The Image Recognition by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Image Recognition , The image recognition market size has grown rapidly in recent years. It will grow from $46.53 billion in 2023 to $54.54 billion in 2024 at a compound annual growth rate (CAGR) of 17.2%. The growth in the historic period can be attributed to rise in advances in deep learning and neural networks, growth in computer vision technologies, increase in image data availability, adoption of image recognition in healthcare, expansion of e-commerce and visual search.
The image recognition market size is expected to see rapid growth in the next few years. It will grow to $105.59 billion in 2028 at a compound annual growth rate (CAGR) of 18.0%. The growth in the forecast period can be attributed to integration of image recognition in autonomous vehicles, increased adoption in augmented reality (ar) applications, growth in security and surveillance systems, expansion of image recognition in retail and fashion, emphasis on edge computing for real-time image recognition. Major trends in the forecast period include object detection and recognition in images, integration of image recognition with natural language processing, use of image recognition in social media and content moderation, development of explainable ai in image recognition, adoption of image recognition in agriculture for crop monitoring.
The increasing demand for security applications and products enabled with image recognition functions is driving the image recognition market forward. Security applications of image recognition include facial recognition services. Facial recognition is the use of image recognition technology to identify people in images. Facial recognition has increased due to the rise in terrorist acts, cyberattacks, and identity theft worldwide. For instance, in August 2023, according to Techreport, web site which used to be dedicated to covering personal computing technology and culture. Facial recognition technology within airports is widespread across 20% of countries for check-in securities or border control. Therefore, the rising use of smartphones is predicted to fuel demand for image recognition market.
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The image recognition market covered in this report is segmented –
1) By Technique: QR/ Barcode Recognition, Object Recognition, Facial Recognition, Pattern Recognition, Optical Character Recognition
2) By Deployment: Cloud, On-Premises
3) By Component: Hardware, Software, Service
4) By Application: Augmented Reality, Scanning And Imaging, Security And Surveillance, Marketing And Advertising, Image Search
5) By Vertical: Retail And E-commerce, Media And Entertainment, BFSI, Automobile And Transportation, IT And Telecom, Government, Healthcare, Other Verticals
Top Major Players
Attrasoft Inc.
Google LLC
Catchoom Technologies S. L.
Hitachi Ltd.
Honeywell International Inc
Technological advancements are a key trend gaining popularity in the image recognition market. Major companies in the image recognition market are introducing new technologies such as augmented reality to sustain the market. The fusion of digital data with the user’s surroundings in real time is known as augmented reality (AR). AR users encounter a real-world environment with created perceptual information superimposed on top of it using visual, audio, or other sensory data onto the physical world. For instance, in November 2021, Qualcomm, a US-based semiconductor company, introduced Snapdragon Spaces XR Developer Platform, an augmented reality (AR) developer kit designed to enable the expansion of existing apps and the creation of new ones that take advantage of AR devices. As a result of Snapdragon Spaces platform, developers will have the tools to create headworn AR experiences that are able to sense and intelligently interact with the user and adapt to their physical indoor environments. Few of the marquee environmental understanding features includes spatial mapping and meshing, occlusion, plane detection, object and image recognition and tracking, and other features.
The image recognition market report table of contents includes:
1. Executive Summary
2. Image Recognition Market Characteristics
3. Image Recognition Market Trends And Strategies
4. Image Recognition Market – Macro Economic Scenario
5. Global Image Recognition Market Size and Growth
……………………
31. Global Image Recognition Market Competitive Benchmarking
32. Global Image Recognition Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Image Recognition Market
34. Image Recognition Market Future Outlook and Potential Analysis
35. Appendix
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