Market Overview
The worldwide Image Recognition Market is expected to witness a significant growth rate during the assessment period. Image recognition is a process that uses biometric data, including bodily features and facial features, to distinguish and recognize individuals.
The global Image Recognition Market size depends on the recent advances in technology. The Image Recognition industry consists of new trends and traditional eye-based biometric recognition. The emerging trends in the image recognition industry include 3D object recognition, image recognition, and facial recognition.
Presently, global market growth is driving because of the rising adoption of cloud-based technologies. The sectors like entertainment, media, banking, insurance, financial services, and the government are adopting the image recognition method, fuelling the current market. However, the reliability and security concert might hinder the global Image Recognition Market growth in the review period. Image Recognition Market is Projected to Reach US$ 109.7 Billion by 2030 Registering a CAGR of 18.7%
Market Segmentation
As per the Image Recognition Market report, the global market has been classified into different segments, including components and verticals.
The Image Recognition industry has been segmented into services, hardware, and software based on the component segment. Among all, the services segment is projected to account for the highest market growth rate for the review period. Recently, the countries like China, Moscow, and Russia have adopted facial recognition, image recognition, and pattern recognition technologies to resist the spread of the covid virus and detect individuals.
In terms of the vertical segment, the global image recognition industry has been classified into BFSI, automobiles, IT, aerospace, retail industry, telecom and healthcare, defence, SMEs, and many more. Of these, the BFSI segment is anticipated to acquire the largest market size in the assessment period.
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Regional Analysis
The global Image Recognition Market has shown rapid market growth due to the faster progression in various regions of the globe. These regions include Asia Pacific, North America, Europe, Latin America, and the rest of the world.
Currently, the Asia Pacific region is holding the highest market growth. This region has the strongest growth due to the use of the latest image recognition technologies in operating decent smartphones. The countries like China and India have witnessed the strongest image recognition market growth in the retailing sector due to the rising demand for advanced digital services.
Apart from these, the North American regional market is predicted to hold the second strongest market growth during the forecast timeframe. This region is fueled due to the increasing integration of AI with image recognition in the countries like Canada and the US. Moreover, other major contributing factors to this region is rising Research and Development (R D) activities, the geographical presence, acquisitions and mergers, and partnership. Furthermore, the European regional market has acquired the third dominant place in generating market growth during the analysis period.
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Industry News
In April 2019, the prominent market player Google signed a partnership contract with Atos to open its new AI laboratory in the region of Paris. This facility has been developed to enable the public and private organizations and the customers to identify the co-create and prototype workable AI solutions and use cases for AI.
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