Market Size of AI Image Recognition Industry
![AI Image Recognition Market Summary](https://s3.mordorintelligence.com/ai-image-recognition-market/1722922751034-ai-image-recognition-market-Market-Summary.png)
Study Period | 2019 - 2029 |
Market Size (2024) | USD 2.55 Billion |
Market Size (2029) | USD 4.44 Billion |
CAGR (2024 - 2029) | 11.76 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
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Artificial Intelligence Image Recognition Market Analysis
The AI Image Recognition Market size is estimated at USD 2.55 billion in 2024, and is expected to reach USD 4.44 billion by 2029, growing at a CAGR of 11.76% during the forecast period (2024-2029).
Artificial intelligence (AI) is a technology field that uses technology to replicate the cognitive processes of human intellect. Since its inception, image recognition has long been recognized as one of artificial intelligence's most lucrative and beneficial applications. Image recognition, closely related to computer vision, is an interdisciplinary area of computer science that deals with a computer's capacity to recognize and comprehend the material within images.
- Artificial intelligence (AI) has been incorporated into many aspects of daily life, including language recognition software, AI-enhanced cameras for smartphones, financial transaction analysis in banks, and self-driving car algorithms. With the emergence of AI for numerous applications, from diagnosis to therapy recommendations, medical imaging is going through a fundamental transformation.
- The adoption of artificial intelligence (AI) technology is rising due to its ability to enhance and automate operations and enrich the user experience. The increasing adoption of AI in the healthcare sector, such as in diagnostic radiology, is expected to fuel the growth of the AI market over the forecast period. The defense sector is expected to drive innovations in AI with huge budgets allocated for technology development.
- Big data is being adopted widely in different industries. With robust internet penetration and new technologies, there is massive growth in the data generated globally. The technologies, such as the Internet of Things, Industry 4.0, and 5G, among others, encourage artificial intelligence. Massive growth in data generation due to technological advancements results in big data.
- AI simplifies big data analytics by automating and improving data preparation, data visualization, predictive modeling, and other complicated analytical operations that may otherwise be time-consuming and labor-intensive. AI speeds up analyzing massive, complex datasets and surfacing relevant user insights.
- As AI and deep learning applications expand globally, from tech giants to small and medium-sized businesses, the need for artificial intelligence technicians has increased significantly. However, there has been a shortage of expert AI technicians.
Artificial Intelligence Image Recognition Industry Segmentation
Image recognition is the software's ability to identify places, objects, 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 many machine-based visual tasks, such as labeling the content of images with meta tags, performing image content searches, guiding autonomous robots and self-driving cars, and in accident-avoidance systems.
The study tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates during the forecast period. The study also tracks the revenue from the various AI image recognition types used across end-user industries. The study provides global AI image recognition market trends and key vendor profiles. The study analyzes the impact of the COVID-19 pandemic on the ecosystem.
The AI image recognition market is segmented by type (hardware, software, and services), by end-user vertical (automotive, BFSI, healthcare, retail, and security), and by geography (North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa). The market sizes and forecasts are provided in terms of value in USD for all the above segments.
By Type | |
Hardware | |
Software | |
Services |
By End-user Verticals | |
Automotive | |
BFSI | |
Healthcare | |
Retail | |
Security | |
Other End-user Verticals |
By Geography*** | |
North America | |
Europe | |
Asia | |
Australia and New Zealand | |
Latin America | |
Middle East and Africa |
AI Image Recognition Market Size Summary
The AI image recognition market is poised for significant growth, driven by its integration into various sectors such as healthcare, manufacturing, retail, and e-commerce. This technology, a subset of artificial intelligence, enables computers to interpret and understand visual data, enhancing processes like diagnostic imaging and security. In healthcare, AI image recognition is transforming medical imaging by improving diagnostic accuracy and streamlining patient identification and monitoring. The technology's ability to analyze complex datasets quickly and efficiently is also propelling its adoption in industries where big data is prevalent, such as finance and telecommunications. The increasing demand for AI-driven solutions to automate and enhance operations is a key factor contributing to the market's expansion.
The Asian-Pacific region is experiencing a surge in AI image recognition adoption, fueled by advancements in technology and substantial investments in digital transformation initiatives. Countries like China and India are at the forefront, with government support and a growing e-commerce sector driving demand. The region's market growth is further supported by the rising use of AI in security and surveillance systems, particularly in China, where regulations mandate the use of face recognition technology. The competitive landscape is intense, with major players continuously innovating to maintain their market positions. This competition is expected to lead to price reductions and impact profitability, but it also fosters rapid technological advancements and product development.
AI Image Recognition Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Buyers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitute Products
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1.2.5 Intensity of Competitive Rivalry
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1.3 Industry Value Chain Analysis
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1.4 Assessment of the Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Hardware
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2.1.2 Software
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2.1.3 Services
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2.2 By End-user Verticals
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2.2.1 Automotive
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2.2.2 BFSI
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2.2.3 Healthcare
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2.2.4 Retail
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2.2.5 Security
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2.2.6 Other End-user Verticals
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2.3 By Geography***
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia
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2.3.4 Australia and New Zealand
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2.3.5 Latin America
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2.3.6 Middle East and Africa
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AI Image Recognition Market Size FAQs
How big is the AI Image Recognition Market?
The AI Image Recognition Market size is expected to reach USD 2.55 billion in 2024 and grow at a CAGR of 11.76% to reach USD 4.44 billion by 2029.
What is the current AI Image Recognition Market size?
In 2024, the AI Image Recognition Market size is expected to reach USD 2.55 billion.