Market Research Report
US AI in Image Recognition Market 2019-2025
|Published by||Orion Market Research Pvt Ltd||Product code||923759|
Delivery time: 2-3 business days
|US AI in Image Recognition Market 2019-2025|
|Published: January 14, 2020||Content info:||
US 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 US AI in image recognition market is estimated to grow significantly at a CAGR of more than 28% during the forecast period. The factors that are contributing significantly to the market growth investments in R&D, high expenditure on IT and ICT industry by government and private investors, and the presence of key players. The favorable government initiatives in product development and innovation along with the collaboration between the private and government sector to develop AI technology in the region further spurs the regional growth of the market.
The US houses major AI-based image recognition companies, which results in its increased adoption across the region. As a result, several players present in the market are making their move towards the regional market for developing an assemblage of AI capabilities. The rapid advancement in advanced technologies such as AI and their increasing adoption in the various end-user industry has encouraged many players to make their way into the image recognition market. Further, there is increasing adoption of facial recognition technology across the US. It has been increasingly adopted for security applications in commercial and public places such as airports.
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 April 2019, Google partnered with Atos and introduced an opening of a new AI laboratory in Paris. This facility aids customers, private and public organizations to recognize the use of AI, co-create and prototype workable AI solutions that are expected to drive adoption of AI in image recognition technology.
The market study of the US 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. In the report, the analysis of the country is provided by analyzing various 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, 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 making better business decisions.