Press release
Image Processing Systems Market Size, Market Competitive Landscape, Business Growth, Share, And Forecast To 2033
Image Processing Systems Market Share
According to The Business Research Company's, The image processing systems market size has grown exponentially in recent years. It will grow from $12.31 billion in 2023 to $15.33 billion in 2024 at a compound annual growth rate (CAGR) of 24.5%. The growth in the historic period can be attributed to the demand for high-quality image processing solutions, advancements in AI and ML in digital image processing, increasing demand for automation, expansion of the automotive industry, expansion of augmented reality (AR) and virtual reality (VR) technologies.
The image processing systems market size is expected to see exponential growth in the next few years. It will grow to $37.11 billion in 2028 at a compound annual growth rate (CAGR) of 24.7%. The growth in the forecast period can be attributed to the demand for advanced image recognition and analytics technologies, increasing rate of mobile usage, rising adoption of machine learning and artificial intelligence, increasing need for quality control, and increasing adoption of cloud-based image processing services. Major trends in the forecast period include technological advancements, integration of natural language processing (NLP),AI integrations, advancements in camera technologies, and hyperspectral imaging.
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Market Drivers and Trends:
The rising demand for facial recognition technology is expected to propel the growth of the image processing systems market going forward. Facial recognition technology is a sophisticated system that matches a human face from a digital image or video frame against a database. The demand for facial recognition technology is rising due to its use in identifying and measuring facial features to create a unique biometric pattern associated with an individual's face. Image processing systems are used for facial recognition technology to analyze and manipulate images to extract facial features, enabling the identification and verification of individuals based on unique facial characteristics. For instance, in November 2023, according to a U.S. Government Accountability Office (GAO), a US-based independent, nonpartisan government agency, seven law enforcement agencies within the Departments of Homeland Security and Justice utilize facial recognition services to swiftly search through vast databases of facial images for suspect identification in crime scene photos. Initially, none of the agencies mandated facial recognition training for their staff, but as of April 2023, two agencies have implemented such a requirement. Therefore, rising demand for facial recognition technology is driving the growth of the image processing systems market.
Major companies operating in the image processing systems market are developing channel attention mechanism-based software, such as holographic digital image processing software, to advance image processing capabilities. Holographic digital image processing software offers algorithms that convert 3D data into holographic representations, ensuring accurate rendering of complex shapes and textures for applications. 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.
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Major Key Players of the Market:
Delta Air Lines Inc, CARL ZEISS Industrielle Messtechnik GmbH, Tech Mahindra Limited, Alibaba Cloud, Planar Systems Inc, Barco NV, Datalogic Automation Srl, Basler AG, VisionTech Imaging Systems Inc, SCANLAB GmbH, VisualEdge Technologies LLC, IBG Automation GmbH, ClearVision Technologies LLC, GOPEL Electronic GmbH, SharpSight Systems Inc, Wolfram Research Inc, Flatworld Solutions Pvt Ltd, PixelPerfect Imaging Solutions Inc, IMAGO Technologies GmbH, UltraVision Systems Ltd, OpticView Technologies Inc, Silicon Software GmbH, Logic Way Inc, ClarityTech Solutions Inc, PicturePerfect Solutions Inc, TrueFocus Imaging LLC
Image Processing Systems Market 2024 Key Insights:
• The image processing systems market size is expected to see exponential growth in the next few years. It will grow to $37.11 billion in 2028 at a compound annual growth rate (CAGR) of 24.7%.
• Facial Recognition Technology And Image Processing Systems Market
• Technological Advancements In The Image Processing Market
• North America was the largest region in the image processing Systems market in 2023
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