US AI in Image Recognition Market: Global Market Size, Industry Growth, Future P

Posted by mansi on January 30th, 2020

The US AI in image recognition market is estimated to grow significantly at a CAGR of more than 28% during the forecast period. The factors that are contributing significantly to the market growth investments in R&D, high expenditure on IT and ICT industry by government and private investors, and the presence of key players. The favorable government initiatives in product development and innovation along with the collaboration between the private and government sector to develop AI technology in the region further spurs the regional growth of the market.

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The US houses major AI-based image recognition companies, which results in its increased adoption across the region. As a result, several players present in the market are making their move towards the regional market for developing an assemblage of AI capabilities. The rapid advancement in advanced technologies such as AI and their increasing adoption in the various end-user industry has encouraged many players to make their way into the image recognition market. Further, there is increasing adoption of facial recognition technology across the US. It has been increasingly adopted for security applications in commercial and public places such as airports. 

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The market is segmented on the basis of product type and end-user. Based on the product type, the market is bifurcated into hardware and software. The market for software is growing owing to the increasing demand for highly accurate facial analysis on video and images. Based on end-user, the market is segmented into automotive, BFSI, healthcare, security, and retail. Growing adoption of image recognition software for security as well as customer identification is the most common factor contributing to the growth of the BFSI segment.

US AI in Image Recognition Market Segmentation

By Product Type

  • Hardware
  • Software

By End-User

  • Automotive
  • Banking, financial services and insurance (BFSI)
  • Healthcare
  • Security
  • Retail

Company Profiles

  • Aether, Inc.
  • Amazon Web Services, Inc.
  • Clarifai, Inc.
  • Google, LLC
  • IBM Corp.
  • MICRON Technology, Inc.
  • Microsoft Corp.
  • NVIDIA Corp.
  • Vee Technologies, Inc.
  • Xilinx, Inc.

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Joined: January 22nd, 2020
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