The Artificial Intelligence (AI) Image Recognition Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Artificial Intelligence (AI) Image Recognition Global Market Report 2024, 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.
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.
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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
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 report table of contents includes:
- Executive Summary
- Artificial Intelligence (AI) Image Recognition Market Characteristics
- Artificial Intelligence (AI) Image Recognition Market Trends And Strategies
- Artificial Intelligence (AI) Image Recognition Market - Macro Economic Scenario
- Global Artificial Intelligence (AI) Image Recognition Market Size and Growth
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- Global Artificial Intelligence (AI) Image Recognition Market Competitive Benchmarking
- Global Artificial Intelligence (AI) Image Recognition Market Competitive Dashboard
- Key Mergers And Acquisitions In Artificial Intelligence (AI) Image Recognition Market
- Artificial Intelligence (AI) Image Recognition Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Apple Inc.
- Google LLC
- Samsung
- Microsoft Corporation
- Meta Platforms Inc.
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