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What Does the Market Size Analysis Reveal About the Image Recognition Sector’s Growth?
The image recognition market size has grown rapidly in recent years. The market is expected to grow from $53.4 billion in 2024 to $61.97 billion in 2025 at a compound annual growth rate (CAGR) of 16.1%. This growth is due to advances in deep learning and neural networks, expansion of e-commerce and visual search, and the adoption of image recognition in healthcare.
In the coming years, the image recognition market size is foreseen to exhibit rapid growth, reaching $127.58 billion in 2029 at a CAGR of 19.8%. Factors driving this forecasted growth include the integration of image recognition in autonomous vehicles, increased adoption of this technology in AR applications, emphasis on edge computing for real-time image recognition and the expansion of this technology in retail and fashion.
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What Are the Key Drivers Propelling the Image Recognition Market Growth?
The increasing demand for security applications and products equipped with image recognition features is a significant driver of the image recognition market. Facial recognition services, a prominent application of image recognition technology, have seen a rise due to increased global incidents of terrorist activities, cyberattacks, and identity theft. For instance, as of August 2023, facial recognition technology was prevalent in about 20% of countries, utilized in airport check-in securities or border controls.
What Are the Key Segments in the Image Recognition Market?
The image recognition market report covers the following segments:
1) By Technique: QR Or Barcode Recognition, Object Recognition, Facial Recognition, Pattern Recognition, Optical Character Recognition
2) By Deployment: Cloud, On-Premises
3) By Component: Hardware, Software, Service
4) By Application: Augmented Reality, Scanning And Imaging, Security And Surveillance, Marketing And Advertising, Image Search
5) By Vertical: Retail And E-commerce, Media And Entertainment, BFSI, Automobile And Transportation, IT And Telecom, Government, Healthcare, Other Verticals.
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Who Are the Industry’s Major Players?
Google LLC, Catchoom Technologies S. L., Hitachi Ltd., Honeywell International Inc, and Amazon Web Services Inc. are some of the key companies operating in the image recognition market are continually striving to enhance this technology and provide innovative solutions to various industries.
What Trends Are Emerging in the Image Recognition Market?
Technological advancements are reshaping the image recognition market. Companies are integrating emerging concepts, such as augmented reality (AR), into their offerings to maintain market relevancy. For instance, in October 2023, Swedish financial services company, Klarna, introduced an AI-powered image recognition tool, “Shopping Lens,” designed to optimize users’ shopping experience. The merchandise is available on Klarna’s app, strengthening its competitive position against tech powerhouses like Google and Amazon.
Which Region Is Expected To Exhibit the Fastest Growth?
North America was the largest region in the image recognition market in 2024. However, the Asia-Pacific region is projected to exhibit the fastest growth in the forecast period.
What Does The Image Recognition Market Offer?
Image recognition refers to a machine or software’s ability to identify the contents of an image. It can be paired with built-in cameras to perform tasks like image labeling, remote guidance for robots, and image search, among others. The Image Recognition Market offers insights into global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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