Press release
AI Image Recognition Market Size, Status and Industry Outlook During 2021 to 2026
Oct 20, 2021 (Market Insight Reports) --Global AI Image Recognition Market Size, Status, and Forecast 2021-2026. In-depth research accumulated to offer Latest insights about acute features of the global AI Image Recognition market. This report provides a detailed overview of key factors in the AI Image Recognition Market and factors such as driver, restraint, past and current trends, regulatory scenarios and technology development. The impact of the COVID-19 outbreak on the industry was fully assessed. Fully risk assessment and industry recommendations were made for AI Image Recognition in a special period. This report also compares the markets of Pre COVID-19 and Post COVID-19. In addition, research considers the impact of COVID-19 on the regional economy.The AI Image Recognition Market estimated value was USD 1695.93 million in 2020 and is expected to reach a value of USD 5161.04 million by 2026, registering a CAGR of 24.82% during the forecast period (2021 - 2026).
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Market Overview:
Image recognition can be applied across various fields, such as vehicular safety, advertising, security and surveillance, biometric scanning machines, pedestrian recognition, and E-commerce, with various applications in multiple domains, the market is expected to witness strong growth during the forecast period.
- 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.
- With AI becoming the core of many technology-based applications, the investments in the sector are growing. Image recognition stands as one of the standard features for many AI-related applications. Thus, the market is expected to leverage the fast-growing technology and expand in the coming years.
- 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.
Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa
Country Level Break-Up: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.
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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.
- With the growing e-commerce segment in the retail industry in the recent past in the region, vendors in the market are investing majorly in the image recognition technologies to offer an enhanced digital experience to consumers.
- Company preferences for different platforms vary greatly in this region, with AI vendors in China preferring Tensor Flow or Caffe, whereas companies in Singapore prefer Microsoft CNTK, and companies in Japan prefer Chainer Software, to support AI technologies. The ease of availability of such platforms has created huge potential opportunities for vendors to leverage these advanced technologies to develop tools for critical business needs.
- 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.
Influence of the AI Image Recognition Market report:
–Comprehensive assessment of all opportunities and risk in the AI Image Recognition Market.
–AI Image Recognition Market recent innovations and major events.
–Detailed study of business strategies for growth of the AI Image Recognition Market market-leading players.
–Conclusive study about the growth plot of AI Image Recognition Market for forthcoming years.
–In-depth understanding of AI Image Recognition Market market-particular drivers, constraints and major micro markets.
–Favorable impression inside vital technological and market latest trends striking the AI Image Recognition Market.
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Market Insights Reports provides syndicated market research on industry verticals including Healthcare, Information, and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc., Market Insights Reports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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