Key Market Trends

Banking Sector is Expected to Witness Significant Growth

• Images are real and extensive, and unlike other forms of data, they also cannot be forged easily. These characteristics make the images, repositories of big data, and hence, exploiting such valuable data can be a great source of information for banks and financial institutions.
• The BFSI industry has been a major benefactor of AI, with firms in the industry relying on the technology for a diverse range of applications, like staying competitive in a continuously evolving market, personalizing communication with customers, and improving the productivity drastically through automation of monotonous tasks (which are major tasks due to the conventional infrastructure in a number of old school financial institutions).
• Facebook can now identify and map 98% of its images correctly to the right person. Imaging technology is being used for identifying and removing fake social accounts. Such image-based fake identification has immense potential in enriching credit-scoring and risk-modeling of banks. Images could also be used by underwriters in risk assessment and fraud identification.
• With image processing and recognition becoming an important application of AI across various industries, it is thus expected to witness positive growth over the forecast period.

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Asia-Pacific Expected to Witness Rapid Growth

• Image recognition solutions have been gaining prominence incessantly in Asia-Pacific, particularly to cater to the growing need for security solutions due to the advent of the smart homes and smart city initiatives in the developing economies in the region.
• With the growing e-commerce segment in the retail industry in the recent past in the region, vendors in the market are investing majorly in the image recognition technologies to offer an enhanced digital experience to consumers. 
• Company preferences for different platforms vary greatly in this region, with AI vendors in China preferring Tensor Flow or Caffe, whereas companies in Singapore prefer Microsoft CNTK, and companies in Japan prefer Chainer Software, to support AI technologies. The ease of availability of such platforms has created huge potential opportunities for vendors to leverage these advanced technologies to develop tools for critical business needs. 
• Artificial intelligence offers the region massive opportunities for growth, innovation, and productivity, with the potential to address key issues in the social environment within the fast-developing economies.

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