According to a new report published by UnivDatos Markets Insights, the Image Recognition Market was valued at USD 31 billion and is expected to grow at a CAGR of around 17% from 2022-2028. The analysis has been segmented into Technology (Digital Image Processing, Facial Recognition, Pattern Recognition, Object Detection, and Others); Component (Hardware, Software, and Services); Deployment (On-Premises and Cloud); Application (Scanning and Imaging, Security and Surveillance, Image Search, Augmented Reality, Marketing & Advertising, and Others); Region/Country.
The image recognition market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the image recognition market. The image recognition market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the image recognition market at the global and regional levels.
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Image recognition is the ability of computer-driven cameras to identify and recognize objects or features in digital images or videos. It is a way of capturing, manipulating, examining, and empathizing with images. To identify and recognize images, computers use machine vision technology powered by artificial intelligence systems. The global image recognition market is uplifting on the account of the growing need for efficient and profitable retail execution processes while adhering to compliance standards, rising investments in computer vision, and the development of advanced image recognition techniques. Moreover, factors such as the increasing usage of AI and ML technologies, rising concerns in security and surveillance, growing investments in AI and machine learning, and advancements in image recognition and computer vision techniques are also contributing to the growth of the market.
Some of the major players operating in the market include Alphabet Inc., QUALCOMM Inc., Microsoft Corporation, IBM Corporation, Amazon.com Inc., Sony Group Corporation, Honeywell International Inc, Toshiba Corporation, Adobe Inc., and Scandit AG
COVID-19 had a major impact on the market during its first wave as countries around the world implemented complete lockdowns restricting the movement of people and goods. Several countries around the world used image recognition surveillance devices during COVID-19, including in healthcare and public safety. Facial recognition is being used in key surveillance and authentication contexts to combat COVID-19.
The global image recognition market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on deployment, the market is divided into on-premises and cloud. The on-premises segment catered to a prominent share of the global image recognition market. Flexibility, data security, high speed, and low latency are the most prominent factors driving the growth of this segment. The on-premises deployment provides physical control to the enterprises over the data, it keeps access to critical data limited to the enterprises only
· On the basis of application, the market is segmented into scanning and imaging, security and surveillance, image search, augmented reality, marketing & advertising, and others. Marketing & advertising emerged as one of the most promising segments. This is primarily due to the rapidly growing demand from large and small businesses that enhance their marketing efforts with advanced advertising, customer interactions, branding, and others
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Image Recognition Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America accounted for a prominent share of the global image recognition market majorly due to the rising number of electronics gadgets and smartphone users integrated with image recognition applications in the region. Further, the increasing integration of artificial intelligence and mobile computing platforms in the field of digital shopping and e-commerce is also contributing to the growth of the image recognition market. In addition, the rising use of image recognition technologies by US Government organizations is another factor driving the market revenue growth in the region.
The major players targeting the market include
· Alphabet Inc.
· QUALCOMM Inc.
· Microsoft Corporation
· IBM Corporation
· Amazon.com Inc.
· Sony Group Corporation
· Honeywell International Inc
· Toshiba Corporation
· Adobe Inc.
· Scandit AG
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the image recognition market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the image recognition market?
• Which factors are influencing the image recognition market over the forecast period?
• What are the global challenges, threats, and risks in the image recognition market?
• Which factors are propelling and restraining the image recognition market?
• What are the demanding global regions of the image recognition market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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