The AI market for image recognition is projected to expand at a CAGR of 22% or more during the 2022-2028 forecast period.
Wilmington, USA (Bloggeriya) May 05, 2023 – The most recent report released by RationalStat named “AI in Image Recognition” analyzes the regional and global market according to the technology, component, application, end-user, and region.
The report is comprehensive and provides a thorough analysis of the market’s historical and projected size (US$ millions) including a trends analysis. The report focuses on market share analysis of the top firms, year-on-year growth analysis and uses case analysis profiles of the end users, popular software and tools competitive overview, strategic imperatives, growth opportunities, and a competitive assessment of the key players in the AI market research study.
Market Overview and Dynamic
Penetration of AI in image recognition can increase during the forecast period
The AI market for image recognition is projected to expand at a CAGR of 22% or more during the 2022-2028 forecast period. The significant increase in the market value of global AI for image recognition is due to its potential applications in various sectors like automotive banking, financial services and insurance (BFSI), healthcare, security, and retail.
The global AI in image recognition market is rising significantly during the forecast period, primarily due to its use of AI in the BFSI industry to offer an extensive level of security to clients.
Furthermore, social media platforms, like Facebook and Instagram utilize massive amounts of data sets to track all information.Image recognition is a feature that allows these platforms to analyze images and identify various faces and logos that are used to authenticate, verify and for other security-related purposes.
Regional Overview of the AI in Image Recognition Market
North America is anticipated to lead the global AI in image recognition market due to its highly developed ICT infrastructure. It has also witnessed the massive use of connected devices over the past years. Furthermore, in China schools are implementing modern gates that are equipped with facial recognition cameras to monitor their students. They are predicted to experience a rapid growth rate throughout the region. Growing internet usage combined with the support of government policies aids Europe to grow significantly.
Segmental Analysis
Global and Regional AI in Image Recognition Market
On the basis of application, the scanning and imaging segment is gaining substantial growth owing to several scanning and imaging methods empowered in medical computer vision for diagnosing several diseases.
Based on end user, the Bank, Financial Services, and Insurance (BFSI) segment is dominating the global AI in image recognition market due to the major benefits of AI, with firms in the industry relying on technology for a diverse range of applications.
Based on region, North America is dominating the global AI in image recognition market owing to growing advances in technologies across the economies in the region.
Competitive Analysis
Market Structure and Market Share Analysis across the Global AI in Image Recognition Market
The global AI in image recognition market observes intense competition as a result of the presence of a large number of well-established players and the emergence of new startups. Startups are looking for ways machine learning can take in data to not only make predictions but interprets the data. This technology can also be applied to facial recognition as well. However, the biggest trend at the moment is image recognition applied to augmented reality and the metaverse for retail operations.
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Acquisitions and product launches are among the key strategies adopted by major industry players. For instance,
In May 2020, a hand-wash movement recognition tool named “Actlyzer” was developed by Fuji Laboratories and Fujitsu Research and Development Center. Actlyzer utilizes advanced technologies such as AI and ML capabilities to identify complex hand-wash movements from video data, which ensures proper, standardized hand-washing practices.
In May 2020, Microsoft Corp. announced a collaboration with Sony Corp. with an aim to develop software tools to enable simplified sharing of and access to their mutual customer data.
These tools would be integrated into AI-powered smart cameras and video analytics by companies through leveraging Microsoft’s Azure AI and Sony’s IMX500 intelligent vision sensor.
According to the research report by RationalStat, leading and well-known companies and AI-based companies involved in the AI in image recognition market include Amazon Web Services Inc. (Amazon.com Inc.), Alphabet Inc. (Google LLC), Clarifai Inc., IBM Corp., Intel Corp., Micron Technologies Inc., Microsoft Corp., Nvidia Corp., Qualcomm Corp., Samsung Electronics Co., Ltd., Xilinx Inc., SAP SE, NEC Corp., Oracle Corp., and Huawei Technologies Co., Ltd. among others.
RationalStat has segmented the AI in image recognition market on the basis of component, technology, application, end-user, and region.
- Global AI in Image Recognition Market Analysis By Component, 2019-2028
- Hardware
- Software
- Services
- Global AI in Image Recognition Market Analysis By Technology, 2019-2028
- Code Recognition
- Facial Recognition
- Object Recognition
- Pattern Recognition
- Others (Optical Character Recognition)
- Global AI in Image Recognition Market Analysis By Application, 2019-2028
- Scanning and Imaging
- Security and Surveillance
- Image Search
- Augmented Reality
- Others (Marketing and Advertising)
- Global AI in Image Recognition Market Analysis By End User, 2019-2028
- Banking, Financial Services, and Insurance (BFSI)
- Automobile
- Healthcare
- Retail
- Gaming
- Security
- Others (Media & Entertainment)
- Global AI in Image Recognition Market Analysis By Region, 2019-2028
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Western Europe
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- South Africa
- Turkey
- Rest of the Middle East & Africa
For more information about this report visit https://store.rationalstat.
Key Questions Answered in the Report
- What will be the market value of the Global AI in Image Recognition Market by 2028?
- What is the market size of the Global AI in Image Recognition Market?
- What are the market drivers of the Global AI in Image Recognition Market?
- What are the key trends in the Global AI in Image Recognition Market?
- Which is the leading region in the Global AI in Image Recognition Market?
- What are the major companies operating in the Global AI in Image Recognition Market?
- What are the market shares by key segments in the Global AI in Image Recognition Market?
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