Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global AI in image recognition market is estimated to witness a growth rate of more than 22.3% during forecast the period of 2022-2028. The market growth is attributed to its potential application in a range of industries including automotive, banking, financial services and insurance (BFSI), healthcare, security, and retail. AI-based image recognition software has been used in the BFSI industry to provide a substantial level of protection to customers. Major AI applications in the BFSI industry include personalization, fraud detection, and compliance. Recent ground-breaking developments in big data analytics, cloud computing, social networks, natural language processing (NLP), and machine learning significantly impact AI in the image recognition industry. Moreover, social media platforms use big data for keeping track of all the information. With image recognition, social media platforms analyze images and detect several objects, logos, and faces used for authentication and other security purposes. In addition, image recognition has a key role in self-driving cars.
Market Segmentation
The global AI in image recognition market has been analyzed on the basis of component, technology, application, end-user, and region. Based on the component, the market is segmented into hardware, software, and services. The software segment is estimated to hold a prominent share in the market.
Based on technology, the market is segmented into code recognition, facial recognition, object recognition, pattern recognition, and others (optical character recognition). Among these, facial recognition is projected to exhibit remarkable growth during the forecast period. Based on application, the market is segmented into scanning and imaging, security and surveillance, image search, augmented reality, and others (marketing and advertising). Further, on the basis of end-user, the market is segmented into BFSI, automobile, healthcare, retail, gaming, and security. BFSI industry is dominating the global market whereas the automobile is gaining momentum significantly. Geographically, the market is analyzed into North America, Western Europe, Eastern Europe, Asia Pacific, Latin America, and Middle East & Africa.
Market Structure and Competition Landscape
The growth of the global AI in image recognition market is characterized by the presence of players operating in the market. Some of the prominent players operating in the market include Amazon Web Services Inc. (Amazon.com Inc.), Alphabet Inc. (Google LLC), Clarifai Inc., IBM Corp., Intel Corp., Micron Technologies Inc., Microsoft Corp., Nvidia Corp., Qualcomm Corp., Samsung Electronics Co., Ltd., Xilinx Inc., SAP SE, NEC Corp., Oracle Corp., and Huawei Technologies Co., Ltd. among others. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Acquisitions and product launches are among the key strategies adopted by major industry players. For instance,
• In May 2020, a hand-wash movement recognition tool named "Actlyzer" was developed by Fuji Laboratories and Fujitsu Research and Development Center. Actlyzer utilizes advanced technologies such as AI and ML capabilities to identify complex hand wash movements from video data, which ensures proper, standardized hand washing practices.
• In May 2020, Microsoft Corp. announced a collaboration with Sony Corp. with an aim to develop software tools to enable simplified sharing of and access to their mutual customer data. These tools would be integrated into AI-powered smart cameras and video analytics by companies through leveraging Microsoft's Azure AI and Sony's IMX500 intelligent vision sensor.
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