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Future Outlook of AI (Artificial Intelligence) Image Recognition Market 2019 Analysis by Top Key Players, Types, Applications, Product and Services Forecast till 2024

AI (Artificial Intelligence) Image Recognition

AI (Artificial Intelligence) Image Recognition Market report provides a basic outline of the industry including definitions, classifications, applications and industry chain structure. The AI (Artificial Intelligence) Image Recognition market analysis is provided for the global market including growth history, competitive background analysis, and major regions’ development status.

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AI (Artificial Intelligence) Image Recognition Market report focuses on global major leading industry players with information such as company profiles, product picture and specification, capacity, production, price, cost, revenue and contact information. Upstream raw materials, equipment and downstream consumer’s analysis is also carried out. What’s more, the AI (Artificial Intelligence) Image Recognition industry development trends and marketing channels are analysed.

Major key players are given in the report are:

  • IBM Corporation
  • Alphabet Inc.
  • Amazon Inc.
  • Intel Corp.
  • MICRON TECHNOLOGY INC.
  • Clarifai Inc.
  • Microsoft Corporation
  • Nvidia Corporation
  • Qualcomm Corp.
  • Samsung Electronics
  • Xilinx Inc..

    Market Overview:

  • The AI image recognition market was valued at USD 1.41 billion in 2018 and is projected to reach a market value of USD 5.32 billion by 2024 at a CAGR of 24.7% over the forecast period (2019 – 2024). Image recognition technologies comprise voice, iris, palm, hand vein pattern, fingerprints, retina, hand geometry, facial pattern recognition, object identification etc. Image recognition based on these indications can be applied across various fields, such as vehicular safety, advertising, security and surveillance, biometric scanning machines, pedestrian recognition, and E-commerce.
  • The adoption of artificial intelligence (AI) technology is rising, owing to its ability to enhance and automate operations and enrich the user experience. Governments are also focusing on increasing their AI capabilities to revolutionize various sectors, from healthcare to transport. EU has committed to invest EUR 1.5 billion in AI to catch up with the United States and Asia.
  • From the technical side, skills are needed to implement and develop road map infrastructure, manage security, and capture and analyze data.
  • According to Eirik Thorsnes at UNI Research in Bergen, Norway, “There has been a tremendous development in recent years, and we are now surpassing the human level in terms of image recognition and analysis. Computers never get tired of looking at near-identical images and may be capable of noticing even the tiniest nuances that we humans cannot see. In addition, as it gets easier to analyze large volumes of images and video, many processes in society can be improved and optimized.

    Scope of the Report:

  • Image recognition, in the context of machine vision, is the ability of software to identify objects, places, people, writing and actions in images. Computers can use machine vision technologies in combination with a camera and artificial intelligence software to achieve image recognition. Image recognition is used to perform a large number of machine-based visual tasks, such as labeling the content of images with meta tags, performing image content search, guiding autonomous robots and self-driving cars, and in accident avoidance systems.

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    Key Market Trends:

    Banking Sector Expected to Witness Prominent Growth

    Images are real and omnipresent, and unlike other forms of data, they cannot be forged easily. These traits make images repositories of big data, and hence, exploiting such data can be a great source of information for financial institutions.
    The banking industry has been a major benefactor of AI, with firms in the BFSI industry relying on the technology for a diverse range of applications, like personalizing communication with customers, staying competitive in a continuously evolving market, and improving the productivity drastically through the automation of redundant tasks (which is a major task due to the conventional infrastructure in a number of old school financial institutions).
    Banks have tons of unstructured data on interactions with customers, customer photographs, and old documents, to name a few. The data, if deciphered well, can provide valuable inputs for the future of the financial institutions.
    Facebook can now identify and map 98% of its images correctly to the right person. Imaging technology is being used for identifying and removing fake social accounts. Such image-based fake identification has immense potential in enriching credit-scoring and risk-modeling of banks. Images could also be used by underwriters in risk assessment and fraud identification.

    Asia-Pacific Expected to Witness Rapid Growth

    Image recognition solutions have been gaining prominence incessantly in Asia-Pacific, particularly to cater to the growing need for security solutions due to the advent of the smart homes and smart city initiatives in the developing economies in the region.
    Due to the growth of the e-commerce segment of the retail industry in the recent past, vendors in the Asia-Pacific market are investing majorly in image recognition technologies to offer an enhanced digital experience to consumers.
    Government initiatives and investments have been supportive of the market growth, which has further been complemented by the presence of major players, such as IBM, Microsoft, and Google, among others, in Asia-Pacific. Singapore’s National Research Foundation has invested about USD 107.64 million in the AI. SG initiative, to uplift the artificial intelligence technology.
    Artificial intelligence offers the region massive opportunities for growth, innovation, and productivity, with the potential to address key issues in the social environment within the fast developing economies.

    Highlights of AI (Artificial Intelligence) Image Recognition Market report:

    • AI (Artificial Intelligence) Image Recognition Market Overview and Trends includes Porter’s Five Force Framework: Bargaining Power of Suppliers, Bargaining Power of Consumers, Threat of New Entrants, Threat of Substitute Products and Services, Competitive Rivalry within the Industry
    • Report includes AI (Artificial Intelligence) Image Recognition Market Dynamics comprises of Drivers, Restraints, Opportunities
    • AI (Artificial Intelligence) Image Recognition Market Key Vendor Analysis with (Overview, Products & Services, Strategies)
    • Competitive Landscape Analysis which includes Mergers & Acquisition Analysis, Agreements, Collaborations, and Partnerships, New Products Launches

    To end with, in AI (Artificial Intelligence) Image Recognition Market report the feasibility of new investment projects is measured, and overall research conclusions are offered. At the end AI (Artificial Intelligence) Image Recognition report provides major statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.

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    AI (Artificial Intelligence) Image Recognition Market Report Contains Following Points in Table of Content:

    1 AI (Artificial Intelligence) Image Recognition Market Overview

    2 Global AI (Artificial Intelligence) Image Recognition Market Competition by Manufacturers

    3 Global AI (Artificial Intelligence) Image Recognition Production Market Share by Regions

    4 Global AI (Artificial Intelligence) Image Recognition Consumption by Regions

    5 Global AI (Artificial Intelligence) Image Recognition Production, Revenue, Price Trend by Type

    6 Global AI (Artificial Intelligence) Image Recognition Market Analysis by Applications

    7 Company Profiles and Key Figures in AI (Artificial Intelligence) Image Recognition Business

    8 AI (Artificial Intelligence) Image Recognition Manufacturing Cost Analysis

    9 Marketing Channel, Distributors and Customers

    10 Market Dynamics

    11 Global AI (Artificial Intelligence) Image Recognition Market Forecast

    12 Research Findings and Conclusion

    13 Methodology and Data Source

    Browse detailed TOC, table and figures, AI (Artificial Intelligence) Image Recognition Market Report at: https://www.industryresearch.co/ai-artificial-intelligence-image-recognition-market-growth-trends-and-forecast-2019-2024–13999426

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