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AI Image Recognition Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

AI Image Recognition Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • September 2022
  • 130 pages
  • ID: 6325595
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The AI Image Recognition Market was valued at USD 2,993.3 million in 2021, and it is expected to register a CAGR of 20.97% during the forecast period 2022-2027. Artificial intelligence (AI) is a technology field that uses technology to replicate the cognitive processes of human intellect. Image recognition has long been recognized as one of the most lucrative and beneficial applications of artificial intelligence since its inception. Image recognition, which is closely related to computer vision, is an interdisciplinary area of computer science that deals with a computer’s capacity to recognize and comprehend the material within images.

Key Highlights
Artificial intelligence (AI) has been incorporated into many aspects of daily life, including language recognition software, AI-enhanced cameras for smartphones, financial transaction analysis in banks, and self-driving car algorithms. With the emergence of AI for numerous applications, from diagnosis to therapy recommendations, medical imaging is going through a fundamental transformation.
The adoption of Artificial Intelligence (AI) technology is rising due to its ability to enhance and automate operations and enrich the user experience. The increasing adoption of AI in the healthcare sector, such as in diagnostic radiology, is expected to fuel the growth of the AI market over the forecast period. The defense sector is expected to drive innovations in AI with huge budgets allocated for technology development.
Big data is being adopted widely in different industries. With robust internet penetration and new technologies, there is massive growth in the data generated around the world. The technologies, such as the Internet of Things, Industry 4.0, and 5G, among others, encourage artificial intelligence. Massive growth in data generation due to technological advancements results in big data. AI simplifies big data analytics by automating and improving data preparation, data visualization, predictive modeling, and other complicated analytical operations that may otherwise be time-consuming and labor-intensive. AI speeds up analyzing massive, complex datasets and surfacing relevant user insights.
As AI and deep learning applications expand globally, from tech giants to small and medium-sized businesses, the need for artificial intelligence technicians has increased significantly. However, there has been a shortage of expert AI technicians.
COVID-19 had a positive impact on the market as few industries witnessed an increase in AI adoption; however, others faced a decline. The pandemic educated business executives with vital insights into digital transformation. The potential that data analytics and artificial intelligence bring to an organization is one of the most compelling teachings. For instance, AI aids push processes, people, and services online in the public sector and compel local, regional, and national governments to embrace AI. In a few months, governments worldwide have learned to use AI as a weapon to fight against the virus, from educating the public and screening patients to tracking and tracing contacts.

Key Market Trends

Healthcare Sector is Expected to Witness Significant Growth

The adoption of AI image recognition technology in the healthcare sector is rapidly growing across the world owing to a wide range of applications for artificial intelligence image recognition technology in CT scans, X-rays, ultrasound, and magnetic resonance imaging. Further, from improved security and patient identification to better patient monitoring and diagnosis, AI image recognition technology has helped improve patient experience and reduce the workload for healthcare workers.
Further, AI image recognition models can assist in the diagnosing of various conditions. The models can be trained and deployed to scan images from MRI or X-ray machines, as well as other visual outputs, to detect, locate and flag up medical abnormalities that the model has been trained to identify. For instance, it can identify the number and exact locations of tumors within an image, helping to direct the attention of the medical practitioner to the malignant or cancerous elements.
Furthermore, AI image recognition models help retrieve information on similar conditions identified to be closely related to the patient’s results from a medical examination. MRI or X-ray scans are already implemented to provide medical teams with insightful images for various diseases and traumas, including cancer, broken bones, and many other conditions. Image similarity search can benefit this field by retrieving similar images, which can help doctors with an accurate diagnosis by supplying X-ray/MRI images of a similar physical appearance to those images from the patient of concern.
Additionally, check-in and check-out processes are fundamental in the healthcare setup. AI image recognition technology can make them more accessible and faster, simultaneously decreasing the workload for hospital staff. When a patient enters the facility, the face recognition system scans their face and runs it against the hospital database. The patient’s identity is verified in real-time, without the need for paperwork or additional identification documents.
Further, there are several factors simultaneously driving the integration of AI in radiology. First, in many countries around the world, there is a shortage of doctors trained in radiology, which, considering the rising demand for diagnostic imaging, helps increase work efficiency and productivity.

Asia Pacific is Expected to be the Fastest Growing Market

The adoption of AI image recognition services in end-user industries like manufacturing, healthcare, retail, and e-commerce in nations like China, India, Japan, and others may be responsible for this market share rise in the Asia Pacific region. The adoption of advanced technologies in this area has accelerated in recent years. The overall capacity of computing systems has increased along with data processing, storage, and availability.
According to a report by the Center for Security and Emerging Technologies, India is well-positioned to become a significant player and an essential partner in the AI ecosystem (CSET). According to research published by a US think tank, India’s AI policy is on the right track. Six more Indian technology start-ups have joined the Unicorn club. To put things into context, India only produced seven unicorns in 2020 and six in 2019. Experts believe that by 2025, India will have more than 150 unicorns.
Further, the government and organizations are investing in the Research & Development of AI technologies for governance. For instance, in March 2022, the Government of India launched the Artificial Intelligence and Robotics Technology Park (ARTPARK) at the Indian Institute of Science (IISc) in Bengaluru. This ARTPARK is a public-private collaboration with seed money of INR 230 Crores. This is a premier research translation park with the global collaborative ecosystem, which is a joint initiative of the IISc & AI Foundry,
Similarly, the Chinese government announced the establishment of the Next Generation Artificial Intelligence Development Plan, which promises policy support, central coordination, and investments totaling more than USD 150 billion by 2030. By the end of this decade, China’s AI business is expected to produce USD 160 billion in yearly revenues, with allied industries generating USD 1.6 trillion in annual sales.
The Asia Pacific region’s market is expected to rise due to China’s expanding use of face recognition in security and surveillance systems. As an illustration, the Chinese government has implemented real-name registration laws in the nation, mandating that residents link their online accounts to their official government IDs. These regulations have increased the use of image recognition throughout the country. This will drive the studied market.

Competitive Landscape

The AI Image Recognition Market is highly competitive owing to the presence of many small and large players providing services and solutions in the domestic as well as the international market. The market appears to be fragmented. The key players operating in this market are innovating their products on a regular basis, and this is leading them to gain a sustainable competitive advantage. Due to this, there is always high competition between players to innovate and introduce new products.

August 2022 - Clarifai, the leading AI platform for unstructured image, video, text, and audio data, launched a new free service – Clarifai Community, that is built on Clarifai’s platform. It is used by data scientists and developers and is easy enough for no-code business users to create models and workflows and share them with others around the world, advancing the reality where all can use and benefit from AI.

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