Press release
Exponential Growth in Digital Image Processing Market: 23.3% CAGR, Reaching $19.27 Billion by 2028 with Advancements in Imaging Tech
Digital Image Processing Market Report
Digital Image Processing Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $19.27 Bn In 2028 At A CAGR Of 23.3% :
The digital image processing market size has grown exponentially in recent years. It will grow from $6.79 billion in 2023 to $8.34 billion in 2024 at a compound annual growth rate (CAGR) of 22.8%. The growth in the historic period can be attributed to expansion into emerging markets, advancements in ai and ml in digital image processing, increasing demand for high-quality visual data, expansion of augmented reality (AR) and virtual reality (VR), expanding e-commerce and retail applications.
The digital image processing market size is expected to see exponential growth in the next few years. It will grow to $19.27 billion in 2028 at a compound annual growth rate (CAGR) of 23.3%. The growth in the forecast period can be attributed to increasing demand for automated and real-time image processing, increasing rate of mobile usage, real-time processing with edge computing, increasing use of digital cameras and smartphones, and demand for high-resolution imaging. Major trends in the forecast period include advancements in ai and machine learning, advancements in 3d imaging, advanced image enhancement techniques, advancements in semantic segmentation, advancements in biometric identification systems.
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Digital Image Processing Market Major Segments
The digital image processing market covered in this report is segmented -
1) By Component: Software, Services
2) By Application: Visual Product Search, Object Recognition, Vision Analytics, Other Applications
3) By End-Use Industry: Healthcare, Automobile And Transportation, Banking, Financial Services, And Insurance (BFSI), Retail And E-Commerce, Other End-Use Industries
Key Driver - Increasing Demand For High-Quality Visual Data Driving The Digital Image Processing Market
The increasing demand for high-quality visual data is expected to propel the growth of the digital image processing market going forward. Visual data is the graphical representation of information and data using various visual elements such as charts, graphs, maps, and other visual tools. The increase in demand for high-quality visual data is due to visual content's growing importance, immersive technologies' emergence, and enhanced data analysis and insights. Digital image processing techniques collectively aim to improve digital images' clarity, detail, and usefulness by reducing noise, correcting distortions, and extracting relevant features or patterns. By employing algorithms and computational methods, digital image processing enables the analysis, interpretation, and extraction of valuable insights from visual data, facilitating applications across diverse industries such as healthcare, automotive, entertainment, and surveillance. For instance, in May 2023, according to a report published by Datanami, a US-based big data news portal, the customer base of Tableau, a data visualization software grew from 121,000 in 2021 to over 126,000 by 2022. Therefore, increasing demand for high-quality visual data is driving the growth of the digital image processing market.
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Prominent Trend - Development Of Advanced Techniques In The Image Processing Market
Major companies operating in the digital image processing market are developing innovative techniques such as holographic digital image processing software, to advance image processing capabilities. holographic digital image processing software works on the channel attention mechanism processing method in machine learning that selectively enhances or suppresses different channels of features based on their importance for a given task. For instance, in March 2023, WiMi Hologram Cloud Inc., a China-based augmented reality solution provider, developed a holographic digital image processing software based on visual saliency and channel attention mechanisms. The software enhances image processing for intelligent holographic systems and finds applications in various fields such as face recognition, AR/VR, healthcare, smart cities, industrial inspection, agriculture, robotics, and security. The software optimizes image processing efficiency and accuracy by leveraging attention mechanisms, including channel attention and visual saliency.
Digital Image Processing Market Players
Major companies operating in the digital image processing market are Nvidia Corporation, Canon Inc, Samsung Electronics Co Ltd, Panasonic Corporation, Cognex Corporation, Teledyne Technologies Inc, International Business Machines Corporation (IBM), Microsoft Corporation, Vegavid Technology Private Limited, Visionaryai, Nikon Corporation, Seiko Epson Corporation, Adobe Inc, Intel Corporation, Sony Corporation, Google LLC, Apple Inc, Fujitsu Limited, Olympus Corporation, Hewlett Packard Enterprise Company, Toshiba Corporation, Oracle Corporation, SAP SE, Autodesk Inc, Corel Corporation, CyberLink Corp, DXO Labs, Phase One A/S, Ricoh Company Ltd, Red Digital Cinema
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Largest And Fastest Growing Region In The Market
Europe was the largest region in the digital image processing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital image processing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Digital Image Processing Market Report Structure
3. Digital Image Processing Market Trends And Strategies
4. Digital Image Processing Market - Macro Economic Scenario
5. Digital Image Processing Market Size And Growth
…..
27. Digital Image Processing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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