What the Future of Image Recognition Market Looks Like (2022-2028)?

 

Image recognition is the ability of a system or software to identify objects, people, places, and actions in images. It recognizes images through a camera system using artificial intelligence, image processing techniques, and trained algorithms. Image recognition use cases can be found in various fields such as healthcare, marketing, transportation, and e-commerce.

The Image Recognition Market stood at around USD 31 billion in 2020 and is expected to grow at a steady rate of around 17% owing to the growing need for efficient and profitable retail execution processes while adhering to compliance standards. Furthermore, factors such as the increasing usage of AI and ML technologies, rising concerns in security and surveillance, and growing investments in AI and machine learning are also fueling the growth of the image recognition market. For instance, according to the AI Index 2021 Annual Report, global investment in AI, including private investments, IPOs, M&A, and minority investments, grew 40% in 2020 to a total of USD 67.9 Bn.

𝐓𝐨 𝐆𝐞𝐭 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐟𝐮𝐥 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡, 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐏𝐃𝐅 𝐂𝐨𝐩𝐲 - https://univdatos.com/get-a-free-sample-form-php/?product_id=26187

According to UnivDatos Market Insights (UMI)’ research report “Global Image Recognition Market”, the market is expected to witness robust growth during the forecast period (2022-2028).

Based on technology, the market is classified into digital image processing, facial recognition, and pattern recognition. Among these, facial recognition technology is expected to grow at a high CAGR during the forecast period owing to its increasing applications such as biometrics, Information security, access control, law enforcement, smart cards, and surveillance system. Facial recognition is also used to identify people in videos, photos, or in real-time and is widely used in various sectors such as law enforcement, retail and e-commerce, BSFI, automotive, healthcare and medical sector, media, and entertainment.

Based on application, the market is segmented into scanning and imaging, security and surveillance, image search, augmented reality, marketing & advertising, and others. Marketing & advertising emerged as one of the most promising segments. This is primarily due to the rapidly growing demand from large and small businesses that enhance their marketing efforts with advanced advertising, customer interactions, branding, and others.

North America held a prominent share of market in 2020

North America accounted for a prominent share of the global image recognition market majorly due to the rising number of electronics gadgets and smartphone users integrated with image recognition applications in the region. Further, the increasing integration of artificial intelligence and mobile computing platforms in the field of digital shopping and e-commerce is also contributing to the growth of the image recognition market. In addition, the rising use of image recognition technologies by US Government organizations is another factor driving the market revenue growth in the region.

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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the image recognition market are Alphabet Inc., QUALCOMM Inc., Microsoft Corporation, IBM Corporation, Amazon.com Inc., Sony Group Corporation, Honeywell International Inc, Toshiba Corporation, Adobe Inc., and Scandit AG.

“Global Image Recognition Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.        

Market Segmentation:

1.     By Technology (Digital Image Processing, Facial Recognition, and Pattern Recognition)

2.     By Component (Hardware, Software, and Services)

3.     By Deployment (On-Premises and Cloud)

4.     By Application (Scanning and Imaging, Security and Surveillance, Image Search, Augmented Reality, Marketing & Advertising, and Others)

5.     By Region (North America, Europe, Asia-Pacific, Rest of the World)

6.     By Company (NortonLifeLock Inc., McAfee Corp., Palo Alto Networks Inc., IBM Corporation, Cisco Systems Inc., Check Point Software Technologies Ltd., BAE Systems plc, Rapid7 Inc., Dell Technologies Inc., and Verizon Communications Inc.)

Key questions answered in the study:

1.     What are the current and future trends of the global image recognition industry?

2.     How the industry has been evolving in terms of technology, component, deployment, and application?

3.     How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.     What are the key growth drivers and challenges for the global image recognition industry?

5.     What is the customer orientation, purchase behavior, and expectations from the global image recognition suppliers across various region and countries?