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Global AI (Artificial Intelligence) Image Recognition Market 2021 Share, Growth by Top Company, Region, Application, Driver, Trends & Forecast

AI (Artificial Intelligence) Image Recognition

AI (Artificial Intelligence) Image Recognition Market” report provides strategic supports mentioned by the business specialists with market sources, amount of manufacturing cost structure, raw materials, forecasts, turnover, manufacturing outlays, latest market trends, labor cost, demands and much more. AI (Artificial Intelligence) Image Recognition market report covers a comprehensive market structure through the globe with an in-depth study of major dynamics (Drivers, Challenges, Opportunities).  

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Key Market Trends:

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).
Banks have tons of unstructured data on interactions with customers, customer photographs, and old documents, to name a few. The data, if deciphered well, can provide valuable inputs for the future of the financial institutions.
Facebook can now identify and map 98% of its images correctly to the right person. Imaging technology is being used for identifying and removing fake social accounts. Such image-based fake identification has immense potential in enriching credit-scoring and risk-modeling of banks. Images could also be used by underwriters in risk assessment and fraud identification.

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. Singapore’s National Research Foundation has invested about USD 107.64 million in the AI. SG initiative, to uplift the artificial intelligence technology.
Artificial intelligence offers the region massive opportunities for growth, innovation, and productivity, with the potential to address key issues in the social environment within the fast developing economies.

Market Overview:

  • 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 technologies comprise voice, iris, palm, hand vein pattern, fingerprints, retina, hand geometry, facial pattern recognition, object identification etc. Image recognition based on these indications can be applied across various fields, such as vehicular safety, advertising, security and surveillance, biometric scanning machines, pedestrian recognition, and E-commerce.
  • The adoption of artificial intelligence (AI) technology is rising, owing to its ability to enhance and automate operations and enrich the user experience. Governments are also focusing on increasing their AI capabilities to revolutionize various sectors, from healthcare to transport. EU has committed to invest EUR 1.5 billion in AI to catch up with the and Asia.
  • From the technical side, skills are needed to implement and develop road map infrastructure, manage security, and capture and analyze data.
  • According to Eirik Thorsnes at UNI Research in Bergen, Norway, “There has been a tremendous development in recent years, and we are now surpassing the human level in terms of image recognition and analysis. Computers never get tired of looking at near-identical images and may be capable of noticing even the tiniest nuances that we humans cannot see. In addition, as it gets easier to analyze large volumes of images and video, many processes in society can be improved and optimized.

    Key Manufacturers Like 

  • IBM Corporation
  • Alphabet Inc.
  • Amazon Inc.
  • Intel Corp.
  • MICRON TECHNOLOGY INC.
  • Clarifai Inc.
  • Microsoft Corporation
  • Nvidia Corporation
  • Qualcomm Corp.
  • Samsung Electronics
  • Xilinx Inc..

    Scope of the Report:

  • 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.

    AI (Artificial Intelligence) Image Recognition market report focuses on the latest trends in the global and regional spaces on all the significant components, including the capacity, cost, price, technology, supplies, production, profit, and competition. Moreover, the old data and present development of the AI (Artificial Intelligence) Image Recognition market have been given in the scope of the report. The latest trends, product portfolio, demographics, geographical segmentation, and regulatory framework of the AI (Artificial Intelligence) Image Recognition market have also been involved in the study.

    Market Dynamics: –

    • Drivers: (Developing regions and growing markets)
    • Limitations: (Regional, Key Player facing Issues, Future Barriers for growth)
    • Opportunities: (Regional, Growth Rate, Competitive, Consumption)

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    Key Questions Answered in Market Report: –

    • What will the market growth rate, Overview and Analysis by Type of AI (Artificial Intelligence) Image Recognition market in 2023?
    • What are the key factors driving, Analysis by Applications and Countries AI (Artificial Intelligence) Image Recognition market?
    • What are Dynamics, This Overview Includes Analysis of Scope, and price analysis of top Vendors Profiles of AI (Artificial Intelligence) Image Recognition ?
    • Who are Opportunities, Risk and Driving Force of AI (Artificial Intelligence) Image Recognition market? Knows Upstream Raw Materials Sourcing and Downstream Buyers
    • Who are the opportunities and threats faced by the vendors in AI (Artificial Intelligence) Image Recognition space? Business Overview by Type, Applications, Gross Margin and Market Share
    • What are the AI (Artificial Intelligence) Image Recognition market opportunities, market risk and market overview of the Market?

    Lastly, the Global AI (Artificial Intelligence) Image Recognition Market Research covers a complete market structure across the world with a comprehensive analysis of major key factors. This report provides planned orientations referred by the industry experts.

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    Study objectives of AI (Artificial Intelligence) Image Recognition Market Report:

    • To provide a detailed analysis of the market structure along with the AI (Artificial Intelligence) Image Recognition market forecast of various segments and sub-segments of the AI (Artificial Intelligence) Image Recognition market
    • To provide insights into factors influencing and affecting market growth
    • To provide historical, current, and forecast revenue of market segments based on material, type, design, and end user
    • To provide historical, current, and forecast revenue of market segments and sub-segments with respect to regional markets and key countries
    • To provide strategic profiling of key players in the market, comprehensively analyzing their market shares, core competencies, and drawing a competitive landscape for the market
    • To provide economic factors, technology and AI (Artificial Intelligence) Image Recognition market trends that influence the global AI (Artificial Intelligence) Image Recognition market

    Detailed TOC of AI (Artificial Intelligence) Image Recognition Market Report 2019-2024:

    1 INTRODUCTION
    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study

    2 RESEARCH METHODOLOGY

    3 EXECUTIVE SUMMARY

    4 MARKET DYNAMICS
    4.1 Market Overview
    4.2 Introduction to Market Drivers and Restraints
    4.3 Market Drivers
    4.3.1 Growing AI Adoption
    4.3.2 Increasing Use of Big Data Analytics
    4.3.3 Declining Costs of Hardware
    4.4 Market Restraints
    4.4.1 Lack of Technical Expertize
    4.5 Value Chain Analysis
    4.6 Industry Attractiveness Porter’s Five Forces Analysis
    4.6.1 Threat of New Entrants
    4.6.2 Bargaining Power of Buyers/Consumers
    4.6.3 Bargaining Power of Suppliers
    4.6.4 Threat of Substitute Products
    4.6.5 Intensity of Competitive Rivalry

    5 MARKET SEGMENTATION
    5.1 By Type
    5.1.1 Hardware
    5.1.2 Software
    5.1.3 Services
    5.2 By End User
    5.2.1 Automotive
    5.2.2 BFSI
    5.2.3 Healthcare
    5.2.4 Retail
    5.2.5 Security
    5.2.6 Other End Users
    5.3 Geography
    5.3.1 North America
    5.3.2 Europe
    5.3.3 Asia-Pacific
    5.3.4 Latin America
    5.3.5 Middle East & Africa

    6 COMPETITIVE LANDSCAPE
    6.1 Company Profiles
    6.1.1 IBM Corporation
    6.1.2 Alphabet Inc.
    6.1.3 Amazon Inc.
    6.1.4 Intel Corp.
    6.1.5 MICRON TECHNOLOGY INC.
    6.1.6 Clarifai Inc.
    6.1.7 Microsoft Corporation
    6.1.8 Nvidia Corporation
    6.1.9 Qualcomm Corp.
    6.1.10 Samsung Electronics
    6.1.11 Xilinx Inc.

    7 MARKET INVESTMENT ANALYSIS

    8 MARKET OPPORTUNITIES AND FUTURE TRENDS

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