Market Research Report
European AI in Image Recognition Market 2019-2025
|Published by||Orion Market Research Pvt Ltd||Product code||922238|
Delivery time: 2-3 business days
|European AI in Image Recognition Market 2019-2025|
|Published: January 14, 2020||Content info:||
European AI in Image Recognition Market Size, Share & Trends Analysis Report by Product Type (Hardware and Software), by End-User (Automotive, BFSI, Healthcare, Security, and Retail), and Forecast 2019-2025
The European AI in image recognition market is estimated to grow at a CAGR of over 27% during the forecast period. Europe has a huge potential for the growth of AI owing to an advanced economy and significant investment. The EU launched its research and innovation program as Horizon 2020 in 2014. It has nearly $105 billion in funding available for 7 years (2014-2020). It will consist of around $800 million funding for robotics and around $2.5 billion investment is expected from the industry. Significant funding for AI is also provided in Horizon 2020. Around $140 million is for Human Brain Project, $285 million for big data & data analytics, $25 million for IoT pilot on autonomous vehicle and AI-on-Demand Platform individually.
A major restraint to the market is the future implementation of strict government regulations over the usage of facial recognition data in order to maintain the privacy of the citizens. By the implementation of the law, the citizen will get information about when and how their data were used. Belgium, UK, Sweden are among the countries which can take this kind of action in the near future.
The market is segmented on the basis of product type and end-user. Based on the product type, the market is bifurcated into hardware and software. The market for software is growing owing to the increasing demand for highly accurate facial analysis on video and images. Based on end-user, the market is segmented into automotive, BFSI, healthcare, security, and retail. Growing adoption of image recognition software for security as well as customer identification is the most common factor contributing to the growth of the BFSI segment.
There are various global players that are significantly contributing to the AI in image recognition market that include Cortexica Vision Systems Ltd., Fujistu Ltd., Google Inc., IBM Corp., Microsoft Corp., Cortica, and others. Various companies in the region are engaged in AI for image recognition in the country. One of the prominent companies is Cortexica Vision Systems, the company offers an AI-based platform that provides video analytics and camera processing solutions for the retail sectors. In February 2019, Cortexica introduced that it had launched an app that allows users to demo AI-powered visual search and image recognition technology. The company's visual commerce app offers users to interact with a wide range of retail solutions to get an idea of how the app is working.
The market study of the European AI in image recognition market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
The report is intended for IT companies, automobile companies, BFSI companies, private companies, healthcare companies, research institutes, hospitals, and government organizations for overall market analysis, and competitive analysis. The report provides an in-depth analysis of pricing, market size, and future market opportunities. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions.