The global Image Recognition market size was valued at USD 107.6 Billion in 2021 growing at a CAGR of 18.70% from 2022 to 2032. The technique of recognizing and detecting an item or feature in a digital picture or video is known as image recognition technology. In recent years, the discipline of image recognition has received worldwide attention. The data given by users through multiple platforms such as social networks, applications, and websites are used by the image recognition system. It makes use of artificial intelligence to recognize locations, people, things, buildings, logos, and other characteristics in images. This notion is employed in a variety of applications, including smart photo libraries, targeted advertising, security surveillance, toll booth monitoring, and industrial automation systems.
The driving factor of the image recognition market are:
- Technological developments in the field of face recognition
Face recognition is extensively used in government applications, but it has got increasingly popular in business ones. Recent research and development (R&D) initiatives have produced significant technological advancements, which are fueling the expansion of the face recognition market. For instance, face analytics and sophisticated 3D facial recognition are addressing the shortcomings of 2D recognition systems. Additionally, the use of facial recognition biometrics for surveillance has grown to identify terrorists and criminals without interfering with a person’s right to privacy in public spaces. A further factor driving the expansion of the image recognition market is the use of face recognition technology for machine-readable travel documents (MRDs), such as biometric passports and visas.
- Legislation that encourages the use of tools for image recognition
- Rising use of high bandwidth data service
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Key Highlights:
- The global Image Recognition market size was valued at USD 107.6 Billion in 2021 growing at a CAGR of 18.70% from 2022 to 2032.
- North America dominated the market in 2021
- Asia Pacific is expected to fastest-growing at the highest CAGR from 2022 to 2032
Key Players
The Image Recognition market report gives comprehensive information about the company and its past performance. The report also provides a detailed market share analysis along with product benchmarking with key developments.
The key players profiled in the report are:
- Jestec (LTU technologies)
- Honeywell
- Toshiba
- Staff Technologies
- Sharp vision software
- Qualcomm Technologies
- Panasonic
- NEC
- Hitachi
- Cloudera Inc.
The Global Image Recognition Logistic report also includes information on company profiles, product descriptions, revenue, market share data, and contact details for several regional, global, and local companies. Due to increased technological innovation, R&D, and M&A operations in the sector, the market is becoming more popular in particular niche sectors. Additionally, a large number of regional and local vendors in the Image Recognition market provide specialized product offerings according to geographical regions in keeping with the global manufacturing footprint. Due to the reliability, quality, and technological modernity of the worldwide suppliers, it is difficult for the new market entrants to compete.
COVID Impact
In terms of COVID-19 impact, the Image Recognition market report also includes the following data points:
- COVID-19 Impact on Image Recognition market size
- End-User/Industry/Application Trend, and Preferences
- Government Policies/Regulatory Framework
- Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
- Opportunity in the Image Recognition market
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Scope of the Report:
Market Segment By Technology:
- 2D
- 3D
- Sensors
Market Segment By Product:
- Touch Based Gesture Recognition
- Touch-Less Gesture Recognition
Market Segment By Applications:
- Entertainment
- Consumer Electronics
- Healthcare
- Hospitality
- Retail
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Key Region/ Countries Covered
- North America (US, Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
- Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of MEA)
- Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
North America dominated the overall image recognition market, owing to an increase in the number of electronic devices and smartphone users in this region that are integrated with picture recognition applications. However, Asia-Pacific is predicted to develop at the fastest rate over the projection period, owing to the region’s rising tendency toward e-governance.
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