North America Artificial Intelligence (AI) Image Recognition Market 2020-2026 by Offering, Function, Industry Vertical, and Country: Trend Forecast and Growth Opportunity

North America Artificial Intelligence (AI) Image Recognition Market 2020-2026 by Offering, Function, Industry Vertical, and Country: Trend Forecast and Growth Opportunity

Bonafide Trust 28-06-2022 96 Pages Figures : 23 Tables : 38
Region : North America Category : Manufacturing & Industry Construction & Building Materials

North America dominates the image recognition market due to the increasing development of cloud-based streaming services. Furthermore, the rise in the integration of artificial intelligence and mobile computing platforms in the field of digital shopping and e-commerce will further boost the growth of the image recognition market in the region during the forecast period. North America AI image recognition market is expected to grow by 25.7% annually in the forecast period and reach $3,169.6 million by 2026 driven by the rising adoption of AI-enabled image recognition technology amid the COVID-19 pandemic. Image recognition denotes the technologies that identify logos, places, objects, people, buildings, and various other variables in images. Customers are sharing enormous amounts of data through social networks, apps, and websites. Also, mobile phones equipped with cameras are leading to the creation of unlimited videos and digital images. The large volume of digital data is being utilized by companies to deliver smarter and better services to the people accessing it. Major factors that are expected to boost the growth of the image recognition market in the forecast period are the increase in the need for security applications and products enabled with image recognition functions. Furthermore, the rise in the utilization of high bandwidth data services is further anticipated to propel the growth of the image recognition market. Moreover, the technology developments to improve the need for image recognition amongst the CPG and retail companies are further estimated to cushion the growth of the image recognition market. On the other hand, the high installation price of the image recognition solutions is further projected to impede the growth of the image recognition market in the timeline period. Furthermore, 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. Moreover, the increase in the applications of face remembrance in security and surveillance systems is further anticipated to propel the growth of the image recognition market in the region in the coming years. Despite widespread usage of image recognition technology, there is no one-size-fits-all solution that will work in every situation, thus, installation of such a system should be carefully prepared for each instance separately. There is usually an investigation step when installing such cameras to determine exactly which solutions the customer needs. Rising demand for image recognition in the automotive industry is expected to drive market revenue growth. Autonomous vehicles have made significant progress, despite the fact that they are not yet widely available. These automobiles can navigate without a driver owing to use of image recognition. Multiple video cameras use LIDAR and radar sensors to detect traffic signals, read road signs, and track other cars, as well as keeping an eye out for pedestrians and other obstructions. 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.

COVID-19 impact 
COVID-19 has had a major impact on the market during the first wave, with countries across the Region of North America like every other region across the globe, implementing total lockdown and restricting movement of people and goods. Several countries across the region used image recognition surveillance devices in healthcare and public safety, among other applications, during COVID-19. Facial recognition has been used in important surveillance and authentication situations to combat COVID-19. As a result, image recognition technologies have become increasingly popular, and this trend is expected to continue during the forecast period. On the other hand the high investment cost of the system and complex installation procedures have acted as obstacles during the pandemic. 

Highlighted with 23 tables and 38 figures, this 96-page report “North America Artificial Intelligence (AI) Image Recognition Market 2020-2026 by Offering, Function, Industry Vertical, and Country: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire North America AI image recognition market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. 

In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure 
• Growth Drivers 
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces

The trend and outlook of North America market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most likely) projection is used to quantify North America AI image recognition market in every aspect of the classification from perspectives of Offering, Function, Industry Vertical, and Country. 

By Offering
     • Hardware
     • Software
     • Service

By Function

     • Biometrics Recognition
          • Facial Recognition
          • Hand and Fingerprint Scan
          • Eyes Recognition
          • Other Biometrics
     • Object Identification
By Industry Vertical
     • Automotive 
     • BFSI
     • Healthcare
     • Security
     • Retail
     • Other Industry Verticals

By Geography
     • U.S.
     • Canada
     • Mexico

For each aforementioned region and country, detailed analysis and data for annual revenue are available for 2016-2027. The breakdown of key national markets by Offering, Function, and Industry Vertical over the forecast years are also included.

The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.Specifically, potential risks associated with investing in North America AI image recognition market are assayed quantitatively and qualitatively through GMD’s Risk Assessment System. According to the risk analysis and evaluation, Critical Success Factors (CSFs) are generated as a guidance to help investors & stockholders identify emerging opportunities, manage and minimize the risks, develop appropriate business models, and make wise strategies and decisions.

Key Players (this may not be a complete list and extra companies can be added upon request): 
Aether, Inc., Amazon Web Services, Inc., Clarifai, Inc., Cortica, Google LLC, IBM Corporation, Intel Corporation, LPixel, Inc., Micron Technology, Inc., Microsoft Corporation, Nvidia Corporation, Pixelab, Qualcomm Corp., Softech, Ltd., Vee Technologies, Inc., Webtunix, Xilinx Inc.
(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.) 

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