Enjoy complimentary customisation on priority with our Enterprise License!
The AI image recognition market size is estimated to grow by USD 3.78 billion at a CAGR of 23.04% between 2023 and 2028. The market's growth is influenced by several factors, including advancements in medical imaging, decreasing hardware costs, and increased investments in image recognition. Progress in medical imaging technologies enhances diagnostic capabilities, driving demand for related products and services. The declining costs of hardware make medical imaging more accessible, particularly in developing regions. Moreover, heightened investments in image recognition technologies signify a growing focus on automation and efficiency in medical processes. These factors collectively contribute to the market's expansion, reflecting a broader trend towards enhanced healthcare technologies and their increasing affordability and accessibility.
For More Highlights About this Report, Request Free Sample
The market is experiencing significant growth, driven by advancements in computer vision and deep learning models. Technologies like convolutional neural networks (CNNs) are enhancing AI-enhanced cameras and facial recognition systems. Applications range from financial transaction analysis to self-driving car algorithms, revolutionizing industries like transportation and security. Language recognition software enables Internet of Things devices to interact more intuitively with users. Edge computing is improving Advanced Driver Assistance Systems (ADAS), making autonomous driving solutions safer and more efficient. As quantum computing advances, so does quantum machine learning, offering new possibilities in 3D object detection and mobility solutions. Our research analysts have studied the historical data on the AI image recognition industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
One of the key factors driving growth in the 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.
Furthermore, 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.
The growing popularity of cloud-based image analysis solutions is a key 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.
Furthermore, 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.
The growing concerns regarding data privacy and security will be a major challenge for the market during the forecast period. The increase in the number of cyberattacks in the healthcare industry has raised considerable concerns over privacy and data protection among players in the healthcare industry, including hospitals, clinics, and insurance companies. With the integration of data-generating devices in healthcare and the growing availability of data from health insurance companies and hospitals in a centralized place, healthcare organizational and patient data have become vulnerable to cyberattacks.
Moreover, the concerns over the security and privacy of sensitive information have increased in the past decade due to several trends, such as clinical mobility and wireless networking, cloud computing, and information exchange. The high dependence on software can prove risky because if the software collapses or is infected by a virus, the entire data can get corrupted. Hence, concerns over data security are expected to hinder the growth of the market.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alphabet Inc. - The company offer artificial image recognition which use machine learning to understand images, read handwriting and build valuable image metadata with industry leading prediction accuracy.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the BFSI segment will be significant during the forecast period. AI image recognition technology plays a pivotal role in various sectors, particularly in vehicle performance monitoring with the use of high-resolution cameras and sensors. Computing devices and image recognition software, coupled with IT systems and neural networks, enable visual recognition systems to achieve high accuracy, efficiency, and versatility. This technology is extensively used in retail stores for inventory tracking and stock level management, preventing misplaced items and optimizing replenishment processes.
Get a glance at the market share of various regions Download the PDF Sample
The BFSI segment showed a gradual increase in the market share of USD 297.30 million in 2018. In the BFSI sector, AI image recognition is instrumental in personalizing customer communication, enhancing competitiveness, and automating monotonous tasks. Social networking websites, including Facebook, utilize this technology for face identification and removing fake accounts. Airports and security checkpoints employ AI image recognition for safety and security purposes, including facial recognition and contactless solutions. Advancements in AI image recognition include quantum machine learning, 3D object detection, and quantum computing, which enable big data analytics and image databases to facilitate event detection, image reconstruction, and video tracking. Mobility solutions and gesture recognition further expand the application scope of AI image recognition technology.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 63% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Computer vision, a subset of artificial intelligence (AI), is revolutionizing various industries by enabling machines to identify and interpret visual information. Language recognition software is another AI application, enabling machines to understand human speech and text. AI-enhanced cameras are integrating these technologies, enhancing capabilities in financial transaction analysis, self-driving car algorithms, and healthcare diagnostics. In healthcare, AI is transforming radiology through machine vision technologies, enabling accurate CT scans, X-rays, ultrasounds, MRI, and tumor detection. Deep learning models are powering early cancer and broken bone diagnosis. Industry 4.0, 5G, and Big Data are fueling the growth of AI in autonomous robots, self-driving cars, and accident-avoidance systems. Machine learning and deep learning models are powering cloud and edge computing technologies, enhancing autonomous driving solutions in the automotive sector. AI technicians analyze road conditions, obstacles, and hazards, enabling pedestrian detection and lane departure warnings, ensuring driver safety.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 -2022 for the following segments.
Image recognition Market: Analysis North America, Europe, APAC, Middle East and Africa, South America - US, China, Japan, India, Germany - Size and Forecast
Mobile Artificial Intelligence (AI) Market: Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, Germany, UK, France - Size and Forecast
Deep Learning Market: Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, UK, Canada, Germany - Size and Forecast
The market is rapidly expanding with the integration of 5G and advancements in AI technicians. In healthcare, AI enhances CT scans, X-rays, and ultrasounds, aiding in the detection of tumors, cancer, and broken bones. Robot-assisted surgery is becoming more prevalent, improving patient outcomes. In transportation, AI powers self-driving cars and accident-avoidance systems, utilizing edge computing for real-time decision-making based on road conditions and hazards. In retail, AI enhances inventory tracking and stock levels through visual recognition systems and misplaced item detection. Security and surveillance benefit from AI's face identification and object recognition capabilities, enhancing safety in airports and security checkpoints.
The market is advancing rapidly with applications in various sectors. In healthcare, AI is enhancing ultrasound and MRI technologies, improving diagnostic accuracy. Virtual nursing assistant AI applications are streamlining patient care. In transportation, AI enables pedestrian detection and lane departure warnings, enhancing driver safety. Retail stores benefit from AI's ability to track inventory trends, detect misplaced items, and optimize replenishment processes. AI also plays a crucial role in safety and security, aiding organizations like the Transportation Security Administration (TSA) with image databases and video tracking for threat detection. Additionally, AI is used in social media monitoring, digital marketing, and contactless solutions.
Market Scope |
|
Report Coverage |
Details |
Page number |
151 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 23.04% |
Market growth 2024-2028 |
USD 3.78 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
19.47 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 63% |
Key countries |
US, China, Germany, UK, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key 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, and Wikitude GmbH |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market 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. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.