AI Image Recognition Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The AI image recognition market was valued at USD 2,993.3 million in 2021, and it is expected to register a CAGR of 20.97% during the forecast period 2022-2027. Artificial intelligence (AI) is a technology field that uses technology to replicate the cognitive processes of human intellect. Since its inception, image recognition has long been recognized as one of artificial intelligence's most lucrative and beneficial applications. Image recognition, closely related to computer vision, is an interdisciplinary area of computer science that deals with a computer's capacity to recognize and comprehend the material within images.
Key HighlightsThe AI image recognition market is highly competitive owing to the presence of many small and large players providing services and solutions in the domestic and international markets. The market appears to be fragmented. The key players in this market are innovating their products regularly, leading them to gain a sustainable competitive advantage. Due to this, there is always high competition between players to innovate and introduce new products.
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