Press release
Image Recognition Market Anticipated To Witness Robust Growth, Surpassing $127.58 Billion By 2029
Image Recognition
What Is the Current Image Recognition Market Size and Its Estimated Growth Rate?
The market size for image recognition has been swiftly expanding in recent times. The market valuation, which is set at $53.4 billion in 2024, is projected to escalate to $61.97 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 16.1%. Factors accounting for this exponential growth during the historical period include advancements in deep learning and neural networks, progress in computer vision technologies, the surge in image data availability, the incorporation of image recognition in the healthcare sector, and the broadening of e-commerce and visual search.
The market size for image recognition is predicted to experience a swift escalation in the coming years. The expansion to $127.58 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 19.8 percent is expected. The surge in the forecast period could be linked to the implementation of image recognition in self-driven cars, surge in usage in augmented reality (AR) applications, improvement in security and surveillance systems, proliferation of image recognition in retail and style, stress on edge computing for real-time image recognition. Major tendencies during the forecasted period encompass identification and spotting of objects in images, amalgamation of image recognition with natural language processing, application of image recognition in social media and content moderation, growth of understandable ai in image recognition, and embracing image recognition in agriculture for crop surveillance.
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How Are Emerging Segments Shaping the Image Recognition Market Landscape?
The image recognition market covered in this report is segmented -
1) By Technique: QR Or 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
Subsegments:
1) By QR Or Barcode Recognition: 1D Barcode Recognition, 2D Barcode (QR Code) Recognition
2) By Object Recognition: Image Classification, Object Detection
3) By Facial Recognition: 2D Facial Recognition, 3D Facial Recognition
4) By Pattern Recognition: Shape Recognition, Texture Recognition
5) By Optical Character Recognition (OCR): Text Recognition, Handwriting Recognition
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Which Growth Factors Are Influencing Image Recognition Market Expansion?
The escalating need for security applications and products equipped with image recognition capabilities is propelling the growth of the image recognition market. Functions of image recognition in the realm of security include services that employ facial recognition. Facial recognition applies image recognition technology to discern individuals from images. The proliferation of facial recognition can be attributed to the global surge in terrorist activities, cyberattacks, and identity theft. For example, as reported by Techreport in August 2023, a website that previously focused on personal computing technology and its influence, facial recognition technology is now present in airports of approximately 20% of nations employed for security check-ins or immigration control. Hence, the heightened demand for security applications and merchandise is likely to stimulate demand for the image recognition market.
Who Are the Dominant Players Across Different Image Recognition Market Segments?
Major companies operating in the image recognition market include 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., Megvii Technology Limited, Neurala Inc., Nviso SA, Osaro Inc., PTC Inc., Qualcomm Technologies Inc., SenseTime Group Limited, Snap Inc., Toshiba Corporation, ViSenze Pte Ltd., Wikitude GmbH, Zebra Medical Vision Ltd., Zivid AS
What Are the Latest Developing Trends in the Image Recognition Market?
One emerging trend in the image recognition market is the increasing focus on technological advancements. Major players in this market are embracing innovative technologies like augmented reality to remain competitive. Augmented reality, or AR, is a technology that blends digital data with the physical surroundings of the user in real-time. AR offers users an interaction with the real world that has been enhanced by superimposing perceptual data created using visuals, audio, or other sensory data. For example, in October 2023, Klarna, a Swedish financial services firm, unveiled an advanced AI-driven image recognition device called "Shopping Lens." This tool, designed to improve the users' shopping experience, allows customers to upload pictures of items they want and translates these images into searchable terms, guiding them to the top deals on Klarna's app. "Shopping Lens", which has the capacity to identify over 10 million products and compare them with more than 50 million deals, strives to simplify the buying process by offering price comparisons, reviews, and similar products. The move places Klarna in direct competition with major technology firms like Google and Amazon, who have created comparable tools such as Google Lens and Amazon Rekognition.
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Which Geographic Regions Are Expected to Dominate the Image Recognition Market in the Coming Years?
North America was the largest region in the image recognition market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the image recognition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Image Recognition Market?
2. What is the CAGR expected in the Image Recognition Market?
3. What Are the Key Innovations Transforming the Image Recognition Industry?
4. Which Region Is Leading the Image Recognition Market?
Why This Report Matters:
Competitive overview: This report analyzes the competitive landscape of the 3D imaging software market, evaluating key players on market share, revenue, and growth factors.
Informed Decisions: Understand key strategies related to products, segmentation, and industry trends.
Efficient Research: Quickly identify market growth, leading players, and major segments.
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