The European AI in image recognition market is estimated to grow at a CAGR of over 27% during the forecast period. Europe has a huge potential for the growth of AI owing to an advanced economy and significant investment. The EU launched its research and innovation program as Horizon 2020 in 2014. It has nearly $105 billion in funding available for 7 years (2014-2020). It will consist of around $800 million funding for robotics and around $2.5 billion investment is expected from the industry. Significant funding for AI is also provided in Horizon 2020. Around $140 million is for Human Brain Project, $285 million for big data & data analytics, $25 million for IoT pilot on autonomous vehicle and AI-on-Demand Platform individually.
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A major restraint to the market is the future implementation of strict government regulations over the usage of facial recognition data in order to maintain the privacy of the citizens. By the implementation of the law, the citizen will get information about when and how their data were used. Belgium, UK, Sweden are among the countries which can take this kind of action in the near future.
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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European AI in Image Recognition Market Segmentation
By Product Type
- Hardware
- Software
By End-User
- Automotive
- Banking, financial services and insurance (BFSI)
- Healthcare
- Security
- Retail
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
