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Classified in: Science and technology
Subject: MRR

AI Image Recognition Market - 60% of Growth to Originate from North America |BFSI Segment to be Significant for Revenue Generation|Technavio


NEW YORK, May 16, 2022 /PRNewswire/ -- The AI image recognition market size is set to grow by USD 3.56 billion from 2021 to 2026 as per the latest market report by Technavio.  The report projects the market to progress at a CAGR of  22.37%. 60% of the market's growth will originate from North America during the forecast period. The US is the key market for AI image recognition in North America. Market growth in this region will be slower than the growth of the market in the South American, APAC, and MEA regions. The high expenditure on R&D by the government and private organizations in AI technology will facilitate the AI image recognition market growth in North America over the forecast period

For more insights on the market share of various regions - Request a Sample Report

AI Image Recognition Market: Segmentation Analysis

This market research report segments the AI image recognition market by End-user (BFSI, Automotive, Retail, Security, and Others) and Geography (North America, APAC, Europe, South America, and the Middle East and Africa).

The AI image recognition market share growth by the BFSI segment will be significant for revenue generation. The BFSI sector is a major contributor to AI image recognition, with firms in the industry relying on the technology for a diverse range of applications, such as personalizing communication with customers, staying competitive in a continuously evolving market, and improving productivity drastically through automation of monotonous tasks. With the growing importance of image processing and recognition application of AI in the BFSI sector, the market is expected to witness positive growth during the forecast period.

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AI Image Recognition Market: Advances in the medical imaging field to drive growth

The key factor driving growth in the AI image recognition market is the advances in the medical imaging field. As the demand for medical imaging systems grows, there will be a simultaneous increase in the demand for medical image analysis software, as image analysis is an important aspect of medical imaging and helps in diagnostics. Medical imaging is a vital part of the diagnostic process. In the last decade, the capabilities of medical imaging have increased noticeably. With advanced research and technological evolution, medical imaging has witnessed numerous advances in technology. Open and portable MRIs, big data and analytics, and 3D technologies in diagnostic radiology are some of the latest advances that have increased the capabilities of medical imaging systems. As the adoption of medical imaging increases, there will be greater demand for software that will provide an in-depth analysis of these images for diagnoses. Hence, the demand for medical image analysis software will increase with technological advances in medical imaging systems during the forecast period.

AI Image Recognition Market: Growing popularity of cloud-based image analysis solutions is a trend

The growing popularity of cloud-based image analysis solutions is a key AI image recognition market trend that is expected to have a positive impact in the coming years. In the last few years, advanced software for the analysis and processing of medical images has gained popularity among physicians and healthcare practitioners. The software provides valuable clinical information and improves disease diagnosis and treatment. However, the installation of these imaging tools often requires major capital investments in both hardware and applications. This eventually increases operational expenses and medical costs. To tackle this hurdle, healthcare providers are increasingly shifting to cloud computing and adopting the Software-as-a-Service (SaaS) model. However, shifting to the cloud environment gives rise to security and privacy problems, especially given the criticality of the data in the healthcare domain. Various security measures and mechanisms can be taken by healthcare companies, including strong and integrated security software, to overcome these challenges.

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Related Reports:

AI Image Recognition Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 22.37%

Market growth 2022-2026

USD 3.56 billion

Market structure

Fragmented

YoY growth (%)

21.27

Performing market contribution

North America at 60%

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Alphabet Inc., Amazon.com Inc., Clarifai Inc., Hitachi Ltd., Honeywell International Inc., International Business Machines Corp., Intel Corp., LTU TECH, Micron Technology Inc., Microsoft Corp., NEC Corp., NVIDIA Corp., Qualcomm Inc., Samsung Electronics Co. Ltd., Slyce Acquisition Inc., Vispera information technologies, Wikitude GmbH, and Xilinx Inc.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Content

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by End-user

6 Customer Landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports, covering 800 technologies spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio


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