Global Image Recognition Market Insights and Outlook to 2029: QR/Barcode Recognition to Dominate in 2024

Dublin, April 18, 2024 (GLOBE NEWSWIRE) -- The "Global Image Recognition Market by Offering (Hardware, Software, Services), Technology (QR/barcode, Digital Image Processing, Facial Recognition), Application Area,Organization Size, Vertical and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.

The image recognition market is expected to grow from USD 46.7 billion in 2024 to USD 98.6 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 16.1% during the forecast period. Continuous advancements in artificial intelligence (AI), deep learning, and computer vision technologies have significantly improved image recognition software's accuracy and capabilities, driving the market growth during the forecast period.



As per application area, the scanning & imaging segment is expected to grow at a higher CAGR during the forecast period.

Image recognition technology seamlessly integrates with existing workflow systems and document management platforms. Integrating with scanning devices, document repositories, and business applications enables end-to-end automation of document processing workflows, improving overall efficiency and productivity. Image recognition automates data extraction from scanned documents, such as invoices, forms, or receipts. It can identify and extract key data fields, such as names, dates, amounts, and reference numbers, with high accuracy. This streamlines data entry processes, reduces manual errors, and improves data quality. Image recognition technology can classify documents based on their visual content, such as layout, structure, or keywords; this allows workflow systems to automatically route documents to the correct workflows, departments, or users, speeding up processing times and improving organizational efficiency.

As per organization size, large enterprises will hold a larger market share in 2024.

Image recognition automates manual tasks such as data entry, document sorting, and quality control. Analyzing images and identifying relevant information reduces the need for human intervention, saving time and labor costs. Mage recognition analyzes visual data to identify inefficiencies or bottlenecks in operational processes. Monitoring workflows and analyzing process steps' images helps organizations identify optimization opportunities and improve overall efficiency. In industries such as manufacturing and utilities, image recognition monitors equipment performance and detects potential issues. Analyzing images from sensors or cameras identifies abnormalities or signs of wear and tear, enabling proactive maintenance and minimizing downtime.

As per region, Europe will witness the second-largest market share during the forecast period.

Europe has advanced technological infrastructure, including high-speed internet connectivity, robust computing resources, and a skilled workforce in artificial intelligence (AI) and computer vision. These technological capabilities enable the development and deployment of sophisticated image recognition solutions across various industries. European countries have made significant strides in advancing image recognition capabilities.

For instance, in the retail sector, companies like Zalando and ASOS utilize image recognition algorithms to offer personalized shopping experiences, enabling customers to search for products using images rather than keywords; this has enhanced user engagement and increased conversion rates and sales for these retailers. European hospitals and research institutions in healthcare also leverage image recognition technology for medical imaging analysis and diagnostics. For instance, the UK's National Health Service (NHS) has implemented image recognition systems to assist radiologists in interpreting medical images, leading to faster and more accurate diagnoses. In addition, government initiatives such as the European Commission's Digital Single Market Strategy and funding programs like Horizon Europe further support research and development in image recognition technology, driving innovation and competitiveness in the European market.

The report provides insights on the following:

• Analysis of critical drivers (increasing demand for image recognition in the automotive industry, rising demand for security applications and products enabled with image recognition functions, increasing use of high bandwidth data services, and technological advancements to boost the demand for image recognition among CPG and retail components), restraints (high installation cost of Image recognition services and data privacy concerns and regulatory challenges), opportunities (integration of AI capabilities with image recognition solutions, increase in demand for big data analytics, and increase in demand in the healthcare industry), and challenges (training models to generalize well to natural world settings and limited dataset quality) influencing the growth of the image recognition market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the image recognition market.
• Market Development: Comprehensive information about lucrative markets - the report analyses the image recognition market across varied regions.
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the image recognition market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players Google, Qualcomm, AWS, Microsoft, Toshiba, NVIDIA, Oracle, NEC, Huawei, Hitachi, among others in the image recognition market.

Key Attributes:

Key Topics Covered:

Executive Summary

• Image Recognition Market Size and Growth, 2019-2023 (USD Million, Y-O-Y %)
• Image Recognition Market Size and Growth, 2024-2029 (USD Million, Y-O-Y %)
• Image Recognition Market to Witness Significant Growth
• North America to Account for Largest Market Share During Forecast Period
• Fastest-Growing Segments of Image Recognition Market

Premium Insights

• Overview of Image Recognition Market - Identification of Complex Patterns and Features Within Images for Enhanced Decision-Making Present Opportunities
• Image Recognition Market, by Offering, 2024 vs. 2029 - Software Segment to Account for Largest Market Share During Forecast Period
• Image Recognition Market, by Technology, 2024 vs. 2029 - QR/Barcode Recognition to Dominate in 2024
• Image Recognition Market, by Application, 2024 vs. 2029 - Security & Surveillance Segment to Command Largest Market Share in 2024
• Image Recognition Market, by Organization Size, 2024 vs. 2029 - Large Enterprises Segment to Hold Major Market Share During Forecast Period
• Image Recognition Market, by Vertical, 2024 vs. 2029 - BFSI Segment to Hold Dominant Position in 2024
• Image Recognition Market: Regional Scenario, 2024-2029 - Asia-Pacific to Emerge as Most Lucrative Market for Investment in Next Five Years

Key Market Dynamics

Drivers

• Increasing Need for Image Recognition in Automotive Industry
• Rising Demand for Security Applications
• Increasing Use of High-Bandwidth Data Services
• Technological Advancements Among CPG and Retail Companies

Restraints

• High Development Cost of Image Recognition
• Data Privacy and Regulatory Concerns

Opportunities

• Integration of AI Capabilities with Image Recognition Solutions
• Increase in Demand for Big Data Analytics

Challenges

• Training Models to Adapt to Real-World Settings
• Limited Dataset Quality

Case Study Analysis

• Case Study 1: Microsoft's Vision Recognition Solution Reduces Injuries for Athletes in US
• Case Study 2: AWD Enables AU Bank to Use Video Banking Services 7 Days a Week
• Case Study 3: Google's Cloud Vision Automates Image Classification and Labeling for Box

Key Technologies

• Convolutional Neural Networks (CNN)
• Generative Adversarial Networks (GANS)
• Automl

Complementary Technologies

• Sensors
• RPA
• Cloud Computing

Adjacent Technologies

• AI & ML
• Internet of Things
• NLP
• Computer Vision

Company Profiles

• Google
• Qualcomm
• AWS
• Microsoft
• Toshiba
• Nvidia
• Oracle
• NEC Corporation
• Huawei
• Hitachi
• Trax
• Stmicroelectronics
• On Semiconductor Corporation
• Snap2Insight
• Attrasoft
• Sterison
• Unicsoft
• Paralleldots
• Vue.AI
• Catchoom
• Wikitude
• Ximilar
• Imagga Technologies
• Blippar
• Clarifai
• LTU Technologies
• Deepsignals

For more information about this report visit https://www.researchandmarkets.com/r/4cmwb6

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• Global Image Recognition Market