IMARC Group, a leading market research company, has recently released a report titled “Image Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027.” The study provides a detailed analysis of the industry, including the global image recognition market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Image Recognition Industry?
According to the report, The global image recognition market size reached US$ 30.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 76.5 Billion by 2027, exhibiting a growth rate (CAGR) of 16.8% during 2022-2027.
What is Image Recognition?
Image recognition is a set of technologies that help to identify various digital images, including logos, objects, places, people, and buildings. It is a subset of artificial intelligence (AI) and computer vision and involves various steps, namely, classification, tagging, detection and segmentation. Image recognition is extensively utilized for performing a wide range of machine-based visual tasks, such as performing image content search, guiding autonomous robots and self-driving vehicles, and labeling the content of meta-tagged images.
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What are the growth prospects and trends in the Image Recognition industry?
The global image recognition market is majorly being fueled by the increasing application in the workplace environment of various end-use industries, such as healthcare, retail and automotive. The escalating demand for security products and applications embedded with advanced image recognition technologies is further contributing to the market growth. Moreover, the retail sector is increasingly utilizing image recognition for product placement, shelf identification and satisfying merchandising standards, which is creating a positive outlook for the market.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Amazon Web Services Inc. (Amazon.com Inc.)
- Attrasoft Inc.
- Google LLC (Alphabet Inc.)
- Hitachi Ltd.
- Honeywell International Inc.
- International Business Machines Corporation
- Microsoft Corporation
- NEC Corporation
- Qualcomm Technologies Inc. (Qualcomm Incorporated)
- Slyce Inc.
- Wikitude GmbH.
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The report has segmented the market on the basis of Product Type, End-User and Region.
Breakup by Component:
- Hardware
- Software
- Services
Breakup by Technology:
- Object Detection
- QR/Barcode Recognition
- Facial Recognition
- Pattern Recognition
- Optical Character Recognition
- Others
Breakup by Application:
- Scanning and Imaging
- Security and Surveillance
- Image Searching
- Augmented Reality
- Marketing and Advertising
- Others
Breakup by Deployment Type:
- On-premises
- Cloud-based
Breakup by End Use Industry:
- BFSI
- Media and Entertainment
- IT and Telecom
- Government
- Healthcare
- Transportation and Logistics
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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