Artificial Intelligence (AI) Image Recognition Market Size, Share, Growth Status, Key Players And Forecast Till 2033

The Business Research Company has released its latest global market reports, covering insights for 2024 and offering projections up to 2033.

The Business Research Company presents an extensive market research report on the Artificial Intelligence (AI) Image Recognition Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The artificial intelligence (AI) image recognition market size has grown rapidly in recent years. It will grow from $2.32 billion in 2023 to $2.76 billion in 2024 at a compound annual growth rate (CAGR) of 19.1%. The growth in the historic period can be attributed to growth in retail automation and self-checkout systems, expansion of autonomous vehicles and advanced driver assistance systems, increasing demand for security and surveillance applications, healthcare innovations in medical imaging and diagnostics, social media applications using facial recognition technologies.

The artificial intelligence (AI) image recognition market size is expected to see rapid growth in the next few years. It will grow to $5.51 billion in 2028 at a compound annual growth rate (CAGR) of 18.9%. The growth in the forecast period can be attributed to smart city initiatives leveraging AI imaging capabilities, government investments in AI-based defense technologies, rising adoption of AI in manufacturing and quality control processes, increasing consumer use of image recognition through mobile apps, emergence of machine learning operations (MLOps) for operationalization of AI image recognition models. Major trends in the forecast period include transition from traditional computer vision to deep learning, use of graph neural networks (GNNs), pre-trained models, focus on edge computing, automated machine learning (AutoML), enhanced data labeling.

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Key Market Players:

Major companies operating in the artificial intelligence (ai) image recognition market report are Apple Inc., Google LLC, Samsung, Microsoft Corporation, Meta Platforms Inc., Amazon Web Services (AWS), Intel Corporation, The International Business Machines Corporation, Qualcomm Technologies Inc., NVIDIA Corporation, NEC Corporation, Adobe Inc., Baidu Inc., Hikvision, Arista Networks, Xilinx Inc., Cognex Corporation, SenseTime, Ambarella Inc., Megvii, Trax, Cambricon Technologies Corporation Limited, Vayyar Imaging, aiMotive, Cortexica Vision Systems, Clarifai, Blippar, Imagga, Yitu Technology

Market Drivers:

The growing adoption of artificial intelligence (AI) is expected to propel the growth of the AI image recognition market going forward. Artificial intelligence (AI) refers to the simulation of human intelligence processes by machines, especially computer systems. Rising adoption of artificial intelligence helps image recognition by using algorithms to analyze and interpret visual data in a manner similar to how humans perceive and understand images. For instance, in January 2022, according to a survey of 7,502 businesses by International Business Machines Corporation, a US-based technology corporation, around 20% of respondents reported adopting AI in at least one business area, whereas in 2022, that figure stands at 50%. Therefore, the growing adoption of artificial intelligence (AI) is driving the growth of the AI image recognition market.

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The artificial intelligence (ai) image recognition market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Technology: Code Recognition, Facial Recognition, Object Recognition, Pattern Recognition, Optical Character Recognition
3) By Application: Scanning And Imaging, Security And Surveillance, Image Search , Augmented Reality , Marketing And Advertising
4) By End-User: Banking, Financial Services And Insurance (BFSI), Media And Entertainment, Retail And E-commerce, Information Technology (IT) And Telecom

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