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Image Recognition Market Size, Share, Competitive Landscape and Trend Analysis Report by Component, by Deployment Mode, by Technology, by Application, by Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2024-2032

Image Recognition Market Size, Share, Competitive Landscape and Trend Analysis...

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Image Recognition Market Size, Share, Competitive Landscape and Trend Analysis Report by Component, by Deployment Mode, by Technology, by Application, by Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2024-2032
Image Recognition Market Size, Share,...
Report Code
RO9/128/1238

Publish Date
12/Jun/2024

Pages
200
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The global image recognition market revenue was around US$ 32.9 billion in 2023 and is estimated to reach US$ 130.33 billion by 2032, growing at a compound annual growth rate (CAGR) of 16.5% during the forecast period from 2024 to 2032.
Image recognition is the process of recognizing and classifying objects or patterns within digital images or videos, sometimes known as computer vision or image classification. In this area of artificial intelligence, models and algorithms are created to help machines comprehend and interpret visual data. A machine-learning model is typically trained using a large dataset of labeled photos. The patterns and traits it finds in the training data help the model identify and distinguish between various objects or features. After training, the model can reliably classify or identify the objects or patterns in fresh, unseen images. Enabling computers or other systems to comprehend and interpret visual data similarly to humans is the aim of image recognition. Numerous uses for this technology exist, such as surveillance systems, medical imaging analysis, autonomous cars, object detection, facial recognition, and more.
Factors Influencing Market Growth
- The quick and upgraded response of image detection and recognition with CNN will escalate its demand across the healthcare, automotive, e-commerce, and gaming industries thus expanding the market.
- AI is driving numerous image recognition applications with features like static image detection, recognition, classification, and tagging. this is increasing the demand for image recognition in various industries thus propelling the market growth.
- People's increasing preference for high-bandwidth data services and advanced machine learning has led to an increase in the demand for image recognition technology. Thus, this factor will expand the market growth.
- Concerns about the security of image databases and the risk of data breaches may hinder market growth.

Impact of COVID-19
COVID-19 positively impacted the market. Image recognition technology has become more widely used as a result of the increased demand for contactless solutions. Touchless access control and authentication are now possible due to the widespread use of facial recognition and gesture recognition systems in the healthcare, retail, and transportation industries. Furthermore, image recognition technology has been instrumental in enabling remote work and virtual communication through the provision of real-time image analysis, virtual meetings, and improved visual collaboration.
Regional Insights
North America dominated the market in 2023. This is because several factors, including the growing need for automation and digitization across industries, the development of deep learning algorithms and artificial intelligence (AI), and the widespread use of smartphones and other connected devices, have propelled the market. Additionally, North America offers a fertile ground for businesses to develop and implement cutting-edge image recognition solutions, resulting in increased efficiency, improved user experiences, and new business opportunities. This is due to the region's robust technological infrastructure and high adoption rate of cutting-edge technologies. As a result, this factor is likely to drive market growth during the forecast period.
Leading Competitors
- Imagga Technologies Ltd.
- IBM
- Intel Corporation.
- Google LLC
- LTU Technologies, Inc.
- Oracle Corporation.
- Amazon Web Services, Inc.
- Microsoft Corporation
- NEC CORPORATION
- Catchtoom
- Other Prominent Players

Segmentation Analysis
The global image recognition market segmentation focuses on component, deployment mode, technology, application, industry vertical, and region.
Segmentation based on Component
- Hardware
- Software
- Service
Segmentation based on Deployment Mode
- On-premise
- Cloud
Segmentation based on Technology
- Object Recognition
- QR/Barcode Recognition
- Facial Recognition
- Pattern Recognition
- Optical Character Recognition
Segmentation based on Application
- Scanning and Imaging
- Security and Surveillance
- Image Search
- Augmented Reality
- Marketing and Advertising
Segmentation based on Industry Vertical
- IT and Telecom
- BFSI
- Healthcare
- Retail and E-commerce
- Government
- Media and Entertainment
- Transportation and Logistics
- Manufacturing
- Others
Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa

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