The AI image recognition market was valued at USD 1.41 billion in 2018 and is projected to reach a market value of USD 5.32 billion by 2024 at a CAGR of 24.7% over the forecast period (2019 – 2024).
Image recognition, in the context of machine vision, is the ability of software to identify objects, places, people, writing and actions in images. Computers can use machine vision technologies in combination with a camera and artificial intelligence software to achieve image recognition. Image recognition is used to perform a large number of machine-based visual tasks, such as labeling the content of images with meta tags, performing image content search, guiding autonomous robots and self-driving cars, and in accident avoidance systems.
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Market competition by Top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the Top players including-
IBM Corporation, Alphabet Inc., Amazon Inc., Intel Corp., MICRON TECHNOLOGY INC., Clarifai Inc., Microsoft Corporation, Nvidia Corporation, Qualcomm Corp., Samsung Electronics, Xilinx Inc..
Banking Sector Expected to Witness Prominent Growth
Images are real and omnipresent, and unlike other forms of data, they cannot be forged easily. These traits make images repositories of big data, and hence, exploiting such data can be a great source of information for financial institutions.
The banking industry has been a major benefactor of AI, with firms in the BFSI industry relying on the technology for a diverse range of applications, like personalizing communication with customers, staying competitive in a continuously evolving market, and improving the productivity drastically through the automation of redundant tasks (which is a major task due to the conventional infrastructure in a number of old school financial institutions).
Market segment by Regions/Countries, this report covers
North America (U.S., Canada, Mexico)
Global (Germany, UK, France, Rest of Global)
Asia Pacific (China, India, Japan, Rest of Asia Pacific)
Latin America (Brazil, Argentina, Rest of Latin America)
Middle East & Africa
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Asia-Pacific Expected to Witness Rapid Growth
Image recognition solutions have been gaining prominence incessantly in Asia-Pacific, particularly to cater 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.
Due to the growth of the e-commerce segment of the retail industry in the recent past, vendors in the Asia-Pacific market are investing majorly in image recognition technologies to offer an enhanced digital experience to consumers.
Government initiatives and investments have been supportive of the market growth, which has further been complemented by the presence of major players, such as IBM, Microsoft, and Google, among others, in Asia-Pacific. Singapores National Research Foundation has invested about USD 107.64 million in the AI. SG initiative, to uplift the artificial intelligence technology.
Major points covered in this research are:-
- AI (Artificial Intelligence) Image Recognition Market Overview, Segment by Type (Product Category), by Application, by Region (2019-2024), Competition by Manufacturers
- Global Market Size (Value) of AI (Artificial Intelligence) Image Recognition (2019-2024)
- Global AI (Artificial Intelligence) Image Recognition Capacity, Production, Revenue (Value), Supply (Production), Consumption, Export, Import by Region (2019-2015)
- Global AI (Artificial Intelligence) Image Recognition Production, Revenue (Value), Price Trend by Type
- Global AI (Artificial Intelligence) Image Recognition Market Analysis by Application
- Global AI (Artificial Intelligence) Image Recognition Manufacturers Profiles/Analysis
- AI (Artificial Intelligence) Image Recognition Manufacturing Cost Analysis
- Industrial Chain, Sourcing Strategy and Downstream Buyers
- Marketing Strategy Analysis, Distributors/Traders
- Market Effect Factors Analysis
- Global AI (Artificial Intelligence) Image Recognition Market Forecast (2019-2024)
- Competitive Landscape
- Research Findings and Conclusion
Key Developments in the Market
March 2018: An Indian downstream oil & gas company Bharat Petroleum Corporation Limited (BPCL) awarded Petrofac an Engineering, Procurement, and Construction (EPC) for its Kochi Refinery in India. According to the contract, Petrofac will provide EPC and pre-commissioning services as well as will assist with commissioning for 27 months. The contract is worth USD 135 million
Finally, this AI (Artificial Intelligence) Image Recognition report covers the market scenario and its development prospects over the coming years. Report likewise manages the type analysis, contrasting it with the significant application, recent AI (Artificial Intelligence) Image Recognition product development and gives an outline of the potential Global market.
Irfan Tamboli (Sales)
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