The artificial intelligence (ai) image recognition global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Artificial Intelligence (AI) Image Recognition Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The artificial intelligence (AI) image recognition market size has grown rapidly in recent years. It will grow from $2.32 billion in 2023 to $2.76 billion in 2024 at a compound annual growth rate (CAGR) of 19.1%. The growth in the historic period can be attributed to growth in retail automation and self-checkout systems, expansion of autonomous vehicles and advanced driver assistance systems, increasing demand for security and surveillance applications, healthcare innovations in medical imaging and diagnostics, social media applications using facial recognition technologies.
The artificial intelligence (AI) image recognition market size is expected to see rapid growth in the next few years. It will grow to $5.51 billion in 2028 at a compound annual growth rate (CAGR) of 18.9%. The growth in the forecast period can be attributed to smart city initiatives leveraging AI imaging capabilities, government investments in AI-based defense technologies, rising adoption of AI in manufacturing and quality control processes, increasing consumer use of image recognition through mobile apps, emergence of machine learning operations (MLOps) for operationalization of AI image recognition models. Major trends in the forecast period include transition from traditional computer vision to deep learning, use of graph neural networks (GNNs), pre-trained models, focus on edge computing, automated machine learning (AutoML), enhanced data labeling.
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Scope Of Artificial Intelligence (AI) Image Recognition Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Artificial Intelligence (AI) Image Recognition Market Overview
Market Drivers –
The growing adoption of artificial intelligence (AI) is expected to propel the growth of the AI image recognition market going forward. Artificial intelligence (AI) refers to the simulation of human intelligence processes by machines, especially computer systems. Rising adoption of artificial intelligence helps image recognition by using algorithms to analyze and interpret visual data in a manner similar to how humans perceive and understand images. For instance, in January 2022, according to a survey of 7,502 businesses by International Business Machines Corporation, a US-based technology corporation, around 20% of respondents reported adopting AI in at least one business area, whereas in 2022, that figure stands at 50%. Therefore, the growing adoption of artificial intelligence (AI) is driving the growth of the AI image recognition market.
Market Trends –
Major companies operating in the artificial intelligence (AI) image recognition market are focusing on innovative technology, such as AI-powered image recognition tools, to sustain their position in the market. An AI-powered image recognition tool is a computer vision technology that uses artificial intelligence to identify and categorize various elements of images or videos. For instance, in October 2023, Klarna, a US-based fintech company, launched Shopping Lens, a new artificial intelligence (AI)-powered image recognition tool to improve users’ shopping experiences. This tool allows customers to upload a photo of any item they might be interested in purchasing. With artificial intelligence (AI), the tool converts an image into a search term and provides customers with fast access to the best offers on Klarna’s app and where to buy the product.
The artificial intelligence (ai) image recognition market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Code Recognition, Facial Recognition, Object Recognition, Pattern Recognition, Optical Character Recognition
3) By Application: Scanning And Imaging, Security And Surveillance, Image Search , Augmented Reality , Marketing And Advertising
4) By End-User: Banking, Financial Services And Insurance (BFSI), Media And Entertainment, Retail And E-commerce, Information Technology (IT) And Telecom
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Regional Insights –
North America was the largest region in the artificial intelligence (AI) image recognition market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence (ai) image recognition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Apple Inc., Google LLC, Samsung, Microsoft Corporation, Meta Platforms Inc., Amazon Web Services (AWS), Intel Corporation, The International Business Machines Corporation, Qualcomm Technologies Inc., NVIDIA Corporation, NEC Corporation, Adobe Inc., Baidu Inc., Hikvision, Arista Networks, Xilinx Inc., Cognex Corporation, SenseTime, Ambarella Inc., Megvii, Trax, Cambricon Technologies Corporation Limited, Vayyar Imaging, aiMotive, Cortexica Vision Systems, Clarifai, Blippar, Imagga, Yitu Technology
Table of Contents
1. Executive Summary
2. Artificial Intelligence (AI) Image Recognition Market Report Structure
3. Artificial Intelligence (AI) Image Recognition Market Trends And Strategies
4. Artificial Intelligence (AI) Image Recognition Market – Macro Economic Scenario
5. Artificial Intelligence (AI) Image Recognition Market Size And Growth
…..
27. Artificial Intelligence (AI) Image Recognition Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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