Image Recognition Industry - Key Market Dynamics and Trends 2024-2033

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.

Market Overview -
Image recognition is a machine or software's ability to identify an image's contents. The contents can be objects, places, persons, and so on. The image recognition technology can be paired with built-in cameras to perform desired activities. These are used to perform machine-based visual tasks such as labeling the content of images with meta-tags, performing image search, remotely guiding robots or self-driving cars, and so on.

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Facial Recognition's Role In The Growing Demand For Image Recognition In Security Applications
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.

Competitive Landscape -
Major companies operating in the image recognition market report are Attrasoft Inc., Google LLC, Catchoom Technologies S. L., Hitachi Ltd., Honeywell International Inc, Amazon Web Services Inc., Blippar Group Limited, Clarifai Inc., CloudSight Inc., Deepomatic, Descartes Labs Inc., EyeEm Mobile GmbH., Imagga Technologies Ltd., iMerit Technology Services, Kneron Inc., LTU Technologies, Megvii Technology Limited, Locl Interactive Inc., Neurala Inc., Nviso SA, Osaro Inc., PTC Inc., Qualcomm Technologies Inc., SenseTime Group Limited, Slyce Inc., Snap Inc., Toshiba Corporation, ViSenze Pte Ltd., Wikitude GmbH, Zebra Medical Vision Ltd., Zivid AS

Augmented Reality's Impact On Image Recognition Market Advancements And Opportunities
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.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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