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The latest report by IMARC, titled “ ImageRecognitionMarket:GlobalIndustryTrends,Share,Size,Growth,OpportunityandForecast20 23-2028
” " the global image recognition market reached a value of US$ 35.2 Billion in 2022.
Image recognition refers to the technology that is generally used to identify objects and entities variables in the form of an image. It is a computer-operated vision technology that gathers, process, and analyze data from the real world. Additionally, it involves the utilization of supervised learning, deep learning algorithms and neural network techniques to identify the subject of the picture.
It works by assigning a single and high-level label to an image by interpreting and analyzing the image's pixel patterns. As a result, it is extensively used to performing several machine-based visual tasks, such as image content search, labeling the content of images with meta-tags and guiding autonomous robots.
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The global market is primarily driven by the increasing demand from the automotive sector. This is supported by the widespread integration of accident-avoidance systems in vehicles and the introduction of self-driving cars. Along with this, numerous leading players are heavily investing in the deployment of advanced image recognition systems for face identification on social media networks, which is creating a positive market outlook. In addition to this, the extensive utilization of these solutions by law enforcement agencies and airport authorities for facial recognition is providing an impetus to the market.
Furthermore, continual technological advancements in image recognition solutions, including the integration of artificial intelligence (AI) and cloud computing, are impacting the market favorably. Other factors, including rapid digitization and urbanization, the growing incidences of geopolitical conflicts and terrorism activities, continuous improvements in the information technology (IT) sector and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 89.3 Billion by 2028, exhibiting a CAGR of 16.7% during 2023-2028.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
MarketSummary: BreakupbyComponent:
• Hardware
• Software
• Services
BreakupbyTechnology:
• Object Detection
• QR/Barcode Recognition
• Facial Recognition
• Pattern Recognition
• Optical Character Recognition
• Others
BreakupbyApplication:
• Scanning and Imaging
• Security and Surveillance
• Image Searching
• Augmented Reality
• Marketing and Advertising
• Others
BreakupbyDeploymentType:
• On-premises
• Cloud-based
BreakupbyEndUseIndustry:
• BFSI
• Media and Entertainment
• IT and Telecom
• Government
• Healthcare
• Transportation and Logistics
• Others
BreakupbyRegion:
• North America
• United States
• Canada
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
CompetitiveLandscapewithKeyPlayers:
• Amazon Web Services Inc. (Amazon.com Inc.)
• Attrasoft Inc.
• Google LLC (Alphabet Inc.)
• Hitachi Ltd.
• Honeywell International Inc.
• International Business Machines Corporation
• Microsoft Corporation
• NEC Corporation
• Qualcomm Technologies Inc. (Qualcomm Incorporated)
• Slyce Inc.
• Wikitude GmbH
ViewFullReportwithTOC&ListofFigure:https://www.imarcgroup.com/image-recognition-market
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