The global AI image recognition Market was valued at USD 16.95 billion in 2019 and is expected to reach USD 109.40 billion by 2026, expanding at a CAGR of around 24.82% during the forecast period, 2020 – 2026.
AI Image Recognition Market Executive Summary
Images are unlike any other form of data. They are real & extensive and cannot be forged easily. These attributes of images make repositories of data and hence is proven to be great source of information for financial institutions and banks. BFSI sector has received a lot of perks with the advancement in AI imaging in numerous applications which helps them in improving their productivity, personalizing communication with customers, and staying competitive in the continuously evolving market.
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Market Drivers, Restraints, Opportunities, and Trends:
Rising adoption of artificial intelligence (AI) technology due to its ability to automate and enhance operations in enriching user experience are the driving factors which are bolstering the growth of the market.
Increasing government investments to revolutionize various sectors including healthcare, transport etc. is also a key feature.
Technical issues in the implementation and integration of technologies can be the restraining factor in the growth of the market.
The implementation of AI imaging and the cost of maintenance of the software requires high cost which can hinder the growth of the market
Increasing internet accessibility, growing popularity of social media, and emerging e-commerce can provide lucrative opportunities to propel the growth of the AI imaging market.
Imaging technology is extensively used by Facebook to identify and remove fake social accounts. It can now identify 98% of its images correctly.
Scope of the Report
The report on the global AI image recognition market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Base Year 2019
Historic Data 2015–2018
Forecast Period 2020–2026
Regional Scope Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America
Report Coverage Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
AI Image Recognition Market Taxanomy
Global AI Image Recognition Market Report Segment Insights:
Based on types, the global AI image recognition market is divided into Hardware, Software, and Services. All the categories in the segment are extensively used with the growing AI imaging technology. Facial recognition is one important feature which integrates all the platforms together. Hardware required to establish and store data in form of repository, Software is used for the processing of the image and finally cloud services such as AWS are essential in hosting the application.
In terms of end-user, the market is fragmented into Automotive, BFSI, and Healthcare. rich metadata about BFSI sector has received a lot of perks with the advancement in AI imaging in numerous applications which helps them in improving their productivity, personalizing communication with customers, and staying competitive in the continuously evolving market. Healthcare sector has also generated huge demand due to the adoption of AI imaging in order to have better image quality and efficient operations.
On the basis of regions, the global AI image recognition market is segmented into Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America. Asia Pacific region is a key sector due to growing demand for security solutions by the advent of smart home and smart city initiatives by the government. Increasing internet accessibility, growing popularity of social media, and emerging e-commerce can provide lucrative opportunities to propel the growth of the AI imaging market.
Major companies in the global AI image recognition market include IBM Corporation, Alphabet Inc, Amazon Inc, Intel Corp, Micron Technology Inc, Clarifai Inc, Microsoft Corporation, Nvidia Corporation, Qualcomm Corp, Samsung Electronics, and Xilinx Inc. Major technological advancements in the emerging technologies has led to a fragmented AI image recognition market.
In November 2017, Amazon Web Services (AWS) launched five new machine learning services and deep learning video cameras enabled for users. It has benefitted the developers in numerous applications such as speech to text, translate text between language, analyze videos, and extract insights from text.
In March 2019, Amazon Rekognition introduced enhanced face analysis which is the overall fifth model update since the launch of the service. Face Analysis is a unique feature which is commonly used in large organizations. It helps in generating rich metadata about detected faces in the form of age range, gender, emotions, attributes such as ‘Eyeglasses’, ‘Smile’, and ‘Beard’, face pose, face image quality, and face landmarks.
In April 2019, Google paired up with Altos in the launch of its new AI laboratory in Paris. This facility will assist the public & private organizations to identify some of AI used cases. It co-creates and prototypes of workable AI solutions which is rapidly driving the adoption of this advanced technology.
AI Image Recognition Market Regional Graph
The Global AI Image Recognition Market has been segmented on the basis of
Middle East & Africa