AI Image Recognition - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global AI Image Recognition Market is accounted for $1.56 billion in 2018 and is expected to reach $9.83 billion by 2027 growing at a CAGR of 22.7% during the forecast period.
Growing AI adoption, increasing use of big data analytics, and declining costs of hardware are crucial factors that are likely to boost the growth of the AI Image Recognition market. However, lack of technical expertise is likely to hamper the profit boundaries.
Image processing & recognition is a part of computer vision and a process to identify places, logos, people, object, building, and several other variables in the image. Further, the process to identify and detect an object or attribute in a digital video or image is also referred to as image processing. The market of AI in image recognition can expand in recent future as there are companies in different sectors such as e-commerce, automotive, healthcare, and gaming are rapidly adopting AI in their image recognition & processing system. It plays an important role in the automotive industry as it is an essential part of autonomous vehicles initiated by Google and Uber. The market of AI in image recognition is segmented on the basis of end-user include retail, automotive, healthcare, security, BFSI, and gaming
Based on end user, the Banking, Financial Services and Insurance (BFSI) segment is likely to have a huge demand due to the presence of firms in the industry relying on the technology for a diverse range of applications, like staying competitive in a continuously evolving market, personalizing communication with customers, and improving the productivity drastically through automation of monotonous tasks (which are major tasks due to the conventional infrastructure in a number of old school financial institutions).
By geography, Asia Pacific is going to have a lucrative growth during the forecast period owing to the growing need for security solutions due to the advent of the smart homes and smart city initiatives in the developing economies in the region.
Some of the key players in the AI Image Recognition market are the Xilinx Inc, Samsung Electronics, Qualcomm Corp, Nvidia Corporation, Microsoft Corporation, Micron Technologies Inc, Intel Corporation, IBM Corporation, Google LLC, Clarifai Inc, Amazon Web Services (AWS) Inc, and Alphabet Inc.
End Users Covered:
• Banking, Financial Services and Insurance (BFSI)
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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