Global AI Image Recognition Market was valued at USD xx Mn in 2019 and is expected to reach at USD xx Mn by 2027 at a CAGR of xx% over the forecast period 2020-2027.
The report covers an in-depth analysis of COVID-19 pandemic impact on Global AI Image Recognition Market by region and on the key players revenue affected till July 2020 and expected short term and long-term impact on the market.
Global AI Image Recognition Market Dynamics:
AI Image Recognition is a process of identifying and detecting an item or feature in a digital picture or video. The sector of image recognition has been widely acclaimed in recent years. The Image Recognition System uses data exchanged by users on different channels, such as social networks, apps and websites. It uses a technology that identifies positions, people, objects, structures, logos, and various variables in images with the aid of artificial intelligence. This idea is used in many applications such as smart picture libraries, targeted advertising, surveillance systems, toll booth control, and factory automation systems. The growth of the demand for image recognition can be attributed to the growing usage in the retail and BFSI sectors of high-bandwidth data services. Smartphones and camera devices are attracting suppliers to invest in the market. The growth of this market is also influenced by the growing demand for security applications and products with image recognition functions. Various businesses in various industries, such as retail, automotive, healthcare, and security, are implementing image recognition technology to a significant extent. Image size and storage in low resolution serve as a threat to the growth of the market for image recognition. Increased use of image recognition technologies, increased demand for security applications and products allowed by image recognition functions and technology adoption by different companies in different verticals are the key factors driving the growth of the image recognition industry.
Social media monitoring is one of the most common image recognition applications, as visual listening and visual analytics are the key factors of digital marketing. This technology is also highly used in safety and security related applications, such as facial recognition used by law enforcement agencies. Furthermore, at security checkpoints, airports are gradually using face remembrance technology. For example, the Transportation Security Administration (TSA) conducted a short-term test for the Travel Document Checker (TDC) identity verification automation at McCarran International Airport (LAS) in August 2019.
Global AI Image Recognition Market is segmented by Deployment, by offering, industry vertical, and Application, technology and by region. By Deployment, cloud-based is anticipated to account for a major share during the forecast period in 2019 and is expected to keep its dominance over the forecast period owing to rising usage of cloud-based image processing solutions to secure confidential data and strengthen their marketing endeavours. Increased adoption of cloud-based solutions among different verticals. For instance, Amazon Rekognition, driven by deep learning technology, offers highly accurate facial search and facial analysis capabilities that can be used for a wide range of user verification and public safety use cases for identification, analysis and comparison of faces. By offering, services held the highest market share in 2019 due to the growth of the hardware component market is due to the growing demand for rich media is pushing businesses such as NEC, LTU Technologies and Catchoom to provide integrated training, technical services and support and maintenance services. By industry vertical, media & entertainment segment held the highest market share in 2019 and is expected to keep its dominance over the forecast period due to potential of image recognition technology to derive business insights from photographs posted on social media. Through integrating computer vision and machine learning, the evolution of virtual reality environments has changed the media and entertainment sector, including interactive media, gaming, advertisement, and TV and film production expertise.
For instance, IBM Corporation offered Watson Media which enables sports fans to instantly catch a match’s highlights and post them on social media. By Application, marketing and advertising segment held the largest market share due to the adoption across various organizations with advanced advertisement, customer engagement, and branding to boost their marketing activities. AI-enabled image recognition technologies are used by the major social media sites to enhance the user experience and allow marketers to place ads that are contextually relevant. For instance, in November 2018, Slyce Acquisition Inc. acquired the intellectual property assets of Ditto Labs, the developer of image recognition software for social media monitoring to provide real insight about the usage and exchange of goods around the internet.
By geography, Global AI Image Recognition market is segmented into North America, APAC, Europe, ME & Africa, and Latin America. Among these, North America held the highest market share of xx% in 2019 and is expected to keep its dominance over the forecast period owing to the growing demand across various end-user industries for advanced technology in this region. The service in the market in APAC is forecasted to expand at a significant pace on account of the growing penetration of internet as well as digitization in countries such as India, China, Korea, etc.
Report covers in-depth analysis of key development, marketing strategies, supply-side and demand side indicators and company profiles of market leaders, potential players, and new entrants. Key players operating in this market are adopting various organic and inorganic growth strategies such as merger & acquisitions, joint ventures, collaborations, expansion, new product launches and patents to increase their regional presence and business operations.
The objective of the report is to present a comprehensive analysis of the Global AI Image Recognition Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global AI Image Recognition Market dynamics, structure by analyzing the market segments and project Global AI Image Recognition Market Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global AI Image Recognition Market the report investor’s guide.
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Scope of Global AI Image Recognition Market
Global AI Image Recognition Market Segmentation by Deployment
Global AI Image Recognition Market Segmentation by Offering
Global AI Image Recognition Market Segmentation by Industry Vertical
• Aerospace & Defense
• Media & Entertainment
• Banking Financial Services and Insurance
Global AI Image Recognition Market Segmentation by Application
• Augmented Reality
• Scanning & Imaging
• Security & Surveillance
• Marketing & Advertising
• Image Search
Global AI Image Recognition Market Segmentation by Technology
• QR/ Barcode Recognition
• Object Recognition
• Facial Recognition
• Pattern Recognition
• Optical Character Recognition
Global AI Image Recognition Market Segmentation by Region
• North America
• ME & Africa
• Latin America
Global AI Image Recognition Market Major Players
• IBM Corporation
• Imagga Technologies Ltd
• Amazon Web Services, Inc
• Google LLC
• Microsoft Corporation
• Trax Technology Solutions Pte Ltd
• NEC Corporation
• Ricoh Company, Ltd
• Catchoom Technologies S.L
• Intel Corporation
• Honeywell International Inc
• Hitachi, Ltd
• Intelligence Retail
• Slyce Acquisition Inc
• Blippar Ltd
• Wikitude GmbH
• Attrasoft, Inc
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