Press release
AI Image Recognition Market Projected to Reach $4.6 Billion by 2031 with Leading Players - IBM Corporation, Imagga Technologies Ltd, Amazon Web Services, Inc
AI Image Recognition Market
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What is the projected growth rate (CAGR) of the Global AI Image Recognition market from 2024 to 2031, and what is the market value expected to change by 2031?
The Global AI Image Recognition Market reached US$ 1.9 Billion in 2022 and is expected to reach US$ 4.6 Billion by 2031, growing with a CAGR of 11.8% during the forecast period 2024-2031.
AI Image Recognition refers to the ability of artificial intelligence systems to analyze, interpret, and classify images in a manner similar to human vision. This technology utilizes machine learning and deep learning algorithms, particularly convolutional neural networks (CNNs), to identify objects, patterns, and features within visual data.
Key Developments:
❁ On October 11, 2023, Klarna, a Swedish fintech company launched AI-powered image Recognition Tool in the market. The tool Shopping Lens uses AI to translate images of products into a search term and directs customers to the best deals on Klarna's app.
❁ On December 12, 2023, Mastercard, launched Shopping Muse, an AI tool that gives product recommendations. By using this tool shoppers search for products using search terms such as cottage core or beach formal and receive product recommendations based on their demographic profile, intent, purchase history and other traits.
List of the Key Players in the AI Image Recognition Market:
IBM Corporation, Imagga Technologies Ltd, Amazon Web Services, Inc, Qualcomm, Google LLC, Microsoft Corporation, Trax Technology Solutions Pte Ltd, NEC Corporation, Ricoh Company, Ltd and Catchoom Technologies S.L
Research Process:
Both primary and secondary data sources have been used in the global AI Image Recognition Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.
Segment Covered in the AI Image Recognition Market:
By Component: Hardware, Software, Service
By Application: Augmented Reality, Scanning & Imaging, Security & Surveillance, Marketing & Advertising, Image Search
By End-User: Education, Gaming, Healthcare, Government, Aerospace & Defense, Media & Entertainment, Retail, Banking Financial Services and Insurance, Others
Regional Breakout:
The global AI Image Recognition Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa.
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Regional Analysis:
The global AI Image Recognition Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative market analysis, including PEST analysis, SWOT analysis, and Porter's five force analysis. The AI Image Recognition Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.
**The full version of the report includes an in-depth analysis of emerging players and startups, which will provide valuable insights into the evolving market landscape and key strategies being adopted**
Chapter Outline:
⏩ Market Overview: It contains chapter wise data, as well as information about the research scope, major manufacturers covered, market segments, AI Image Recognition market segments, study objectives, and years considered.
⏩ Market Landscape: The competition in the Global AI Image Recognition Market is evaluated here in terms of value, turnover, revenues, and market share by organization, as well as market rate, competitive landscape, and recent developments, transaction, growth, sale, and market shares of top companies.
⏩ Companies Profiles: The global AI Image Recognition market's leading players are studied based on sales, main products, gross profit margin, revenue, price, and growth production.
⏩ Market Outlook by Region: The report goes through gross margin, sales, income, supply, market share, CAGR, and market size by region in this segment. North America, Europe, Asia Pacific, Middle East & Africa, and South America are among the regions and countries studied in depth in this study.
⏩ Market Segments: It contains the deep research study which interprets how different end-user/application/type segments contribute to the AI Image Recognition Market.
⏩ Market Forecast: Production Side: In this part of the report, the authors have focused on production and production value forecast, key producers forecast, and production and production value forecast by type.
⏩ Research Findings: This section of the report showcases the findings and analysis of the report.
⏩ Conclusion: This portion of the report is the last section of the report where the conclusion of the research study is provided.
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Frequently Asked Questions
✹ What is the expected growth rate of the global market for the forecast period?
✹ What are the key driving factors that are responsible to shape the fate of the AI Image Recognition market during the forecast period?
✹ What will be the overall size of the market during the analysis period?
✹ What are the prominent market trends which influence the development of the AI Image Recognition market across various regions?
✹ Who are the key market players and the market strategies that have helped them to secure the leading position in the global market?
✹ What are the challenges and threats that are likely to act as a barrier to the growth of the AI Image Recognition market?
✹ What are the major opportunities that the companies can get to attain success in the world?
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Contact Person: Sai Kiran
Email: Sai.k@datamintelligence.com
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About Us -
DataM Intelligence is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.
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