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
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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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The Global Image Recognition Market report gives a comprehensive overview of the Image Recognition market scenario to present accurate forecasts of the upcoming years with special focus on the competitive landscape, market segmentation, current and emerging trends, and strategic recommendations to help readers gain a robust footing in the market.
The report also focuses on the comprehensive analysis of the competitive landscape along with descriptive company profiles, market share, product portfolio, financial standings, market reach, global position, and strategic business expansion plans.The report is furnished with the latest market scenario pertaining to the COVID-19 pandemic and its after-effects on the Image Recognition industry and the key segments.
The pandemic has disrupted the workflow of the industry and created financial difficulties.
The report assesses the complete impact of the pandemic on the market and offers key insights into the market scenario along with trends and demands disruptions.
The report also offers an outlook on the market scenario in the forecast timeline.Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/2182Some of the players profiled in the report are Google Inc., Hitachi Ltd., Attrasoft Inc., Honeywell International Inc., NEC Corporation, Qualcomm Inc., Catchoom Technologies Inc., Slyce Inc., LTU Technologies, and Intel Corporation, among others.The Global Image Recognition Market is segmented as follows:Type Outlook (Revenue, USD Million; 2016-2026)Object RecognitionPattern RecognitionFacial RecognitionBarcode/QR Code RecognitionOptical Character RecognitionOthersComponent Outlook (Revenue, USD Million; 2016-2026)SoftwareServicesHardwareDeployment Mode Outlook (Revenue, USD Million; 2016-2026)On-Premises DeploymentCloud-Based DeploymentApplication Outlook (Revenue, USD Million; 2016-2026)Augmented RealitySecurity & SurveillanceScanning & ImagingImage SearchMarketing & AdvertisingIndustry Vertical Outlook (Revenue, USD Million; 2016-2026)AutomotiveBFSIRetailIT & TelecomMedia & EntertainmentHealthcareGovernmentTransportation & LogisticOthersRequest a discount on the report @ https://www.reportsanddata.com/discount-enquiry-form/2182Market Segmentation by Regions:North America (U.S., Canada)Europe (U.K., Italy, Germany, France, Rest of EU)Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)Latin America (Chile, Brazil, Argentina, Rest of Latin America)Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)Key Questions Answered by the Report:Which market segment or sub-segment is expected to grow at the highest CAGR during the forecast timeline?What is the forecast valuation of the Image Recognition market?Who are the leading players in the industry?
What are the weaknesses and strengths of these players?What are the strategic business steps and initiatives taken by the key competitors in the industry?What region is expected to dominate the market in the forecast period?To know more about the report, visit @ https://www.reportsanddata.com/report-detail/image-recognition-marketThank you for reading the report.
Global Image Recognition Market ScenarioImage recognition is a technology used in identifying and differentiating between objects and animals in an image.
It manages this task through the number of pixels, colors, color depth, and fetching stored images in databases to compare and analyze them separately.
The global Image Recognition Industry report by Market Research Future (MRFR) takes a look at machine learning development, upgrades by software developers, and other trends and niches for estimating market value and growth pattern for the period of 2017 to 2023 (forecast period).
The outbreak of the COVID-19 virus and its impact on the industry are analyzed thoroughly.Market ScopeThe global image recognition market is projected to expand at a rapid pace owing to technological leaps in machine learning, artificial intelligence, and autonomous vehicles.
For instance, the Transportation Security Administration (TSA) had conducted a short-term test for checking travel document photos against the image of the passenger in 2019 at checkpoints.Get Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/1315Rise in cloud computing, purchase of smartphones, and integration of face recognition technology are likely to spur the market demand significantly.
Moreover, the images of COVID-19 patients are used to diagnose the disease at an initial stage and take necessary precautions for containing the virus.SegmentationThe global image recognition market is segmented by solution, deployment, component, and application.By solution, it is segmented into pattern recognition, optical object recognition, facial recognition, barcode/quick response code recognition, object recognition, and sensors.By deployment, it is divided into on premises and on demand.By component, it is divided into hardware and software.
