Europe Artificial Intelligence (AI) Image Recognition Market 2016-2027 by Offering, Function, Industry Vertical, and Country: Trend Forecast and Growth Opportunity

We are only at the beginning of a rapid period of transformation of our economy and society due to the convergence of many digital technologies. Artificial Intelligence (AI) is central to this change and offers major opportunities to improve our lives. The recent developments in AI are the result of increased processing power, improvements in algorithms and the exponential growth in the volume and variety of digital data. Many applications of AI have started entering into our every-day lives, from machine translations, to image recognition, and music generation, and are increasingly deployed in industry, government, and commerce. Connected and autonomous vehicles, and AI-supported medical diagnostics are areas of application that will soon be commonplace. The US leads for now but China is catching up fast and aims to lead by 2030. For the EU, it is not so much a question of winning or losing a race but of finding the way of embracing the opportunities offered by AI in a way that is human-centred, ethical, secure, and true to our core values. Europe AI image recognition market reached $370.9 million in 2019 and will grow by 29.2% annually over 2020-2026 owing to the rising adoption of AI technology amid the COVID-19 pandemic in the region. The adoption of artificial intelligence technology for image recognition is continuously rising. The latest smartphones that are commonly used are in-built with an AI-based camera for facial recognition of the user. The integration of artificial intelligence is providing with standard features and moreover, governments are also looking towards to enhance the AI capabilities in sectors such as healthcare, transport and so on. The integration of big data analytics is providing advanced image analysis and recognition technology. The deployment of machine learning is also emphasizing the pattern recognition technology for classifying the data based on knowledge. Additionally, the rising use of social media is also enhancing the use of big data analytics and machine learning in image recognition technology. In order to sustain themselves in the competition against the Asian and American tech giants, around twenty-five countries signed a deal in order to implement a European approach towards the domain of artificial intelligence. One of the major factors influencing the rising demands for facial recognition is the increasing security concerns with regard to various industries. The government regulations, in terms of the increasing use and implementation of technology in security matters and genera operations, are estimated to drive the image recognition market growth. The key factor driving growth in the AI image recognition market is the advances in the medical imaging field. As the demand for medical imaging systems grows, there will be a simultaneous increase in the demand for medical image analysis software, as image analysis is an important aspect of medical imaging and helps in diagnostics. Medical imaging is a vital part of the diagnostic process. In the last decade, the capabilities of medical imaging have increased noticeably. With advanced research and technological evolution, medical imaging has witnessed numerous advances in technology The growing popularity of cloud-based image analysis solutions is a key AI image recognition market trend that is expected to have a positive impact in the coming years. In the last few years, advanced software for the analysis and processing of medical images has gained popularity among physicians and healthcare practitioners. The software provides valuable clinical information and improves disease diagnosis and treatment. However, the installation of these imaging tools often requires major capital investments in both hardware and applications. This eventually increases operational expenses and medical costs. The AI image recognition market share growth by the BFSI segment will be significant for revenue generation. The BFSI sector is a major contributor to AI image recognition, with firms in the industry relying on the technology for a diverse range of applications, such as personalizing communication with customers, staying competitive in a continuously evolving market, and improving productivity drastically through automation of monotonous tasks. 

The strategic initiatives by various companies in the market are influencing the market growth and profiting from the companies. Catchoom is a developer of visual recognition solutions, and the company’s technology domain consists of Augmented Reality, Artificial Intelligence, and Image recognition. The company collaborates with retailers and global agencies such as Havas Media, Privalia, Shazam, etc. It was established in 2011, and has its headquarters in Spain.

COVID-19 Impact 
The pandemic affected many different market and industry verticals around the globe including  the AI image recognition market in the region of Europe. The market was affected mostly positively as the region realised the importance and significance of AI image solutions in the near future. The medical sector along with the banking sector seemed to highly adopt this technology in order to reduce touch points and help with non-invasive practices in the surgical field. On the other hand the high cost of installation and operations along with requirement of skilled personals proved to be an obstacle as during the pandemic both liquid assets and human resources were inconsistent. 

Highlighted with 33 tables and 42 figures, this 103-page report “Europe 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 Europe 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 Europe 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 Europe 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
     • Germany
     • UK
     • France
     • Spain
     • Italy
     • Russia
     • Rest of Europe (further segmented into Belgium, Denmark, Austria, Norway, Sweden, The Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)

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 Europe 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., CellmatiQ GmbH, Cortexica Vision Systems, Ltd., FiveAI Ltd., Google LLC, IBM Corporation, Intel Corporation, LPixel, Inc., Micron Technology, Inc., Microsoft Corporation, MotionsCloud UG, Nvidia Corporation, Pattern Recognition Company GmbH, PEAT GmbH, Pixelab, Qualcomm Corp.

(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.)