Image Recognition Market Size is Projected to Hit USD 109.7 Billion at a CAGR of 18.7% by 2030 – Report by Market Research Future (MRFR)
Rise of Industrial Automation Drives the global Image Recognition Market
New York, US, Nov. 22, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Image Recognition Market Information, by Technology, by Product, by Applications – Forecast 2020-2030, the market is anticipated to acquire a valuation of approximately USD 109.7 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 18.7% during the assessment timeframe.
Image Recognition Market Overview:
The global image recognition market demonstrates significant potential growth. The proliferation of image recognition and visual search technology would support market growth. Over the past couple of decades, computer vision technology has evolved to a major breakthrough. Image recognition, facial recognition, and 3D object recognition technologies provide superior solutions for automotive safety, automatic driving & assistance, security & surveillance, healthcare, forensics & police investigations, biometric scanning appliances, and e-commerce.
However, image recognition and object recognition models are facing tremendous challenges. The usage of AR-VR displays in the automotive and 3D gaming sectors is growing continually. Also, increasing numbers of large enterprises and SMEs are using augmented and virtual reality technologies for various purposes.
Active Image Recognition Market players include-
- Honeywell (US)
- Toshiba (Japan)
- Jestec (LTU Technologies – Japan)
- Sharp Vision Software (US)
- Qualcomm Technologies (US)
- Itraff Technology (Poland)
- NEC (Japan)
- Hitachi (Japan)
- Panasonic (Japan)
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Rapidly growing healthcare sectors worldwide are cited as the largest user of image recognition technology. Moreover, the use of image recognition technologies in medical image analysis is growing continually. With the usage of combined biometric data and facial & bodily features, the image recognition industry demonstrates huge growth potential in terms of innovations and opportunities.
Image Recognition Market Report Scope:
|Image Recognition Market Revenue forecast in 2030||USD 109.7 Billion|
|Image Recognition Market Growth Rate||CAGR of 18.7% from 2020 to 2030|
|Key Market Opportunities||The opportunities for the global image recognition market are immense|
|Key Market Drivers||Increased adoption of cloud-based technologies|
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Image Recognition Market- Industry Trends
Businesses are increasingly recognizing the benefits of parts identification solutions in industrial and retail environments. The information from digitally collected images is used to improve customer experience and offer various new approaches. The growing digital transformations of businesses accelerate market shares. Additionally, the growing demand for virtual reality and other stimulation product industries create huge market demand.
The growing need for high computational power and productivity increases the use of image recognition products. Conversely, underlying intellectual challenges in developing image recognition technology impede the market growth. Nevertheless, increasing AI implementation would support market development throughout the assessment period. Furthermore, the increasing usage of deep learning, machine learning, and natural language processing would substantiate the growth of the market.
Image Recognition Market Segments
The image recognition market is segmented into solutions, technologies, deployments, components, areas of applications, and regions. The solution segment is sub-segmented into facial recognition, barcode/ quick response code recognition, 2D & 3D sensors, pattern recognition, object recognition, optical object recognition, and others. The component segment is sub-segmented into hardware and software.
The technology segment is sub-segmented into touch-based gesture recognition, touch-less gesture recognition, and others. The deployment segment is sub-segmented into on-premises and on-demand. The application segment is sub-segmented into IT & telecom, healthcare, BFSI, hospitality, retail industry, automobile, aerospace, defense, and others. The region segment is sub-segmented into the Asia-Pacific, Americas, MEA, and rest-of-the-world.
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Image Recognition Market Regional Analysis
APAC dominates the global image recognition market due to the rapid digitization across industries in the region. With rising foreign direct investments (FDIs), China and India account for sizable shares in the regional market. Besides, the high availability of cost-competitive smart & connected devices and the vast adoption of image recognition solutions drive the market growth.
Also, the proliferation of Industry 4.0 and the large presence of key technology providers in the region boost the market size. The growing adoption of AI and machine vision technology in industrial applications o enhances operational performance, impacts market growth positively.
North America is another lucrative market for image recognition solutions. Huge investments by key players in developing AI-enabled image recognition platforms substantiate market revenues. Additionally, the rapid growth in the manufacturing and automotive sectors in this region escalates the market value. Also, increasing implementations of surveillance analytics to assess user behavior tracking push the market size.
The image recognition market in Europe is growing rapidly. Growing R&D investments and digital transformation among businesses influence regional market growth. Furthermore, large deployments of image recognition solutions across industries and rising numbers of SMEs & large enterprises push the market growth. Also, the high adoption of automation solutions in the automotive and healthcare sectors is a key growth driver.
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Image Recognition Market Competitive Analysis
Fiercely competitive, the image recognition market appears fragmented, with various notable players forming a competitive landscape. These players increasingly focus on product development and incorporate strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product launches, to gain a larger competitive share.
Image recognition solution providers make substantial investments to drive R&D activities to develop and expand required technologies. Image recognition and visual search technology providers form strategic partnerships to improve part recognition capabilities in manufacturing sectors and industrial & retail environments.
Apart from creating part recognition solutions, partners also develop compelling and complementary offerings, such as spare part recognition for industrial & manufacturing industries and visual search technology for retail clients. All of these capabilities offer an end-to-end solution to the challenges in the identification and ordering of spare parts and enable businesses to power a larger addressable market.
For instance, on Apr.19, 2022, OpenAI, an AI research and deployment company, released its new machine learning model, DALL·E 2, to respond to the lack of datasets, one of the biggest downsides of image recognition and computer vision. DALL·E 2 can create quality images from text descriptions.
This artificial image creation can feed image recognition models with data according to their needs. DALL·E 2 is the predecessor of DALL·E that provides better quality and bigger size images to help generate more training data while minimizing the human labeling work.
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