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AI Image Recognition Market - Growth, Trends, and Forecast (2019 - 2024)

AI Image Recognition Market - Growth, Trends, and Forecast (2019 - 2024)

  • July 2019
  • 123 pages
  • ID: 5797242
  • Format: PDF
  • By Mordor Intelligence LLP

Summary

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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.

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.

Competitive Landscape
The market is fragmented. The key players operating in this market are innovating their products on a regular basis and this is leading them to gain sustainable competitive advantage.
Due to this, there is always a high competition between players to innovate and introduce new products. The intense competition will drive down prices and can decrease the overall profitability of the industry.
Two of the key players in the industry are AWS and Alphabet. Some of the key developments in this market include:
A new capability being introduced to visual recognition by IBM, namely, color tagging. The new capability allows users to quickly assess the dominant color schemes within an image and turn these into actionable insights.
Google launched a camera based on artificial intelligence, which helps in deep integration between hardware and software. This can play a vital role in military or defense mechanism to record.
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