Artificial Intelligence (AI) has become the heart of technology world over the past decade, and investments are flooding AI-based application segments since. Image recognition has been one of the most attractive areas of application that continues to be fuelled by the spiralling significance of security worldwide. A new ongoing research by Fairfield Market Research digs deeper into the global image recognition AI camera market to uncover the facts and provide market growth forecast. With the rise of break-through innovations like self-driving cars, and autonomous robots, image recognition AI camera is likely to gain prominence for performing critically important tasks.

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There has been a lot of interest growing around AI-enabled accident-avoidance systems in line with the surge in demand for futuristic vehicle safety features, and applications. This also will significantly encourage adoption of image recognition AI camera in future, says the report. With several governments emphasising enhanced AI capabilities to elevate prospects of multiple verticals from healthcare and automotive, to transportation, the scope for growth of image recognition AI camera market is likely to grow stronger. The report points to an influx of revenue generation opportunities residing in applications like security and surveillance, vehicular safety, pedestrian recognition, and biometric scanning.

Ecommerce Expansion Acts as a Growth Stimulator

Ecommerce companies are likely to unlock multiple windows of opportunity as the technology holds massive potential to facilitate management of customer interfaces and store inventories, product placement and marketing, and shelf recognition. The technology of image recognition is also gaining traction in functions like online searching and shopping of products. The COVID-19 pandemic that has proven to be a tremendous booster to ecommerce industry has also elevated the growth outlook of image recognition AI camera technology.

High Capital Investment Impedes Market Growth

Expensive installation costs associated with image recognition systems will remain a longstanding challenge facing rapid market expansion. Moreover, dearth of technical expertise is likely to restrict availability, and adoption across a majority of emerging economies. Some of the recognised, and sought-after vendor solutions available on the market include Microsoft Emotion API, Microsoft Computer Vision API, Google Cloud Vision API, Amazon Rekognition, and IBM Watson Visual Recognition. However, high installation price point of these solutions continues to make them inviable for small-sized enterprises, which limits adoption.

Considerably high costs involved in training AI enablers further restrict deployment in retail, and ecommerce. Besides AI, development of other involved technologies like machine learning (ML), deep learning, face and gesture recognition, and computer vision demand massive investments. Several businesses thus, though willing to adopt such next-gen technology-enabled security solutions, remain challenged due to budget constraints.

North America Remains Dominant

While AI has penetrated deeper as a next-gen technology across industries in developed western countries, it continues to work to the advantage of image recognition AI camera market players as well. Greater adoption of mobile application security solutions, especially in North America, is expected to favour the growth of image recognition AI camera market in the region. across all industries which will likely to enhance the growth of the market. On the other side, developing regional markets are likely to benefit from growing demand for critical security applications, and consecutively soaring sales of AI-enabled security solutions, and image recognition featured security products.

Leading Participants in Image Recognition AI Camera Landscape

Google LLC., Honeywell International Inc., Apple Inc., Qualcomm Technologies, Inc., Hitachi, Ltd., NEC Corporation, Fujitsu Ltd., Slyce, Samsung Electronics, LG Electronics, Huawei Technology, Xiaomi Inc., Nikon Corporation, and HuddleCamHD are some of the top players accounting for notable revenue generation in global image recognition AI camera market. Key companies are likely to prefer strategic acquisitions for expansion in target markets.

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