AI (Artificial Intelligence) Image Recognition Market: Global Growth, Trends and Forecasts (2019-2024) - ResearchAndMarkets.com

The "AI
(Artificial Intelligence) Image Recognition Market - Growth, Trends, and
Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's
offering.

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 United States 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 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.

Competitive Landscape

The market is fragmented. The key players operating in this market are
innovating their products on a regular basis and this is leading them to
gain sustainable competitive advantage.

Due to this, there is always a high competition between players to
innovate and introduce new products. The intense competition will drive
down prices and can decrease the overall profitability of the industry.

Two of the key players in the industry are AWS and Alphabet. Some of the
key developments in this market include:

A new capability being introduced to visual recognition by IBM, namely,
color tagging. The new capability allows users to quickly assess the
dominant color schemes within an image and turn these into actionable
insights.

Google launched a camera based on artificial intelligence, which helps
in deep integration between hardware and software. This can play a vital
role in military or defense mechanism to record.

Key Topics Covered

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

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

For more information about this report visit https://www.researchandmarkets.com/research/gq77vp/ai_artificial?w=4

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