Press release
AI in Image Recognition Market Size to Record 22.3% CAGR Through 2028 | Key Players Huawei Technologies, Oracle Corporation, Qualcomm Inc., Microsoft Corporation, Intel Corporation
According to certified experts, global AI in image recognition market is estimated to register over 22.3% CAGR during the forecast period of 2022-2028.
The rising adoption of AI technology in numerous sectors including automotive, BFSI, healthcare, security, & retail, the rapidly expanding demand among individuals for high-bandwidth data services, and usage by social media platforms to keep track of the most recent trends are some of the main factors driving the growth of global AI in image recognition market.
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Furthermore, social networking platforms utilize image recognition to examine photographs and find different objects, brands, and people that are used for authentication and other security purposes, which is further accelerating industry development.
Besides, the revolutionary advancements in big data analytics, cloud computing, social networks, natural language processing (NLP), and machine learning is one of the additional factors contributing to the growth of the overall market.
In the BFSI sector, AI-based picture recognition software has been deployed to offer consumers a high level of security which includes major AI applications such as personalization, fraud detection, and compliance.
Image recognition is also crucial to self-driving cars which are likely to further escalate the progress of the business sphere.
Worldwide AI in image recognition market is bifurcated on the basis of component, application, end-user, and technology.
By component, the industry is divided into services, software, and hardware. Among these, the software vertical is estimated to capture a significant market share in the upcoming years.
Moving on to technology, the market is fragmented into pattern recognition, object recognition, facial recognition, code recognition, and others (optical character recognition). Out of these, the facial recognition segment is estimated to hold the largest market share in the forthcoming years.
The companies that are defining the competitive arena of the market are Huawei Technologies Co. Ltd., Oracle Corporation, NEC Corporation, SAP SE, Xilinx Inc., Samsung Electronics Co. Ltd., Qualcomm Inc., NVIDIA Corporation, Microsoft Corporation, Micron Technology Inc., Intel Corporation, The International Business Machines Corporation, Clarifai Inc., Alphabet Inc. (Google LLC), and Amazon Web Services Inc. (Amazon.com Inc.)
As per the application spectrum, the industry is segmented into augmented reality, image search, security & surveillance, scanning & imaging, and others (marketing and advertising).
Based on end-user terrain, the marketplace is categorized into security, gaming, retail, health care, automobile, banking, financial services, and insurance (BFSI), and others (media & entertainment). Of these, the BFSI sector currently holds a substantial share of the market, whereas the automotive sector is rapidly expanding at present.
The geographical analysis of global AI in image recognition industry extends to Latin America (Brazil and Mexico), Middle East & Africa (GCC, South Africa, and Turkey), Europe (UK, France, Spain, Italy, Germany, Nordic, Benelux, Poland, Russia), Asia-Pacific (India, Australia, South Korea, China, Japan, ASEAN {Indonesia, Malaysia, Vietnam, etc.}), and North America (US, Canada).
Question & Answer: Global AI In Image Recognition Market
Question 1: What factors are fuelling the global AI in image recognition market growth?
Answer: The rising adoption of AI technology in numerous sectors including automotive, BFSI, healthcare, security, & retail, the rapidly expanding demand among individuals for high-bandwidth data services, and usage by social media platforms to keep track of the most recent trends are some of the main factors driving the growth of global AI in image recognition market.
Question 2: Which additional factor is contributing toward global AI in image recognition market expansion through 2028?
Answer: The revolutionary advancements in big data analytics, cloud computing, social networks, natural language processing (NLP), and machine learning is one of the additional factors contributing to the growth of the overall market.
Question 3: Which companies constitute the competitive terrain of the global AI in image recognition market?
Answer: The companies that are defining the competitive arena of the market are Huawei Technologies Co. Ltd., Oracle Corporation, NEC Corporation, SAP SE, Xilinx Inc., Samsung Electronics Co. Ltd., Qualcomm Inc., NVIDIA Corporation, Microsoft Corporation, Micron Technology Inc., Intel Corporation, The International Business Machines Corporation, Clarifai Inc., Alphabet Inc. (Google LLC), and Amazon Web Services Inc. (Amazon.com Inc.)
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