The North American AI in Image Recognition Market is estimated to grow significantly at a CAGR of 28.9% during the forecast period. The North American market for AI in Image Recognition includes the analysis of two major countries; the US and Canada. The factors that are contributing significantly to the market growth include R&D and high expenditure by the government as well as private organizations in AI technology.
The region has well-developed ICT infrastructure and has witnessed huge adoption of a large number of connected devices. The presence of major AI players in North America which include Microsoft, IBM, and Google further gives a boost to the growth of the market in the region. Moreover, high internet penetration is one of the major factors that is augmenting market growth in North America.
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Canada is emerging as one of the key players in AI technology with the presence of some inventors of AI technology, and Waterloo is one of the major AI development hubs in Canada. There are more than 90 companies in Waterloo’s AI cluster and the number is rapidly growing. Waterloo focuses on working with industry and with academic partners for developing and deploying AI in the clinical space, or for climate analysis, Image Recognition, automotive, aerospace, or other sectors.
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.
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North American AI in Image Recognition Market-Segmentation
By Product Type
North American AI in Image Recognition Market-Regional
· United States
· Aether, Inc.
· Amazon Web Services, Inc.
· Clarifai, Inc.
· Google, LLC
· IBM Corp.
· MICRON Technology, Inc.
· Microsoft Corp.
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