AI Image Recognition Market
The Global AI Image Recognition Market reached US$ 1.9 Billion in 2022 and is expected to reach US$ 4.6 Billion by 2030, growing with a CAGR of 11.8% during the forecast period 2024-2031.
AI Image Recognition Market report, published by DataM Intelligence, provides in-depth insights and analysis on key market trends, growth opportunities, and emerging challenges. Committed to delivering actionable intelligence, DataM Intelligence empowers businesses to make informed decisions and stay ahead of the competition. Through a combination of qualitative and quantitative research methods, it offers comprehensive reports that help clients navigate complex market landscapes, drive strategic growth, and seize new opportunities in an ever-evolving global market.
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AI Image Recognition is a technology that enables machines and software to identify and process objects, people, scenes, or actions within digital images. Using deep learning algorithms, AI systems can analyze visual data, categorize images, and make decisions based on patterns learned from large datasets, making it useful in applications such as facial recognition, autonomous vehicles, and medical imaging.
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
Industry Development:
On October 11, 2023, Klarna, a Swedish fintech company, introduced its AI-powered image recognition tool, Shopping Lens. This tool allows customers to upload product images, which are then converted into search terms that direct them to the best deals available on Klarna’s app.
On December 12, 2023, Mastercard launched Shopping Muse, an AI-driven tool offering personalized product recommendations. Shoppers can use search terms like “cottage core” or “beach formal” to receive tailored recommendations based on their demographic profile, purchase history, intent, and other factors.
On October 2, 2023, GoSpotCheck by FORM, a leading AI-powered retail execution platform for Beverage Alcohol and CPG, unveiled an enhancement to its image recognition technology. This innovation supports on-premise displays, including beer menus, beer taps, wine menus, cocktail menus, and back bars.
Growth Forecast Projected:
The Global AI Image Recognition Market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
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.
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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 Analysis for AI Image Recognition Market:
The regional analysis of the AI Image Recognition Market covers key regions including North America, Europe, Asia Pacific Middle East and Africa and South America. The North America with a focus on the U.S., Canada, and Mexico; Europe, highlighting major countries like the U.K., Germany, France, and Italy, along with other nations in the region; Asia-Pacific, covering India, China, Japan, South Korea, and Australia, among others; South America, with emphasis on Colombia, Brazil, and Argentina; and the Middle East & Africa, which includes Saudi Arabia, the U.A.E., South Africa, and other countries. This comprehensive regional breakdown helps identify unique market trends and growth opportunities specific to each area.
⇥ North America (U.S., Canada, Mexico)
⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)
⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)
⇥ South America (Colombia, Brazil, Argentina, Rest of South America)
⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
Benefits of the Report:
➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.
➡ Top-down and bottom-up approach for regional analysis
➡ Porter’s five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players.
➡ By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Market
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People Also Ask:
➠ What is the global sales, production, consumption, import, and export value of the AI Image Recognition market?
➠ Who are the leading manufacturers in the global AI Image Recognition industry? What is their operational status in terms of capacity, production, sales, pricing, costs, gross margin, and revenue?
➠ What opportunities and challenges do vendors in the global AI Image Recognition industry face?
➠ Which applications, end-users, or product types are expected to see growth? What is the market share for each type and application?
➠ What are the key factors and limitations affecting the growth of the AI Image Recognition market?
➠ What are the various sales, marketing, and distribution channels in the global industry?
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