Image Recognition Market Forecasts to 2028 – Global Analysis By Component (Software, Hardware, Services), Deployment Mode (On-Premises, Cloud), Technology (3D, 2D, Sensors), and By Geography
According to Stratistics MRC, the Global Image Recognition Market is accounted for $33.01 billion in 2020 and is expected to reach $150.66 billion by 2028 growing at a CAGR of 20.9% during the forecast period. Some of the key factors propelling the market growth include growing use of high bandwidth data services, increasing popularity of AI-driven technologies, increased adoption of cloud-based technologies, rising adoption of image recognition for various applications in various sectors such as retail, marketing, and media. However, high installation cost of image recognition solutions is likely to hamper the market.
Image recognition technology is the process of identifying and detecting an object or a feature in a digital image or video. It gathers high-dimensional data from the real world in order to create arithmetical or emblematic information. This recognition system uses the data shared by users through various platforms such as social networks, apps, and websites. It uses a technology that detects places, people, items, buildings, logos, and different variables in pictures with the help of artificial intelligence.
By product, facial recognition segment is anticipated to grow at a significant rate during the forecast period, due to rising demand in security applications, growing investments in autonomous vehicles, increase in its usage in both law enforcement and non-law enforcement applications, significant developments in artificial intelligence and machine vision, and technological advancements in facial recognition technology.
On the basis of geography, Asia Pacific is projected to have considerable market growth during the forecast period, owing to the rapid technological advancements, rising use of mobiles and tablets, increasing applications of face remembrance in security and surveillance systems in China, and the popularity of online streaming in emerging economies, such as China and India.
Some of the key players in Image Recognition Market include NEC Corporation, Nvidia Corporation, Honeywell International Inc., Amazon Web Services (AWS) Inc., LTU Technologies, Wikitude GmbH, Attrasoft, Inc., Microsoft Corporation, Slyce Inc., Google Inc., Intel Corporation, Hitachi, Ltd., IBM Corporation, Qualcomm Corp., Catchoom Technologies S.L., Samsung Electronics, Toshiba, Micron Technologies Inc, Clarifai Inc., and Xilinx Inc.
Deployment Modes Covered:
• Digital Image Processing
• Pattern and Gradient Recognition
• Facial Recognition
• Code Recognition
• Optical Character Recognition
• Object Recognition
• Quick Response (QR)/ Barcode Recognition
• Gesture Recognition
• Security and Surveillance
• Augmented Reality
• Scanning and Imaging
• Marketing and Advertising
• Image Search
• Industrial Automation and Inspection
• Visual Geolocation
• Traffic Management
• Medical and Biomedical Image Analysis
• Automotive Driver Assistance
• Road Surveying
End Users Covered:
• Healthcare and Life Sciences
• Automobile (Automatic Vehicles)
• Media and Entertainment
• Information Technology (IT) & Telecom
• Retail and Consumer Packaged Goods (CPG)
• Banking, Financial, Services, and Insurance (BFSI)
• Transportation and Logistics
• Consumer Electronics
• Small and Medium-Sized Enterprises (SMEs)
• Manufacturing or Industrial
• Libraries and Archives
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter’s five forces analysis, SWOT analysis, etc.
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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