AI Image Recognition Market Will Propel at a 19.8% CAGR

The AI image recognition market was estimated to touch USD 5,110 million in 2023, and it will advance at a 19.8% compound annual growth rate, to touch USD 18,087.3 million, by 2030.

The growth of this industry is because of the mounting utilization of image recognition technologies in the retail sector for marketing, as well as in the BFSI sector for the management of access and identification.

The object recognition category, based on technique, accounted for a significant share of the industry. This is mainly attributed to its increasing importance in manufacturing business as well as in customer-facing technology.

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Moreover, the facial recognition category is likely to advance at a substantial rate, because of its mounting importance in surveillance and security.

The retail and e-commerce category accounted for the largest AI image recognition market share, and it will remain the largest in the years to come. This can be attributed to the fact that image recognition enables online consumers to search for clothing or accessories easily with a picture of a print, apparel, color, or texture.

This picture is uploaded on the application that starts a search to identify and display identical products through AI.

The marketing and advertising category, based on application, accounted for a significant share. This can be attributed to the fact that various organizations have adopted AI-integrated image recognition technology to enhance their activities of marketing, advertising, branding, as well as interaction with consumers.

Moreover, major social media platforms are also utilizing AI-enabled image recognition technologies to improve their user experience, as well as to execute user-relevant advertisements.

The cloud category accounted for the larger share of the industry, and it will remain larger in the years to come. This can be attributed to the surging adoption of cloud computing in sectors that necessitate centralized monitoring, for instance, media & entertainment, government, and BFSI.

North America dominated the industry, and it will remain dominant in the years to come. This can be ascribed to the mounting utilization of cloud-based streaming services in the North American nations.

Moreover, companies in this region have already incorporated various modern technologies, such as deep learning, AI, and cloud computing.

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APAC is likely to advance at the fastest rate in the years to come. This can be attributed to the increasing utilization of smartphones and tablets, the adoption of online streaming, and rapid progressions of technology.

Additionally, the increase in the adoption of cloud solutions to tackle problems of information security also boosts the growth of the regional industry.

It is because of the growing requirement for big data analytics and surging efforts on business process automation, the AI image recognition industry will continue to advance in the years to come.

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