Original article was published by on artificial intelligence
“AI (Artificial Intelligence) Image Recognition Market” research report would be to present the accurate and tactical analysis of the market assets, growing factors, supply, industry size, regional segmentation, dynamics as well as prices variant for its forecast year 2024. The report study provides key statistics on the market status of the AI (Artificial Intelligence) Image Recognition manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
Scope of the Report:
Image recognition, in the context of machine vision, is the ability of software to identify objects, places, people, writing and actions in images. Computers can use machine vision technologies in combination with a camera and artificial intelligence software to achieve image recognition. Image recognition is used to perform a large number of machine-based visual tasks, such as labeling the content of images with meta tags, performing image content search, guiding autonomous robots and self-driving cars, and in accident avoidance systems.
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Top Players Are:
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Key Market Trends:
Banking Sector Expected to Witness Prominent Growth
Images are real and omnipresent, and unlike other forms of data, they cannot be forged easily. These traits make images repositories of big data, and hence, exploiting such data can be a great source of information for financial institutions.
The banking industry has been a major benefactor of AI, with firms in the BFSI industry relying on the technology for a diverse range of applications, like personalizing communication with customers, staying competitive in a continuously evolving market, and improving the productivity drastically through the automation of redundant tasks (which is a major task due to the conventional infrastructure in a number of old school financial institutions).
Banks have tons of unstructured data on interactions with customers, customer photographs, and old documents, to name a few. The data, if deciphered well, can provide valuable inputs for the future of the financial institutions.
Facebook can now identify and map 98% of its images correctly to the right person. Imaging technology is being used for identifying and removing fake social accounts. Such image-based fake identification has immense potential in enriching credit-scoring and risk-modeling of banks. Images could also be used by underwriters in risk assessment and fraud identification.
Asia-Pacific Expected to Witness Rapid Growth
Image recognition solutions have been gaining prominence incessantly in Asia-Pacific, particularly to cater to the growing need for security solutions due to the advent of the smart homes and smart city initiatives in the developing economies in the region.
Due to the growth of the e-commerce segment of the retail industry in the recent past, vendors in the Asia-Pacific market are investing majorly in image recognition technologies to offer an enhanced digital experience to consumers.
Government initiatives and investments have been supportive of the market growth, which has further been complemented by the presence of major players, such as IBM, Microsoft, and Google, among others, in Asia-Pacific. Singapore’s National Research Foundation has invested about USD 107.64 million in the AI. SG initiative, to uplift the artificial intelligence technology.
Artificial intelligence offers the region massive opportunities for growth, innovation, and productivity, with the potential to address key issues in the social environment within the fast developing economies.
Most of the companies present in the market are efficient at the technological front but require significant support for enhancing their services and expanding their businesses. Thus, mergers and acquisitions offer significant opportunities to gain the attention of a large number of providers across developed regions.
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Detailed TOC of AI (Artificial Intelligence) Image Recognition Market Report 2020-2024:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Growing AI Adoption
4.3.2 Increasing Use of Big Data Analytics
4.3.3 Declining Costs of Hardware
4.4 Market Restraints
4.4.1 Lack of Technical Expertize
4.5 Value Chain Analysis
4.6 Industry Attractiveness Porter’s Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.2 By End User
5.2.6 Other End Users
5.3.1 North America
5.3.4 Latin America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 IBM Corporation
6.1.2 Alphabet Inc.
6.1.3 Amazon Inc.
6.1.4 Intel Corp.
6.1.5 MICRON TECHNOLOGY INC.
6.1.6 Clarifai Inc.
6.1.7 Microsoft Corporation
6.1.8 Nvidia Corporation
6.1.9 Qualcomm Corp.
6.1.10 Samsung Electronics
6.1.11 Xilinx Inc.
7 MARKET INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
Name: Ajay More
Organization: Industry Research
Phone: +44 20 3239 8187 / +14242530807
Email: [email protected]
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