Market Research Report
North American AI in Image Recognition Market 2019-2025
|Published by||Orion Market Research Pvt Ltd||Product code||923757|
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|North American AI in Image Recognition Market 2019-2025|
|Published: January 14, 2020||Content info:||
North American 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 North American AI in image recognition market is estimated to grow significantly at a CAGR of 28.9% during the forecast period. The North American market for AI in Image Recognition includes the analysis of two major countries; the US and Canada. The factors that are contributing significantly to the market growth include R&D and high expenditure by the government as well as private organizations in AI technology. The region has well-developed ICT infrastructure and has witnessed huge adoption of a large number of connected devices. The presence of major AI players in North America which include Microsoft, IBM, and Google further gives a boost to the growth of the market in the region. Moreover, high internet penetration is one of the major factors that is augmenting market growth in North America.
Canada is emerging as one of the key players in AI technology with the presence of some inventors of AI technology, and Waterloo is one of the major AI development hubs in Canada. There are more than 90 companies in Waterloo's AI cluster and the number is rapidly growing. Waterloo focuses on working with industry and with academic partners for developing and deploying AI in the clinical space, or for climate analysis, Image Recognition, automotive, aerospace, or other sectors.
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 prominent players that are significantly contributing to the AI in image recognition market that include Amazon Web Services Inc., Google Inc., IBM Corp., Microsoft Corp., Cortica, and others. These players adopt various strategies for gaining their position in a highly competitive market. For instance, in November 2018, IBM Corp. and IIT (Indian Institute of Technology) Delhi declared that the university will join the AI Horizons Network as part of a multi-year research collaboration on AI. The objective of this partnership is to discover new AI techniques that can support organizations to make informed decisions with their AI systems.
The market study of the North American 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, intended quality of the product preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions.