Pune, Sept. 26, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research a leading Information Technology & Telecommunication research firm has published a market intelligence report on the Image Recognition Market, which is a combination of primary and secondary data. As per the report, the total market opportunity by 2029 is expected to be USD 117.56 Bn. The total market was valued at USD 38.02 Bn in 2022 and it is expected to grow at a CAGR of 17.5 percent during the forecast period.
| Market Size in 2022 | USD 38.02 Bn. |
| Market Size in 2029 | USD 117.56 Bn. |
| CAGR | 17.5% (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 278 |
| No. of Tables | 122 |
| No. of Charts and Figures | 119 |
| Segment Covered | Technology, Application and Industry Vertical |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Image Recognition Market Report Scope and Research Methodology
The report provides an analysis of the global Image Recognition industry, which helps to understand the market dynamics, regional insights and competitive landscape to the investors in detail. The Image Recognition Market dynamics include analysis of growth drivers, present and upcoming challenges, major restraints and growth opportunities. Region-wise analysis of market dynamics is provided in the report, which includes cultural, political, economic, environmental and geographical factors influencing the market. It also includes an in-depth analysis of Image Recognition market share and size has been provided in the report. The detailed analysis of segments with the list of Image Recognition key players present in each region helps to understand the market structure. The bottom-up approach was used to estimate the Image Recognition Market size while the primary and secondary research methods were used to collect and verify the data for the report.
Image Recognition Market Overview
Image recognition is the process of identifying and categorizing objects or patterns within digital images or videos. It is also known as computer vision or image classification. The market has grown rapidly due to the increase in advancements in intelligence (AI) and deep learning technologies. It encompasses a wide range of applications, which includes facial recognition, object detection, autonomous vehicles, medical imaging analysis and others.
Image Recognition Market Dynamics
The top companies in healthcare, automotive, e-commerce, retail and advertising are increasingly integrating with image recognition-based applications. The investment in image recognition technology has been increasing due to the growing potential of computer vision. The demand for image recognition technology is majorly increasing because of rising preference among individuals for advanced machine learning and high bandwidth data services. The high demand for cloud-powered image recognition solutions to aid representatives in smooth retail execution is creating opportunities for the growth of the market. Key companies such as Google and Microsoft are investing highly in the enhancement of their market offerings to optimize in-store and online retail execution.
The image recognition market growth is expected to be hampered by the high costs required for making image recognition systems. The huge costs is required for the development of technologies such as deep learning, face recognition, AI, ML, computer vision and gesture recognition.
Image Recognition Market Regional Insights
The North American Image Recognition Market held the largest share of the global market in 2022. This is attributed to the rapid growth of cloud-based streaming services in the United States. The region is a major IT hub in terms of technology adoption and IT infrastructure. The US and Canada are the key contributors to the regional market growth because of the increasing merging of artificial intelligence with image recognition and augmented reality.
The Asia Pacific Image Recognition Market is expected to grow rapidly during the forecast period due to technological advancements, increasing use of mobile and tablets and the rising popularity of online streaming in developing countries such as India. The high adoption of mobility and cloud solutions is also contributing to the regional market growth. In China, the increasing applications of face remembrance in security and surveillance systems are expected to drive the regional market growth.
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Image Recognition Market Segmentation
By Technology
- Traditional Image Recognition
- Deep Learning-Based Image Recognition
Based on Technology, the Deep Learning-Based Image Recognition segment dominated the global market in 2022 and is expected to retain its dominance during the forecast period. The traditional image recognition methods are expected to find in use in specific niche applications where simplicity and computational efficiency are highly prioritized over accuracy.
By Application
- Object recognition
- Facial recognition
- Scene recognition
- Optical character recognition (OCR)
- Gesture recognition
- Code Recognition
Based on Application, the Code Recognition segment held the largest Image Recognition Market share in 2022 and is expected to grow rapidly during the forecast period. This is attributed to the high adoption across all industries for data entry and inventory control applications. The Facial recognition segment is expected to grow rapidly during the forecast period due to the increasing developments in artificial intelligence and machine vision that are jointly raising the adoption of technology in various applications.
By Industry Vertical
- Retail and E-commerce
- Healthcare
- Security and Surveillance
- Entertainment and Media
- Manufacturing and Industrial
Based on Industry Vertical, the Entertainment and Media segment is expected to grow rapidly during the forecast period. This is attributed to the increasing development of the sector with the rising adoption of cutting-edge technologies.
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Image Recognition Key Competitors include:
North America:
- Google (United States)
- Amazon (United States)
- Microsoft (United States)
- Facebook (United States)
- IBM (United States)
- NVIDIA (United States)
- Intel (United States)
- Honeywell (United States)
- Cognex (United States)
- Qualcomm (United States)
Asia-Pacific:
- SenseTime (China)
- Hikvision (China)
- NEC (Japan)
- Zebra Medical Vision (Israel)
- ViSenze (Singapore)
- Blippar (Singapore)
- Catchoom (Spain)
- Slyce (Canada)
Europe:
- LTU Technologies (France)
- Movidius (Ireland, acquired by Intel)
- VSCO (Visual Supply Company, United Kingdom)
- Trax (United Kingdom)
- Vuforia (PTC, United Kingdom)
- ImageVision (Sweden)
- Verkada (United Kingdom)
Others:
- Clarifai
- Deep 6 AI
- Snap
- ImageWare Systems
Key questions answered in the Image Recognition Market are:
- What is the expected CAGR of the Image Recognition Market during the forecast period?
- What was the Image Recognition Market size in 2022?
- What is the expected Image Recognition Market size in 2029?
- What are the global trends in the Image Recognition Market?
- What are the upcoming industry applications and trends for the Image Recognition Market?
- What recent industry trends can be implemented to generate additional revenue streams for Image Recognition Market?
- What growth strategies are the players considering to increase their presence in Image Recognition Market?
- What major challenges could the Image Recognition Market face in the future?
- Who held the largest market share in the Image Recognition Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by different segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by Technology, Application and Industry Vertical
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Information Technology & Telecommunication research firm, has also published the following reports:
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Image Signal Processor Market - The market size is expected to reach USD 6.40 billion by 2029 at a CAGR of 6.88 percent during the forecast period. Asia Pacific market held the largest share of the global market in 2022 and is expected to continue growing at a high CAGR during the forecast period.
CMOS image sensor Market - The market size is expected to reach USD 35.25 billion by 2029 at a CAGR of 8.5 percent during the forecast period. The market is expected to be driven by the increasing demand for smartphones and increased security and surveillance.
InGaAs Image Sensors Market - The market size is expected to reach USD 39.62 billion by 2029 at a CAGR of 9.71 percent during the forecast period. The market is expected to be driven by the increasing demand for the smartphones and development of high-resolution cameras.
Image Processing Systems Market - The market size is expected to reach USD 92.98 billion by 2029 at a CAGR of 15.1 percent during the forecast period. The North American market is expected to be dominate the global market due to the rise in penetration of the new and advanced technologies in the image processing system.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
