Global AI in Image Recognition Market is estimated at US$ 3.1 billion in 2022 and expected to register a robust growth rate of over 22% during 2022-2028, says a market report by RationalStat

The latest report has been published by RationalStat titled "AI in Image Recognition" assesses the global and regional market based on component, technology, application, end-user, and region. A comprehensive report provides a detailed historical and future market size (US$ Million) with trend analysis. The report underlines the market share analysis by leading companies, year-on-year growth analysis, use case analysis, end user profiles, prominent tools and software, competition overview, strategic imperatives, growth avenues, and competition assessment for the target players assessed in the AI in image recognition market study.

Market Overview and Dynamics: Penetration of AI in image recognition to rise during the forecast period

The AI in image recognition market is expected to grow at a CAGR of over 22% during the forecast period of 2022-2028. The significant rise in the value of global AI in the image recognition market is driven by its potential application in various industries such as automotive, banking, financial services and insurance (BFSI), healthcare, security, and retail.

The global AI in image recognition market is growing considerably during the forecast period, primarily driven by significant use in the BFSI industry to provide a substantial level of protection to customers.
• Moreover, Social media platforms, such as Facebook and Instagram, use big data to keep track of all the information. Image recognition enables social media platforms to analyze images and detect several logos and faces used for authentication, verification, and other security purposes.

Regional Overview of the AI in Image Recognition Market

North America is anticipated to dominate the global AI in image recognition market due to its well-developed ICT infrastructure and has witnessed the huge adoption of a large number of connected devices in past years. Additionally, in China, schools are adopting high-tech gates that are fully leveraged with facial recognition cameras to keep track of their students and are expected to gain strong growth in the region. Rising internet penetration coupled with supportive government policies helps Europe to experience substantial growth.

Segmental Analysis: Global and Regional AI in Image Recognition Market

• On the basis of application, the scanning and imaging segment is gaining substantial growth owing to several scanning and imaging methods empowered in medical computer vision for diagnosing several diseases.
• Based on end user, the Bank, Financial Services, and Insurance (BFSI) segment is dominating the global AI in image recognition market due to the major benefits of AI, with firms in the industry relying on technology for a diverse range of applications.
• Based on region, North America is dominating the global AI in image recognition market owing to growing advances in technologies across the economies in the region.

Competitive Analysis: Market Structure and Market Share Analysis across the Global AI in Image Recognition Market

The global AI in image recognition market observes intense competition as a result of the presence of a large number of well-established players and the emergence of new startups. Startups are looking for ways machine learning can take in data to not only make predictions but interprets the data. This technology can also be applied to facial recognition as well. However, the biggest trend at the moment is image recognition applied to augmented reality and the metaverse for retail operations.

These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Acquisitions and product launches are among the key strategies adopted by major industry players. For instance,
• In May 2020, a hand-wash movement recognition tool named "Actlyzer" was developed by Fuji Laboratories and Fujitsu Research and Development Center. Actlyzer utilizes advanced technologies such as AI and ML capabilities to identify complex hand-wash movements from video data, which ensures proper, standardized hand-washing practices.
• In May 2020, Microsoft Corp. announced a collaboration with Sony Corp. with an aim to develop software tools to enable simplified sharing of and access to their mutual customer data.
o These tools would be integrated into AI-powered smart cameras and video analytics by companies through leveraging Microsoft's Azure AI and Sony's IMX500 intelligent vision sensor.

According to the research report by RationalStat, leading and well-known companies and AI-based companies involved in the AI in image recognition market include Amazon Web Services Inc. (Amazon.com Inc.), Alphabet Inc. (Google LLC), Clarifai Inc., IBM Corp., Intel Corp., Micron Technologies Inc., Microsoft Corp., Nvidia Corp., Qualcomm Corp., Samsung Electronics Co., Ltd., Xilinx Inc., SAP SE, NEC Corp., Oracle Corp., and Huawei Technologies Co., Ltd. among others.

RationalStat has segmented the AI in image recognition market on the basis of component, technology, application, end-user, and region.
• Global AI in Image Recognition Market Analysis By Component, 2019-2028
o Hardware
o Software
o Services
• Global AI in Image Recognition Market Analysis By Technology, 2019-2028
o Code Recognition
o Facial Recognition
o Object Recognition
o Pattern Recognition
o Others (Optical Character Recognition)
• Global AI in Image Recognition Market Analysis By Application, 2019-2028
o Scanning and Imaging
o Security and Surveillance
o Image Search
o Augmented Reality
o Others (Marketing and Advertising)
• Global AI in Image Recognition Market Analysis By End User, 2019-2028
o Banking, Financial Services, and Insurance (BFSI)
o Automobile
o Healthcare
o Retail
o Gaming
o Security
o Others (Media & Entertainment)
• Global AI in Image Recognition Market Analysis By Region, 2019-2028
o North America
 US
 Canada
o Latin America
 Brazil
 Mexico
 Rest of Latin America
o Western Europe
 Germany
 UK
 France
 Spain
 Italy
 Benelux
 Nordic
 Rest of Western Europe
o Eastern Europe
 Russia
 Poland
 Rest of Eastern Europe
o Asia Pacific
 China
 Japan
 India
 South Korea
 Australia
 ASEAN (Indonesia, Vietnam, Malaysia, etc.)
 Rest of Asia Pacific
o Middle East & Africa
 GCC
 South Africa
 Turkey
 Rest of the Middle East & Africa

For more information about this report visit https://store.rationalstat.com/store/global-ai-in-image-recognition/

Key Questions Answered in the Report:

• What will be the market value of the Global AI in Image Recognition Market by 2028?
• What is the market size of the Global AI in Image Recognition Market?
• What are the market drivers of the Global AI in Image Recognition Market?
• What are the key trends in the Global AI in Image Recognition Market?
• Which is the leading region in the Global AI in Image Recognition Market?
• What are the major companies operating in the Global AI in Image Recognition Market?
• What are the market shares by key segments in the Global AI in Image Recognition Market?

RationalStat LLC
Kimberly Shaw, Content and Press Manager
sales@rationalstat.com
Phone: +1 302 803 5429

RationalStat is an end-to-end US-based market intelligence and consulting company that provides comprehensive market research reports along with customized strategy and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the clients' needs. Additional services offered by the company include consumer research, country reports, risk reports, procurement intelligence, data analytics, and analytical dashboards.

This release was published on openPR.