AI Image Recognition Market-Growth, Trends, and Forecast (2019-2024)


Market Overview The AI image recognition market was valued at USD 1.41 billion in 2018 and is projected to reach a market value of USD 5.32 billion by 2024 at a CAGR of 24.7% over the forecast period (2019 - 2024). Image recognition technologies comprise voice, iris, palm, hand vein pattern, fingerprints, retina, hand geometry, facial pattern recognition, object identification etc. Image recognition based on these indications can be applied across various fields, such as vehicular safety, advertising, security and surveillance, biometric scanning machines, pedestrian recognition, and E-commerce. The adoption of artificial intelligence (AI) technology is rising, owing to its ability to enhance and automate operations and enrich the user experience. Governments are also focusing on increasing their AI capabilities to revolutionize various sectors, from healthcare to transport. EU has committed to invest EUR 1.5 billion in AI to catch up with the United States and Asia.