AI Image Recognition Market
AI Image Recognition Market Research Report By DataM Intelligence: A comprehensive analysis of current and emerging trends provides clarity on the dynamics of the AI Image Recognition market. The report employs Porter’s Five Forces model to assess key factors such as the influence of suppliers and customers, risks posed by different entities, competitive intensity, and the potential of emerging entrepreneurs, offering valuable insights. Additionally, the report presents research data from various companies, including their benefits, gross margins, and strategic decisions in the global market, all conveyed through tables, charts, and infographics.
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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 2030, growing with a CAGR of 11.8% during the forecast period 2024-2031.
What is AI Image Recognition Market?
AI image recognition is a technology that enables machines to interpret and understand visual information from the world. It uses algorithms and neural networks to identify objects, people, scenes, and activities within images. By analyzing pixel data, AI image recognition can classify images and extract meaningful information, often with high accuracy. This technology is widely used in various applications, including facial recognition, autonomous vehicles, and medical imaging. As it evolves, AI image recognition continues to improve, driven by advancements in machine learning and deep learning techniques. Its ability to process and analyze vast amounts of visual data makes it a critical component of modern artificial intelligence systems.
Key Players:
Profiles of some of the major players in the global AI Image Recognition market, which include:
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 called Shopping Lens. This innovative tool allows users to capture images of products, which the AI then translates into relevant search terms. By doing so, it helps customers quickly find the best deals available on Klarna’s app. Shopping Lens enhances the shopping experience by simplifying product discovery and providing users with seamless access to a wide range of offers. With this launch, Klarna continues to leverage technology to improve online shopping efficiency and convenience.
The purpose of the report is to offer a comprehensive analysis of the market, along with insightful conclusions, statistical data, historical information, market data that has been confirmed by the industry, and predictions based on a sound methodology. By identifying and examining market segments and forecasting global market size, the study also contributes to understanding the dynamics and structure of the global AI Image Recognition market.
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Market Segments:
The report covers the segmentation of the market into different segments based on various classifications such as applications, end users, product types, and others. The segmentation is divided into two sections, one for development and the other for different roles, needs, and behaviors.
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 Break out:
☞ North America – US, Canada, Mexico
☞ Europe- Germany, Russia, UK, France, Italy, Rest of Europe
☞ Asia Pacific- China, India, Japan, Australia, Rest of Asia Pacific
☞ South America- Brazil, Argentina, Colombia, Rest of South America
☞ Middle East and Africa- Saudi Arabia, UAE, Oman, Bahrain, Qatar, Kuwait, Israel
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➧ Gain deep insights into market dynamics, trends, and opportunities to stay ahead in a competitive landscape.
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➧ Understand key players, stakeholders, and partnerships to navigate the competitive landscape more effectively.
➧ Identify and target specific market segments with detailed intelligence on customer preferences and behaviours.
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