How Has the Artificial Intelligence AI Image Recognition Market Evolved Historically and What is its Current Size?
The artificial intelligence ai image recognition market has seen considerable growth due to a variety of factors.
• The rapid expansion of the artificial intelligence (AI) image recognition market has been noteworthy in recent times. Its size is projected to increase from $2.76 billion in 2024 to $3.29 billion in 2025, with a compound annual growth rate (CAGR) of 19.2%.
Factors contributing to the growth during the historic period include the rise in retail automation and self-checkout systems, the expansion of autonomous vehicles and advanced driver assistance systems, increasing demand for security and surveillance applications, healthcare advancements in medical imaging and diagnostics, and the use of facial recognition technologies in social media applications.
What Does Future Hold for The Artificial Intelligence AI Image Recognition Market By 2029?
The artificial intelligence ai image recognition market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of AI image recognition technology is set to experience a sizeable surge in the coming years, expanding to a whopping $6.55 billion by 2029, reflecting a CAGR of 18.8%.
Several factors could contribute to this robust growth in the forecast period including the implementation of AI imagery in smart city projects, governmental support for AI-related defense technology, the uptick in the use of AI in manufacturing and quality assurance, increased usage of image recognition in consumer smartphone apps, and the advent of Machine Learning Operations (MLOps) for the practical application of AI image recognition models. The forecast period is also predicted to witness some significant trends such as the shift from conventional computer vision techniques to deep learning, application of graph neural networks (GNNs), adoption of pre-trained models, increased focus on edge computing, the rise of automated machine learning (AutoML), and improved data labelling.
What Are The Primary Growth Drivers In The Artificial Intelligence AI Image Recognition Market?
The AI image recognition market's anticipated growth can be attributed to the increasing use of artificial intelligence (AI). AI mirrors human cognitive functions, particularly in computer systems, and its rising application enhances image recognition. This advancement allows algorithms to assess and interpret visual information similarly to human comprehension and understanding of imagery. For example, a report issued by the United States Census Bureau, a federal statistical agency in the U.S., stated in March 2024 that the embrace of AI is escalating rapidly. It moved up from 3.7% of firms in Fall 2023 to 5.4% as of February 2024. Forecasts suggest this figure rising to 6.6% by Fall 2024. Moreover, the employment-weighted application rate indicates that close to 12% of employees in various firms will utilized AI by the same period. Consequently, this rise in AI acceptance is propelling the AI image recognition market's expansion.
What Is The Segmentation Of The Global Artificial Intelligence AI Image Recognition Market?
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
Subsegments:
1) By Hardware: Graphics Processing Units (GPUs), Central Processing Units (CPUs), Application-Specific Integrated Circuits (ASICs), Field-Programmable Gate Arrays (FPGAs)
2) By Software: On-Premise Software, Cloud-Based Software, Edge Software
3) By Services: Training And Consulting Services, Integration And Implementation Services, Support And Maintenance Services
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What Emerging Trends Are Influencing The Growth Of The Artificial Intelligence AI Image Recognition Market?
Leading firms in the artificial intelligence (AI) image recognition sector are emphasizing on progressive technology, such as AI-driven image recognition instruments, to maintain their market standing. AI-driven image recognition tool is a form of computer vision technology that employs artificial intelligence to detect and sort various components of images or videos. For instance, Klarna, an American fintech firm, introduced Shopping Lens, an innovative AI-driven image recognition tool, in October 2023 to enhance user shopping experience. This instrument provides the benefit of uploading a photo of any possible purchase items. Utilizing artificial intelligence, the tool transmutes an image into a search query and rapidly connects customers to the best deals on Klarna's app and locations to purchase the product.
Who Are the Key Players In The Artificial Intelligence AI Image Recognition Market?
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
What Are The Regional Insights Into The Artificial Intelligence AI Image Recognition Market?
North America was the largest region in the artificial intelligence (AI) image recognition market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence (AI) image recognition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
