Image Recognition Market worth 38.92 Billion By 2024

The field of image recognition has gained widespread acclaim in the past few years. Consumers are increasingly demanding a variety of image recognition applications and technologies in mobile computing devices and gaming consoles. Businesses have started recognizing the numerous benefits of collecting digital info from images. This digital info can help enhance customer experience and offer new ways to approach customers.

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Image recognition refers to technologies that identify places, logos, people, objects, buildings, and several other variables in images. Users are sharing vast amounts of data through apps, social networks, and websites. Additionally, mobile phones equipped with cameras are leading to the creation of limitless digital images and videos. The large volume of digital data is being used by companies to deliver better and smarter services to the people accessing it.

The fields of security and surveillance, defense, automatic automobiles, financial services, health care, and education are also deriving many definitive benefits from advancements in image recognition. A variety of image recognition software products and services are being employed by companies for enhancing many industry-specific business processes. As such, the global market for image recognition is witnessing expansion at an exponential rate.

The report gives a thorough overview of the present state of the image recognition market, which is still in its nascent phase. A detailed overview of technological and product advancements has been included in the report, with a thorough outline of the growth trajectory exhibited by the market in the past few years. The major end-use areas and technologies, the key regional markets, and the factors that are expected to lead to the most lucrative growth opportunities in the global image recognition market are analyzed at length.

Global Image Recognition Market: Trends and Opportunities

The rising sophistication of image recognition technologies is creating a plethora of growth opportunities in several fields. In the field of digital shopping, e-commerce companies can easily target the rising number of users shopping online from their smartphones or other mobile computing devices. This expanding group of potential consumers can be attracted by making the digital space more interactive and making everything easily searchable, and thus purchasable. The market also has a huge scope of development in the field of health care, where the rapid adoption of electronic health records and remote health care practices are boosting the scope of utilization of various image recognition products and services.

Over the report’s forecast period, the market is expected to gain substantial revenue from applications in end-use sectors of automatic vehicles, smartphones, e-commerce, health care, and wearable devices. Other key end-use segments of the global image recognition market include academia/government, media, financial services, gaming, education, and libraries and archives.

Some of the major applications of image recognition are industrial automation and inspection, face recognition, code recognition, surveillance and security, visual geolocation, object recognition, gesture recognition, medical and biomedical image analysis, automotive driver assistance, traffic management, and road surveying.

On the basis of mode of deployment, the global image recognition market can be segmented into on-premise and cloud-based products and services.

Global Image Recognition Market: Region-wise Outlook

To analyze the global image recognition market from a geographical perspective, it is segmented into Asia Pacific, Europe, North America, and Rest of the World. Presently, technological developments in the market are due to huge investments in research by some of the largest technological giants in the world. The presence of companies such as Google, Twitter, Facebook, International Business Machines (IBM) Corporation, Apple, etc., which are spearheading the global image recognition market, naturally makes North America the leading regional market for image recognition.

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Nevertheless, the presence of many IT companies in Asia Pacific makes it one of the most crucial regional segments of the global image recognition market. Asia Pacific also takes the top spot when it comes to the e-commerce sector and the consumption of smartphones and other mobile computing devices – two of the major end-use areas for the global image recognition market. Asia Pacific also has a vast and ever-expanding middle-class population, which is highly receptive to technological advancements owing to the rising disposable incomes. This is expected to be an influential factor on the market growth in the coming years.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

Market segments and sub-segments
Market trends and dynamics
Supply and demand
Market size
Current trends/opportunities/challenges
Competitive landscape
Technological breakthroughs
Value chain and stakeholder analysis
The regional analysis covers:

North America (U.S. and Canada)
Latin America (Mexico, Brazil, Peru, Chile, and others)
Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, Luxembourg)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, Japan, ASEAN, Australia and New Zealand)
Middle East and Africa (GCC, Southern Africa, North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

A complete backdrop analysis, which includes an assessment of the parent market
Important changes in market dynamics
Market segmentation up to the second or third level
Historical, current, and projected size of the market from the standpoint of both value and volume
Reporting and evaluation of recent industry developments
Market shares and strategies of key players
Emerging niche segments and regional markets
An objective assessment of the trajectory of the market
Recommendations to companies for strengthening their foothold in the market

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