Image Recognition Market worth $98.6 billion by 2029 - Exclusive Report by MarketsandMarkets™

CHICAGO, March 27, 2024 /PRNewswire/ -- Advances in AI and deep learning, integration with AR/VR, growth into many industries, and a focus on ethical use, real-time analysis, and integration with IoT and robots are what will define the future of the Image Recognition Market. It will also have a major impact on environmental monitoring, healthcare, and tailored user experiences, spurring innovation and change in a number of industries.

The global Image Recognition Market will grow from USD 46.7 billion in 2024 to USD 98.6 billion by 2029 at a compounded annual growth rate (CAGR) of 16.1% during the forecast period, according to a new report by MarketsandMarkets™.   

Browse in-depth TOC on "Image Recognition Market"

250 - Tables
56 - Figures
280 - Pages

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Scope of Report

The software segment is expected to capture the highest CAGR during the forecast period by offering.

The software type segment of the Image Recognition Market includes hardware, software, and services. The services segment accounted for a significant CAGR during the forecasted period. Services in the Image Recognition Market encompass a wide range of offerings that contribute to professional and managed services. Moreover, professional services include implementation, deployment, product upgrades, maintenance, and consulting. The surge in image recognition software has led to the proliferation of related services, enabling organizations to increase their overall revenue and enhance performance. In some cases, vendors in the Image Recognition Market opt to deliver services through channel partners, who can help broaden the geographical reach of solution providers and enhance the cost-effectiveness of their software offerings. The rising demand for rich media will prompt companies, including Partium, to offer integrated training, professional services, and support and maintenance solutions.

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Based on the application, the scanning & imaging segment is expected to hold the second-largest market share during the forecast period.

The Image Recognition Market, by application, is segmented into scanning and imaging, security and surveillance, image search, augmented reality, marketing and advertising, and other application areas. During the forecast period, the scanning and imaging segment holds the second-largest market size and share in the Image Recognition Market. The growing implementation of scanning and imaging in document processing will drive demand for image recognition. With image recognition, scanned documents can undergo intelligent processing, such as detecting specific document types, extracting relevant metadata, and triggering automated workflows based on predefined rules or conditions. By analyzing the content of scanned documents using image recognition, organizations can gain valuable insights into patterns, trends, and relationships within their data; this enables informed decision-making and strategic planning.

Asia Pacific to grow at a higher CAGR during the forecast period.

Asia Pacific region has a thriving technology ecosystem with countries such as China, Japan, South Korea, and India leading in innovation and research. Tech giants such as Alibaba, Tencent, and Baidu in China, and Sony and Panasonic in Japan, are investing heavily in artificial intelligence, including image recognition, to stay competitive in the global market. Further, rapid digital transformation across industries in Asia Pacific is fueling the demand for image recognition technology across various industries. For instance, Alibaba's e-commerce platform Taobao utilizes image recognition to enhance product search capabilities, while hospitals in India are adopting AI-powered image recognition systems for medical imaging analysis. Additionally, the growing smartphone penetration and internet connectivity in the region are creating vast amounts of visual data, further driving the need for advanced image recognition solutions. As governments in the region prioritize investments in digital infrastructure and innovation, this is expected to offer opportunities for image recognition software and services.

Top Key Companies in Image Recognition Market:

Some of the significant image recognition vendors, Google (US), Qualcomm (US), AWS (US), Microsoft (US), Toshiba (Japan), NVIDIA (US), Oracle (US), NEC (Japan), Huawei (China), Hitachi (Japan), Trax (Singapore), Samsung (South Korea), STMicroelectronics (Switzerland), ON Semiconductor Corporation (US), Snap2Insight (Portland), Attrasoft (US), Sterison (India), Unicsoft (UK), ParallelDots (US), Vue.ai (US), Catchoom (Spain), Wikitude (Austria),  Ximilar (Czech Republic), Imagga Technologies (Bulgaria), Blippar (UK), Clarifai (US), LTU Technologies (France), and DeepSignals (US).

Recent Developments:

• In October 2023, Klarna, the Swedish fintech company, introduced a cutting-edge image recognition tool powered by artificial intelligence (AI) to enhance its users' shopping experience. Known as "Shopping Lens," this tool utilizes AI to convert product images into search terms, guiding customers toward the most favorable deals on Klarna's app. This AI tool, Klarna, is directly competing with prominent players such as Google and Amazon, who have also introduced similar products like Google Lens and Amazon Rekognition in the past few years.
• In November 2022, AWS launched healthcare imaging. Amazon HealthLake Imaging is a cloud-based service for storing, managing, and analyzing medical images. It allows healthcare providers to securely store various image types, including X-rays, MRIs, and CT scans. HealthLake Imaging will enable providers to access their images from anywhere and collaborate with colleagues more efficiently, improving efficiency and patient care.

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Image Recognition Market Advantages:

• Businesses can now automatically analyse visual content and derive insightful information at scale from photographs, videos, and other visual data sources thanks to image recognition.
• Image recognition technologies improve operational efficiency by automating processes like object detection, image classification, and image tagging. This reduces manual effort and streamlines workflows across a range of sectors.
• By enabling personalised visual search, recommendation engines, and augmented reality experiences, image recognition improves the customer experience for businesses by enabling them to provide customers with more relevant and entertaining content.
• By recognising counterfeit goods, spotting irregularities in photos, and confirming user identities via facial recognition and biometric authentication, image recognition solutions assist fraud detection and security applications.
• Visual search features in e-commerce platforms are powered by picture recognition, which enables customers to look for products using photos rather of text. This enhances product discovery and increases conversion rates.
• Technologies for image recognition are used in the healthcare sector to help with disease diagnosis, treatment planning, and medical imaging analysis. These tools improve patient outcomes and spur medical innovation and research.
• Because it facilitates intelligent traffic management, environmental monitoring, public safety monitoring, and infrastructure maintenance, image recognition is essential to smart city projects and Internet of Things applications.
• Image recognition systems automate visual inspection activities in manufacturing and quality control operations. This ensures product quality, helps spot faults, and optimises production processes.

Report Objectives

• To define, describe, and forecast the Image Recognition Market based on offerings, technologies, application areas, organization sizes, verticals, and regions
• To forecast the market size of the five major regional segments: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To strategically analyze the market subsegments concerning individual growth trends, prospects, and contributions to the total market
• To provide detailed information related to the significant factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
• To strategically analyze the macro and micromarkets1 concerning growth trends, prospects, and their contributions to the overall market
• To analyze the industry trends, patents and innovations, and pricing data related to the Image Recognition Market.
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for major players.
• To profile the key players in the market and comprehensively analyze their market share/ranking and core competencies across segments and subsegments.
• To track and analyze the competitive developments, such as mergers and acquisitions, product developments, and partnerships and collaborations in the market.

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