AI Image Recognition Market Key Players, Industry Demand, Overview And Supply Chain Analysis, Forecast To 2027

New York, March 22nd 2022, Market Insights Reports has released its latest market research report on the AI Image Recognition Market.

The AI Image Recognition Market report offers an in-depth assessment of market dynamics, the competitive landscape, segments, and regions in order to help readers to become familiar with the AI Image Recognition market. It particularly sheds light on market fluctuations, pricing structure, uncertainties, potential risks, and growth prospects to help players to plan effective strategies for gaining successful in the AI Image Recognition market. Importantly, it allows players to gain deep insights into the business development and market growth of leading companies operating in the AI Image Recognition market.

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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Top Leading Companies of AI Image Recognition Market are - Amazon Web Services (AWS) Inc., Google LLC, Clarifai Inc., IBM Corporation, Intel Corporation, Micron Technologies Inc, Microsoft Corporation, Nvidia Corporation, Qualcomm Corp., Samsung Electronics, Xilinx Inc. and others.

Industry News and Updates:

- March 2019 - Amazon Rekognition launched enhanced face analysis. This is the fifth model update overall since the service launched. Face analysis generates rich metadata about detected faces in the form of gender, age range, emotions, attributes such as Smile, Eyeglasses and Beard, face pose, face image quality, and face landmarks.

- April 2019 - Google partnered with Atos in opening its new AI laboratory in Paris. The facility will enable the customers and private and public organizations to identify use cases for AI, co-create and prototype workable AI solutions, and drive adoption of the rapidly developing technology.

Key Market Trends:

Banking Sector is Expected to Witness Significant Growth

- Images are real and extensive, and unlike other forms of data, they also cannot be forged easily. These characteristics make the images, repositories of big data, and hence, exploiting such valuable data can be a great source of information for banks and financial institutions.
- The BFSI industry has been a major benefactor of AI, with firms in the industry relying on the technology for a diverse range of applications, like staying competitive in a continuously evolving market, personalizing communication with customers, and improving the productivity drastically through automation of monotonous tasks (which are major tasks due to the conventional infrastructure in a number of old school financial institutions).

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.

Investigator Observers Strong Growth in Specific Regions:

- Europe Market (Germany, UK, France, Russia, Italy)

- Center East and Africa Market (Saudi Arabia, UAE, Egypt, Nigeria, South Africa)

- South America Market (Brazil, Argentina, Colombia)

- North America Market (United States, Canada, Mexico)

- Asia Pacific Market (China, Japan, Korea, India, Southeast Asia).

The Latest Industry Data Included in this Report:
- AI Image Recognition Market Size & Analysis (2016 - 2026)
- Market Share Analysis of AI Image Recognition Market (%),2016 - 2026
- AI Image Recognition Market Share, By Brand
- AI Image Recognition Market Share, By Company
- AI Image Recognition Market Assessment & Opportunity (Value),2016 - 2026
- Major Companies AI Image Recognition Market Value Analysis & Forecast
- Promising AI Image Recognition Development by Major Companies
- Detailed AI Image Recognition Portfolio of the Major Companies
- Major Deals in the AI Image Recognition Market
- Major Companies Analysis

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MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports 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.

This release was published on openPR.