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The AI image recognition market's growth momentum will accelerate at a CAGR of 22.37% and the market value will be USD 3.56 billion in 2026.
This AI image recognition market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The AI image recognition market report also offers information on several market vendors, including 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. among others.
This report extensively covers AI image recognition market segmentation by the following:
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The advances in the medical imaging field is notably driving the AI image recognition market growth, although factors such as growing concerns regarding data privacy and security may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact 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.
Key AI Image Recognition Market Driver
One of the key factors 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.
Key AI Image Recognition Market 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.
Key AI Image Recognition Market Challenge
The growing concerns regarding data privacy and security will be a major challenge for the AI image recognition 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. 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 global image recognition market.
This AI image recognition market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global AI image recognition market as a part of the global application software market within the global IT software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the AI image recognition market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the AI image recognition market encompasses successful business strategies deployed by the key vendors. The AI image recognition market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The AI image recognition market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the AI image recognition market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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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. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the COVID-19 pandemic adversely impacted the economies of several countries in the region. The US was among the most affected countries by the pandemic in the region. Several countries in the region imposed nationwide lockdowns to combat the spread of the disease. However, the AI image recognition market underwent development owing to the disadvantages of other biometric methods, such as facial or voice recognition, during the pandemic.
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The AI image recognition market share growth by the BFSI segment will be significant during the forecast period. 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.
This report provides an accurate prediction of the contribution of all the segments to the growth of the AI image recognition market size and actionable market insights on post COVID-19 impact on each segment.
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 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 60% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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, 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 recovery analysis and future consumer dynamics, Market condition analysis for the 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. |
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