Image Recognition Market Report 2023 - Future Challenges, Growth Opportunities, Upcoming Trends, Industry Demand And Forecast To 2032
Image Recognition Market Size, Growth Rate, And Forecast
The global image recognition market size grew from $40.44 billion in 2022 to $47.52 billion in 2023 at a compound annual growth rate (CAGR) of 17.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The image recognition market size is expected to grow to $91.58 billion in 2027 at a CAGR of 17.8%.
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Image Recognition Market Drivers
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.
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Image Recognition Market Segments
• By Technique: QR/ Barcode Recognition, Object Recognition, Facial Recognition, Pattern Recognition, Optical Character Recognition
• By Deployment: Cloud, On-Premises
• By Component: Hardware, Software, Service
• By Application: Augmented Reality, Scanning And Imaging, Security And Surveillance, Marketing And Advertising, Image Search
• By Vertical: Retail And E-commerce, Media And Entertainment, BFSI, Automobile And Transportation, IT And Telecom, Government, Healthcare, Other Verticals
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Image Recognition market.
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Image Recognition Market Key Players
Major competitors in the Image Recognition market include Attrasoft Inc., Google LLC, Catchoom Technologies S.L., Hitachi Ltd., Honeywell International Inc.
The Business Research Company's "Global Image Recognition Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Image Recognition Market Include:
1. Executive Summary
2. Image Recognition Market Characteristics
3. Image Recognition Market Trends And Strategies
4. Image Recognition Market - Macro Economic Scenario
5. Image Recognition Market Size And Growth
26. Africa Image Recognition Market
27. Image Recognition Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Image Recognition Market
29. Image Recognition Market Future Outlook and Potential Analysis
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