Germany AI In Image Recognition Market is estimated to grow significantly at a CAGR of over 28% during the forecast period. Germany is the fourth-largest economy globally and largest in Europe. The country is expected to be the largest player in AI in image recognition in the region. The dominance of Germany in the market is high usage of technology in the automotive, BFSI and security.
Germany is a major automotive manufacturing hub globally and the sector contributes 15-20% of the total economy of the country. The major automotive manufacturer which are headquartered in Germany includes BMW, MAN, Daimler AG, and Volkswagen. Along with OEM, the country has a well-renowned supplier base that supplies its products across the globe. The growing automotive industry may also contribute to the demand for AI in image recognition technology owing to the increasing demand for connected cars and ADAS.
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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.
A number of startups are working on image recognition technology in the country. Chatshopper is a startup in the country which is working to make search conversational in the fashion industry. The company has introduced the bot Emma which can send the product suggestions based on the shopping requests. Another startup is MotionsCloud which provides a claims solution for P&C insurers in order to streamline and automate claims processes. By the use of software, the claim cycle has been reduced to hours from days and the claim expenses can be reduced up to 75%. For this, the company is integrating mobile, AI image recognition, and video-enabled technologies into the system.
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Germany Ai In Image Recognition Market-Segmentation
By Product Type
· CellmatiQ GmbH
· Fujitsu Ltd.
· Google, LLC
· IBM Corp.
· Microsoft Corp.
· MotionsCloud UG
· Pattern Recognition Company GmbH
· PEAT GmbH
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