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Image Recognition - G7

G7
  • The market size in the Image Recognition market is projected to reach US$6.29bn in 2024.
  • The market size is expected to show an annual growth rate (CAGR 2024-2030) of 8.71%, resulting in a market volume of US$10.38bn by 2030.
  • In global comparison, the largest market size will be United States (US$3.66bn in 2024).

Definition:
Image recognition, as part of computer vision, refers to the technology that enables machines to analyze and understand visual data such as images and/or video frames. It involves the use of algorithms and deep learning models to identify objects, scenes, patterns, and other visual elements within images. By extracting features and patterns from the input data, image recognition systems can classify and categorize images based on the content within these images. The applications for this technology are diverse and broad and include the areas of object detection, image classification, medical imaging, autonomous vehicles, and augmented reality and make it possible for machines to comprehend and interpret visual information much like humans do.

Additional Information:

The market comprises two key performance indicators: market sizes and market sizes by industry. Market sizes are generated by the funding amount of Computer Vision companies. Key players of the market include companies such as Nvidia, Intel, and IBM.

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In-Scope

  • Technologies that use artificial intelligence and machine learning algorithms to analyze and interpret digital images, such as object detection, pattern recognition, and facial recognition
  • Products and services that use image recognition technology, such as security cameras, self-driving cars, and medical imaging equipment.

Out-Of-Scope

  • Technologies that do not rely on digital images, such as text-based information or audio signals
  • Products and services that do not use image recognition technology, such as physical goods or traditional customer service support.
Artificial Intelligence

Artificial Intelligence

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Artificial Intelligence: in-depth market analysis

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    Market Size

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Artificial Intelligence market in G7 nan has seen steady growth in the Image Recognition and Computer Vision sectors. Factors such as increasing demand for AI-driven solutions and rising investments in research and development have contributed to this growth. However, the market's subdued growth rate is impacted by challenges such as data privacy concerns and lack of skilled professionals.

    Customer preferences:     As the use of image recognition technology continues to expand, there has been a notable increase in demand for AI-powered personalization in various industries. From retail to marketing, consumers are now expecting highly tailored and personalized experiences, with AI-powered image recognition playing a crucial role in delivering this level of customization. This trend is being driven by the growing importance of individuality and personalization in consumer preferences, as well as the desire for more efficient and effective decision-making processes.

    Trends in the market:     In G7 countries, the Image Recognition Market within the Computer Vision Market is seeing a surge in demand for facial recognition technology, specifically in the retail and security sectors. This trend is driven by the need for contactless interactions and enhanced security measures. Additionally, there is a growing focus on using image recognition for personalized advertising and targeted marketing. This trend is expected to continue as businesses look for innovative ways to engage with customers and improve efficiency. Industry stakeholders can expect increased investment in image recognition technology and potential ethical implications regarding privacy and data collection.

    Local special circumstances:     In Japan, the Image Recognition Market is heavily influenced by the country's strong focus on robotics and automation. The government's initiatives to promote the use of AI and machine learning in various industries, coupled with the high demand for innovative solutions, have led to significant growth in the market. Additionally, the country's aging population has created a need for advanced image recognition technologies in healthcare, driving further market expansion. In South Korea, the market is driven by the country's dominance in the global smartphone market and the high adoption of AI-powered virtual assistants, leading to a growing demand for image recognition capabilities in mobile devices.

    Underlying macroeconomic factors:     The growth of the Image Recognition Market within the Computer Vision Market of the Artificial Intelligence Market is heavily influenced by macroeconomic factors. Technological advancements, government regulations, and investment in research and development are key drivers of market growth. Countries with strong regulatory support and significant investments in AI technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the growing demand for image recognition solutions in various industries, such as healthcare, retail, and automotive, is driving market growth.

    Global Comparison

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Methodology

    Data coverage: The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the funding values from different industries for the market.

    Modeling approach / Market size:Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use annual financial reports, funding data, and third-party data. In addition, we use relevant key market indicators and data from country-specific associations such as GDP, number of internet users, number of secure internet servers, and internet penetration. This data helps us estimate the market size for each country individually.

    Forecasts:In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are the level of digitalization, the number of secure internet servers, and the revenue of the Public Cloud market.

    Additional Notes: The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russian-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the market is updated on an ad-hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is weighted for representativeness.

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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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    Artificial intelligence (AI) worldwide - statistics & facts

    Artificial intelligence evokes images of supercomputer assistants, machines that can think creatively, and, to some, scenes from their favorite sci-fi movie. The reality, despite not being as futuristic, is not far off from this. AI refers to the ability of a computer or machine to mimic the competencies of the human mind, which often learns from previous experiences to understand and respond to language, decisions, and problems. The market for AI technologies is vast, amounting to around 200 billion U.S. dollars in 2023 and is expected to grow well beyond that to over 1.8 trillion U.S. dollars by 2030.
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    Artificial intelligence (AI) in the U.S. - statistics & facts

    Artificial intelligence (AI), the technology that allows digital computers or computer-controlled robots to perform tasks more commonly associated with intelligent beings, has been leaping into the limelight following the release of a wide variety of Generative AI models in 2023. The United States, being the largest economy in the world, has a natural advantage. Although human-like androids such as those portrayed in the science fiction movie Blade Runner are still far from reality, applications of AI such as smartphone virtual assistants and industrial robots are already widespread in U.S. society. The industry’s powerful ability to improve efficiency and increase productivity has made it of strategic importance to U.S. industries and government, both of which push the U.S. lead in the AI race.
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