. This trajectory is significant as it highlights the country's commitment to incorporating AI into various sectors and could have implications for industry stakeholders, such as increased adoption of AI-based solutions and potential partnerships with local companies.

Local special circumstances: In South Korea, the Computer Vision market is thriving due to the country's advanced technology infrastructure, high internet penetration, and strong government support for artificial intelligence development. Additionally, South Korea's unique cultural emphasis on education and innovation has led to a highly skilled workforce in the field of computer vision. This, coupled with the country's strict regulatory framework for data privacy and security, has created a favorable environment for the growth of the Computer Vision market within the Artificial Intelligence market.

Underlying macroeconomic factors: The Computer Vision Market within the Artificial Intelligence Market in South Korea is heavily influenced by macroeconomic factors such as technological advancements, government initiatives, and investment in research and development. South Korea's strong economic growth and favorable regulatory environment have fostered a thriving technology sector, leading to rapid advancements in computer vision technology. Additionally, the country's aging population and increasing demand for automation in various industries have also contributed to the growth of the computer vision market. Furthermore, South Korea's robust investment in research and development, particularly in the field of artificial intelligence, has created a favorable environment for the growth of the computer vision market.

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.