The AI Image Recognition Market is expected to grow from USD 1695.93 million in 2020 to USD 5161.04 million by 2026 at a CAGR of 24.82% from 2020 to 2026.
AI image recognition not only decrypts images, but it also has a predictive capability. Software and applications which are trained for decoding images are smart enough to recognize places, handwriting, people, objects and actions in the images or videos. The core of the artificial intelligence is to deploy a huge amount of data to make informed decisions. Image recognition is a crucial element of artificial intelligence which is getting widespread with every passing day. The global AI image recognition market is projected to expand at a significant pace in the coming few years. This is owing to the rising application of image-based virtual tasks and barcode scanning devices and deployment of the AI image recognition technology in automation, advertising, security surveillance, monitoring purpose are few of the key factors anticipated to propel the global AI image recognition market. Furthermore, the factors such as easy internet accessibility, increasing disposable income and rising penetration of the e-commerce, increasing popularity of social media are also estimated to majorly fuel to the global AI image recognitions market over the forecast period. Few other factors such as digital shopping and document verification are accelerating market growth are projected to compel the AI image recognition market. Additionally, the surging demand for virtual market and escalating number of unstructured multimedia data are providing immense potential for image recognition solutions. Also the rising government investments to revolutionize several sectors such as healthcare, transport etc as well as the imaging technology is highly used by Facebook to identify and eliminate fake social accounts as it can identify 98% of its images correctly is also a key factor.
Lastly, rising investments in the market by the vendors such as Huawei and Apple is anticipated to provide number of new opportunities to the AI image recognition market. In addition to this, the rising internet accessibility, increasing popularity of social media, and emerging e-commerce can also offer lucrative opportunities to propel the growth of the AI image recognition market.
The global AI Image Recognition Market is segregated on the basis of Type as Hardware, Software and Services. Based on End-user Vertical the global AI Image Recognition Market is segmented in Automotive, BFSI, Healthcare, Retail, Security and Other End-user Verticals.
The global AI Image Recognition Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The AI Image Recognition Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
IBM Corporation, Imagga Technologies Ltd, Amazon Web Services, Inc, Qualcomm, Google LLC and others are among the major players in the global AI Image Recognition Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global AI Image Recognition Market has been segmented as below:
AI Image Recognition Market, By Type
AI Image Recognition Market, By End-user Vertical
AI Image Recognition Market, By Region
AI Image Recognition Market, By Company
The report covers the below scope:
The years considered for the study are as follows:
Report Scope:
The global AI Image Recognition Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global AI Image Recognition Market share. Major industry players with significant revenue share include IBM Corporation, Imagga Technologies Ltd, Amazon Web Services, Inc, Qualcomm, Google LLC and others.
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Report Content
1. Introduction
1.1. Key Points
1.2. Report Description
1.3. Markets Covered
1.4. Stakeholders
2. Research Methodology
2.1. Research Scope
2.2. Research Methodology
2.2.1. Market Research Process
2.2.2. Research Methodology
2.2.2.1. Secondary Research
2.2.2.2. Primary Research
2.2.2.3. Models for Estimation
2.3. Market Size Estimation
2.3.1. Bottom-Up Approach
2.3.2. Top-Down Approach
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Challenges
5. AI Image Recognition Market, By Type
5.1. Key Points
5.2. Hardware
5.3. Software
5.4. Services
6. AI Image Recognition Market, By End-user Vertical
6.1. Key Points
6.2. Automotive
6.3. BFSI
6.4. Healthcare
6.5. Retail
6.6. Security
6.7. Other End-user Verticals
7. Competitive Landscape
7.1. Introduction
7.2. Start-up companies- AI Image Recognition Market
7.3. Recent Developments
7.3.1. Mergers & Acquisitions
7.3.2. New Product Developments
7.3.3. Portfolio/Production Capacity Expansions
7.3.4. Joint Ventures, Collaborations, Partnerships & Agreements
7.3.5. Others
8. Company Profile
8.1. IBM Corporation
8.2. Imagga Technologies Ltd
8.3. Amazon Web Services, Inc
8.4. Qualcomm
8.5. Google LLC
8.6. Microsoft Corporation
8.7. Trax Technology Solutions Pte Ltd
8.8. NEC Corporation
8.9. LTUTech
8.10. Ricoh Company, Ltd
8.11. Catchoom Technologies S.L
8.12. Intel Corporation
8.13. Honeywell International Inc
8.14. Hitachi, Ltd
8.15. Intelligence Retail
8.16. Slyce Acquisition Inc
8.17. Blippar Ltd
8.18 Wikitude GmbHAI Image Recognition Market, By Type
AI Image Recognition Market, By End-user Vertical