AI in Image Recognition Market
AI in Image Recognition Market Size, Share & Trends Analysis Report by Offering (Hardware, Software, and Service), by Technology (QR/Barcode, Digital Image Processing Facial Recognition, Object Recognition, Pattern Recognition, and Optical Character Recognition), and by Vertical Industry (BFSI, Retail & E-Commerce, Media & Entertainment, Healthcare, Government, Automotive, Telecommunication, Manufacturing, and Other) Forecast Period (2024-2031)
Artificial Intelligence (AI) in image recognition market is anticipated to grow at a significant CAGR of 15.3% during the forecast period (2024-2031). The ongoing developments in AI technology have driven the growth of the global AI in image recognition market. The developments in computer vision, machine learning, and artificial intelligence are made possible by deep learning models, which allow image recognition systems to continuously get better by being exposed to large datasets globally. According to the Information Systems Audit and Control Association, in December 2022, the facial image recognition market size is forecasted to reach $12.67 billion by 2028, up from $5.01 billion in 2021. This increase is also driven by growing demand from governments and law enforcement agencies that use the technology to assist in criminal investigations, conduct surveillance, or engage in other security-related activities.
Market Dynamics
Increasing Adoption of Real-Time Image Recognition
Real-time image recognition uses models and algorithms that are intended to recognize and classify photos according to the items and patterns they include. Image recognition enables computers to interpret images in ways that are similar to human vision by translating them into numerical or symbolic information. Additionally, computer vision that is used to recognize or detect an image or an attribute in digital photos or videos—heavily depends on automated image recognition systems. Users can collect and evaluate data in real time with its help. High-dimensional data is gathered, and it yields information that can be numerical or symbolic. Computer vision includes object recognition, event detection, image reconstruction, learning, and video tracking under the umbrella of image recognition. The increasing demand for real-time image recognition tools across end-user verticals is a key factor driving the global market growth.
AI for Fraud Detection, Transaction Screening and Monitoring
Using image recognition software, risk models, and other AI-based techniques, in particular, institutions can use AI to recognize abnormal transactions and identify suspicious and potentially fraudulent activity (such as fraudulent use of customers' personal information, misrepresenting products/services, and other frauds). AI can also increase customer satisfaction by lowering the frequency of false positives, or the rejection of otherwise legitimate transactions (such as a credit card payment that is mistakenly refused). By automating data analysis, enhancing risk assessment, identifying intricate patterns, and lowering false positives, AI improves AML compliance and screening. Examining a variety of data points, such as transaction history, geographic location, and behavioral trends, can assist in determining the risk profile of clients.
Market Segmentation
- Based on the offering, the market is segmented into hardware, software, and service.
- Based on the technology, the market is segmented into QR/barcode, digital image processing facial recognition, object recognition, pattern recognition, and optical character recognition.
- Based on the industry vertical, the market is segmented into BFSI, retail & e-commerce, media & entertainment, healthcare, government, automotive, telecommunication, manufacturing, and other (transportation & logistics).
Services are Projected to Hold the Largest Segment
The services segment is expected to hold the largest share of the market. The primary factors supporting the growth include the increasing demand for specialized image recognition systems that may be adjusted to match the unique requirements of companies in a range of sectors. With this degree of customization, businesses can easily incorporate image recognition technology into their current workflows and systems, increasing productivity and efficiency. The market player offers AI-driven service, and it contributes to shorter rollout times when launching operations while ensuring privacy, reducing introductory costs, and minimizing complications. For instance, in April 2024, Sony Semiconductor Solutions Corp. introduced and began operating an edge AI-driven vision detection solution at 500 convenience store locations in Japan to improve the benefits of in-store advertising. This solution was developed with Console Enterprise Edition, one of the services offered by AITRIOS, and is installed on the partner’s Microsoft Azure cloud infrastructure.
Retail & E-Commerce Segment to Hold a Considerable Market Share
The factors supporting segment growth include the growing adoption of image identification by online users to look for clothes or accessories by snapping a photo of a desired color, texture, print, or article of apparel. Market players are turning to AI to better predict shopper demands. Smarter retail is the next generation of user experiences for customers, consumers, and point-of-sell organizations. For instance, in January 2024, Lenovo featured AI-powered, end-to-end retail solutions designed to support smarter, safer, and more secure experiences for retailers and shoppers across any category.
Regional Outlook
Global AI in image recognition market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Growing Adoption of AI in Image Recognition in Asia-Pacific
The regional growth is attributed to pivotal factors such as the increasing usage of tablets and smartphones, the speed at which technology is developing, the acceptance of image recognition in countries such as China, Japan, South Korea, and India, and the increasing adoption of facial recognition in security and surveillance systems. Market players in the region offer AI facial recognition modules with a variety of application scenarios, including facial recognition vending machines, smart access controls, smart door locks, and elevator control systems. For instance, in April 2021, Canaan announced a partnership with Cathay to introduce the AI facial recognition module and AI chip in Japan. Canaan’s AI facial recognition module uses the Company's self-developed Kendryte K210 AI chip, designed specifically for processing machine vision tasks, such as facial and image recognition, and different areas of audio processing.
Global AI in Image Recognition Market Growth by Region 2024-2031
North America Holds Major Market Share
North America holds a significant share owing to numerous prominent AI in image recognition companies and providers such as Amazon Web Services, Inc., Google LLC, IBM Corp., and Microsoft Corp., in the region. The market growth is attributed to the increasing adoption of e-commerce and digital retail platforms, a combination of mobile computing and AI. Market players in the region developing facial recognition-based security systems for business-to-business (B2B) endeavors, particularly in providing AI solutions to the financial sector. For instance, in April 2024, Hewlett Packard Enterprise announced that CUBOX, a growing artificial intelligence (AI) facial and image recognition company developing generative AI models to train its existing visual recognition solutions using an HPE Cray XD supercomputer. The system also augments CUBOX’s existing innovation focused on developing new image processing technologies. The company has embarked on investing in a business-to-consumer (B2C) AI service model, recognizing the pivotal role of generative AI in constructing various B2C service offerings.
Market Players Outlook
*Note: Major Players Sorted in No Particular Order.
The major companies serving the AI in image recognition market include Amazon Web Services, Inc., Google LLC, IBM Corp., Microsoft Corp., and Nvidia Corp., among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market.
Recent Development
- In January 2024, Capgemini and AWS expanded strategic collaboration to enable broad enterprise generative AI adoption. The company enhanced lifecycle optimization for the aerospace platform with additional capabilities from Amazon Bedrock to improve the image recognition and analysis of aviation parts and assist in the curation of publishing available inventory.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the AI in image recognition market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Amazon Web Services, Inc.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Google LLC
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. IBM Corp.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Microsoft Corp.
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Nvidia Corp.
3.6.1. Overview
3.6.2. Financial Analysis
3.6.3. SWOT Analysis
3.6.4. Recent Developments
3.7. Key Strategy Analysis
4. Market Segmentation
4.1. Global AI In Image Recognition Market by Offering
4.1.1. Hardware
4.1.2. Software
4.1.3. Service
4.2. Global AI In Image Recognition Market by Technology
4.2.1. QR/Barcode
4.2.2. Digital Image Processing Facial Recognition
4.2.3. Object Recognition
4.2.4. Pattern Recognition
4.2.5. Optical Character Recognition
4.3. Global AI In Image Recognition Market by Industry Vertical
4.3.1. BFSI
4.3.2. Retail & E-Commerce
4.3.3. Media & Entertainment
4.3.4. Healthcare
4.3.5. Government
4.3.6. Automotive
4.3.7. Telecommunication
4.3.8. Manufacturing
4.3.9. Other (Transportation & Logistics)
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
5.4.1. Latin America
5.4.2. Middle East and Africa
6. Company Profiles
6.1. Advanced Micro Devices, Inc.
6.2. AnyClip Inc.
6.3. Beijing SenseTime Technology Development Co., Ltd.
6.4. Clarifai Inc.
6.5. Descartes Labs Inc.
6.6. Hitachi, Ltd.
6.7. Intel Corp.
6.8. MEGVII
6.9. Micron Technology, Inc.
6.10. Neuroflash GmbH
6.11. Oracle Corp.
6.12. Orbital Insight
6.13. Qualcomm Technologies, Inc.
6.14. Régens Zrt.
6.15. Samsung Electronics Co. Ltd.
6.16. Shield AI
6.17. SOLOMON Technology Corp.
6.18. Trax Technology Solutions Pte Ltd.
6.19. viso.ai AG
1. Global AI in Image Recognition Market Research And Analysis By Offering, 2023-2031 ($ Million)
2. Global AI in Image Recognition Hardware Market Research And Analysis By Region, 2023-2031 ($ Million)
3. Global AI in Image Recognition Software Market Research And Analysis By Region, 2023-2031 ($ Million)
4. Global AI in Image Recognition Services Market Research And Analysis By Region, 2023-2031 ($ Million)
5. Global AI in Image Recognition Market Research And Analysis By Technology, 2023-2031 ($ Million)
6. Global QR/Barcode For AI Image Recognition Market Research And Analysis By Region, 2023-2031 ($ Million)
7. Global Digital Image Processing Facial Recognition For AI Image Recognition Market Research And Analysis By Region, 2023-2031 ($ Million)
8. Global Object Recognition For AI Image Recognition Market Research And Analysis By Region, 2023-2031 ($ Million)
9. Global Pattern Recognition For AI Image Recognition Market Research And Analysis By Region, 2023-2031 ($ Million)
10. Global Optical Character Recognition For AI Image Recognition Market Research And Analysis By Region, 2023-2031 ($ Million)
11. Global AI in Image Recognition Market Research And Analysis By Industry Vertical, 2023-2031 ($ Million)
12. Global AI in Image Recognition For BFSI Market Research And Analysis By Region, 2023-2031 ($ Million)
13. Global AI in Image Recognition For Retail & E-Commerce Market Research And Analysis By Region, 2023-2031 ($ Million)
14. Global AI in Image Recognition For Media & Entertainment Market Research And Analysis By Region, 2023-2031 ($ Million)
15. Global AI in Image Recognition For Healthcare Market Research And Analysis By Region, 2023-2031 ($ Million)
16. Global AI in Image Recognition For Government Market Research And Analysis By Region, 2023-2031 ($ Million)
17. Global AI in Image Recognition For Automotive Market Research And Analysis By Region, 2023-2031 ($ Million)
18. Global AI in Image Recognition For Telecommunication Market Research And Analysis By Region, 2023-2031 ($ Million)
19. Global AI in Image Recognition For Manufacturing Market Research And Analysis By Region, 2023-2031 ($ Million)
20. Global AI in Image Recognition For Other Vertical Industry Market Research And Analysis By Region, 2023-2031 ($ Million)
21. Global AI in Image Recognition Market Research And Analysis By Region, 2023-2031 ($ Million)
22. North American AI in Image Recognition Market Research And Analysis By Country, 2023-2031 ($ Million)
23. North American AI in Image Recognition Market Research And Analysis By Offering, 2023-2031 ($ Million)
24. North American AI in Image Recognition Market Research And Analysis By Technology, 2023-2031 ($ Million)
25. North American AI in Image Recognition Market Research And Analysis By Industry Vertical, 2023-2031 ($ Million)
26. European AI in Image Recognition Market Research And Analysis By Country, 2023-2031 ($ Million)
27. European AI in Image Recognition Market Research And Analysis By Offering, 2023-2031 ($ Million)
28. European AI in Image Recognition Market Research And Analysis By Technology, 2023-2031 ($ Million)
29. European AI in Image Recognition Market Research And Analysis By Industry Vertical, 2023-2031 ($ Million)
30. Asia-Pacific AI in Image Recognition Market Research And Analysis By Country, 2023-2031 ($ Million)
31. Asia-Pacific AI in Image Recognition Market Research And Analysis By Offering, 2023-2031 ($ Million)
32. Asia-Pacific AI in Image Recognition Market Research And Analysis By Technology, 2023-2031 ($ Million)
33. Asia-Pacific AI in Image Recognition Market Research And Analysis By Industry Vertical, 2023-2031 ($ Million)
34. Rest Of The World AI in Image Recognition Market Research And Analysis By Region, 2023-2031 ($ Million)
35. Rest Of The World AI in Image Recognition Market Research And Analysis By Offering, 2023-2031 ($ Million)
36. Rest Of The World AI in Image Recognition Market Research And Analysis By Technology, 2023-2031 ($ Million)
37. Rest Of The World AI in Image Recognition Market Research And Analysis By Industry Vertical, 2023-2031 ($ Million)
1. Global AI in Image Recognition Market Share By Offering, 2023 Vs 2031 (%)
2. Global AI in Image Recognition Hardware Market Share By Region, 2023 Vs 2031 (%)
3. Global AI in Image Recognition Software Market Share By Region, 2023 Vs 2031 (%)
4. Global AI in Image Recognition Services Market Share By Region, 2023 Vs 2031 (%)
5. Global AI in Image Recognition Market Share By Technology, 2023 Vs 2031 (%)
6. Global QR/Barcode For AI Image Recognition Market Share By Region, 2023 Vs 2031 (%)
7. Global Digital Image Processing Facial Recognition For AI Image Recognition Market Share By Region, 2023 Vs 2031 (%)
8. Global Object Recognition For AI Image Recognition Market Share By Region, 2023 Vs 2031 (%)
9. Global Pattern Recognition For AI Image Recognition Market Share By Region, 2023 Vs 2031 (%)
10. Global Optical Character Recognition For AI Image Recognition Market Share By Region, 2023 Vs 2031 (%)
11. Global AI in Image Recognition Market Share By Industry Vertical, 2023 Vs 2031 (%)
12. Global AI in Image Recognition For BFSI Market Share By Region, 2023 Vs 2031 (%)
13. Global AI in Image Recognition For Retail & E-Commerce Market Share By Region, 2023 Vs 2031 (%)
14. Global AI in Image Recognition For Media & Entertainment Market Share By Region, 2023 Vs 2031 (%)
15. Global AI in Image Recognition For Healthcare Market Share By Region, 2023 Vs 2031 (%)
16. Global AI in Image Recognition For Government Market Share By Region, 2023 Vs 2031 (%)
17. Global AI in Image Recognition For Automotive Market Share By Region, 2023 Vs 2031 (%)
18. Global AI in Image Recognition For Telecommunication Market Share By Region, 2023 Vs 2031 (%)
19. Global AI in Image Recognition For Manufacturing Market Share By Region, 2023 Vs 2031 (%)
20. Global AI in Image Recognition For Other Industry Vertical Market Share By Region, 2023 Vs 2031 (%)
21. Global AI in Image Recognition Market Share By Region, 2023 Vs 2031 (%)
22. US AI in Image Recognition Market Size, 2023-2031 ($ Million)
23. Canada AI in Image Recognition Market Size, 2023-2031 ($ Million)
24. UK AI in Image Recognition Market Size, 2023-2031 ($ Million)
25. France AI in Image Recognition Market Size, 2023-2031 ($ Million)
26. Germany AI in Image Recognition Market Size, 2023-2031 ($ Million)
27. Italy AI in Image Recognition Market Size, 2023-2031 ($ Million)
28. Spain AI in Image Recognition Market Size, 2023-2031 ($ Million)
29. Rest Of Europe AI in Image Recognition Market Size, 2023-2031 ($ Million)
30. India AI in Image Recognition Market Size, 2023-2031 ($ Million)
31. China AI in Image Recognition Market Size, 2023-2031 ($ Million)
32. Japan AI in Image Recognition Market Size, 2023-2031 ($ Million)
33. South Korea AI in Image Recognition Market Size, 2023-2031 ($ Million)
34. Rest Of Asia-Pacific AI in Image Recognition Market Size, 2023-2031 ($ Million)
35. Rest Of The World AI in Image Recognition Market Size, 2023-2031 ($ Million)
36. Latin America AI in Image Recognition Market Size, 2023-2031 ($ Million)
37. Middle East And Africa AI in Image Recognition Market Size, 2023-2031 ($ Million)
