Pune, India, July 18, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global image recognition market size was valued at USD 38.02 billion in 2022 and is projected to grow from USD 43.60 billion in 2023 to USD 134.41 billion by 2030, exhibiting a CAGR of 17.4% during the forecast period. The expansion is being driven by the growing deployment of Machine Learning (ML) and Artificial Intelligence (AI) technologies in precise, computerized, cost-effective, and accessible medical diagnostics. Fortune Business Insights presents this information in their report titled "Global Image Recognition Market Forecast, 2023-2030."
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Key Industry Development:
February 2023 – Quest Global entered into a partnership with Nvidia Omniverse Platform for delivering 3D visualization, design collaboration, next-gen image recognition solutions, simulation, and others. The deal was focused on optimizing operational efficiency for the automotive and manufacturing sectors.
Key Takeaways
- Image recognition market size in North America was USD 13.91 billion in 2022
- Rising Product Deployment to Propel the Demand for Software Solutions
- Quest Global Struck Partnership with Nvidia Omniverse Platform to Deliver 3D Visualization and Other Services
- Code Recognition Segment to Dominate due to the Adoption of AI in the Retail Sector
Discover the Leading Players Featured in the Report:
“Companies leading the global image recognition market are Amazon Web Services (AWS) Inc. (U.S.), V7Labs (U.K.), NEC Corporation (Japan), NVIDIA Corporation (U.S.), Slyce Acquisition Inc. (U.S.), Clarifai, Inc. (U.S.), Google LLC (U.S.), Blippar Ltd. (U.K.), Toshiba Corporation (Japan), Huawei Cloud (China)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 17.4% |
| 2030 Value Projection | USD 134.41 Billion |
| Base Year | 2022 |
| Image Recognition Market Size in 2022 | USD 38.02 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 130 |
| Segments covered | Component, Technology, Application, Deployment, End-user and Geography |
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Drivers and Restraints:
Market Value to Surge Owing to Increasing Popularity of AI-driven Technologies
One of the key factors propelling the image recognition market growth is the soaring development of machine learning and artificial intelligence. Some of the top revenue-generating applications include static image detection, recognition, tagging, and classification.
However, the industry growth could be affected by the growing acceptance of computer vision and AI technologies.
Segmentation
By Component
- Hardware
- Software
- Services
By Technology
- Code Recognition
- Facial Recognition
- Object Recognition
- Pattern Recognition
- Optical Character Recognition
By Application
- Scanning and Imaging
- Security and Surveillance
- Image Search
- Augmented Reality
- Marketing and Advertising
By Deployment
- On-Premise
- Cloud
By End-user
- BFSI
- Media and Entertainment
- Retail and E-commerce
- IT and Telecom
- Government
- Healthcare
- Transportation and Logistics
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Emerge as Prominent Region Owing to Presence of Key Players
The North America image recognition market share is anticipated to depict notable growth over the forecast period. The rise is propelled by the presence of major industry players and the growing adoption of software-driven business process automation.
The Europe market is slated to record substantial expansion over the estimated period. The growth is impelled by the increasing development of 3D vision autonomous vehicles in the region.
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Competitive Landscape:
Leading Companies Enter into Collaborations to Strengthen Industry Foothold
Key industry participants are undertaking research activities for the development of new products. These include collaborations, partnership deals, and others for increasing their geographical footprints. Additional initiatives include merger agreements, the formation of alliances, and others.
FAQs
How big is the image recognition market?
The image recognition market size was USD 38.02 billion in 2022. It is expected to reach USD 134.41 billion by 2030.
How fast is the image recognition market growing?
The image recognition market will exhibit a CAGR of 17.4% during the forecast period, 2023-2030.
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