The global AI image recognition market is expected to rise at an impressive pace in the coming few years, thanks to the unprecedented digitalization.
AI Image recognition technology plays a crucial role in online visual revolution. In additional to this, rising popularity of cloud services and mobile devices equipped with cameras has contributed to market growth.
An upcoming report on the AI image recognition market by Transparency Market Research is expected to offer an in depth analysis on industry. The report is anticipated to cover all the important segments in the market. Along with this, the report is anticipated to have of vital data that will help indicating growth and latest trend in the AI image recognition market during the forecast period.
AI Image Recognition Market: Notable Developments
Some of the recent development in the AI image recognition market are-
In November 2017, Amazon Web Services (AWS) a prominent player in the AI image recognition markethas announced to launch five new machine learning services and the deep learning-enabled video camera for developers. This will allow app developers to easily build applications that convert translate text between languages, speech to text, extract insights from text, and analyze videos.
Some of the prominent players operating in the AI image recognition market are Qualcomm Inc., Google Inc., NEC Corporation, LTU Technologies, Honeywell International Inc., Catchoom Technologies S.L., Hitachi, Ltd., Slyce Inc., and Wikitude GmbH. The presence of several prominent players are making this highly competitive and fragmented.
AI Image Recognition Market: Key Trends
The global AI image recognition market is expected to rise at a significant pace in the coming few years. This is because of the increasing application of image-based virtual tasks and barcode scanning devices and adoption of the AI image recognition technology in advertising, automation, security surveillance, monitoring purpose are some of the factor expected to drive the global AI image recognition market.
Despite several drivers, factors such as lack of consumer awareness, technical issues in integrating the technologies is hampering the global AI image recognition market. In addition to this, high cost of image recognition technology is expected to hamper growth in the AI image recognition market.
Nevertheless, factors like easy internet accessibility, rising disposable income and increasing penetration of the ecommerce, growing popularity of social media are expected to significant boost to the global AI image recognitions market during the forecast period.
Factors like digital shopping and document verification are propelling market growth is expected to drive the AI image recognition market. Increasing demand for virtual market and rising number of unstructured multimedia data are creating immense potential for image recognition solutions.
Lastly, growing investments in the market by the players such as Huawei and Apple is expected offer several new opportunities to the AI image recognition market.
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AI Image Recognition Market: Regional Outlook
The global AI image recognition market is divided into Asia Pacific, North America, the Middle East and Africa, Europe and Latin America. Among all these region, North American is expected to dominate the AI image recognition market in the coming few years. This is mainly due to the growing use of image recognition technology is retails, e-commerce platforms, and corporate house.