Image Recognition Market to hit USD 88.52 Bn at a growth rate of 16 percent CAGR| Regional Insight

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Pune, March 06, 2023 (GLOBE NEWSWIRE) — Maximize Market research, a global Information Technology & Telecommunication market research firm, based out of India, has published competitive intelligence and market research report on “Image Recognition Market“. The Image Recognition market size was valued at USD 29 Bn in 2021. The total Image Recognition Market revenue is expected to grow at a CAGR of 16 percent from 2022 to 2029, reaching nearly USD 88.52 Bn during the forecast period.

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Image Recognition Market Scope and Research Methodology

The report is an analysis on the Image Recognition Market by region, segment and competitive landscape. For the better understanding of the global factors affecting the Image Recognition Market, the report presents drivers, challenges, restraints and opportunities prevailing in the Image Recognition Market. The report covers the current trends prevailing in the market along with estimations about future trends to help understand investors identify investment pockets and opportunities in the Image Recognition Market. The report is equipped with a competitive analysis of the Image Recognition Market. Key players and new entrants in the Image Recognition Market are listed together. Demand and pricing analysis is conducted to understand changes in consumer behaviour and the risks for the forecast period that help plan production and costing of the Image Recognition.

The analysis aids new entrants understand the Image Recognition Market for growth prospects and future business outlooks. The bottom-up approach was employed to validate the Image Recognition market size in terms of value and volume by different segments of the product. SWOT analysis was conducted to provide the strengths and weaknesses of the Image Recognition Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Image Recognition Market. Thus the report provides a detailed overview of the Image Recognition Market.

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Image Recognition Market Overview

Ability of software to identify objects, places, people, and actions in images in context of machine vision is known as Image Recognition. Machine vision technology is used by computers in combination with a camera and artificial intelligence software to achieve image recognition. It is a type of Artificial Intelligence programming able to assign high level label to an image by analyzing and interpreting the image pixel pattern.

Image Recognition Market Dynamics

Increasing popularity of AI-driven technologies and machine learning, which helps in business model transformations are expected to drive the Image Recognition market growth. Applications including computer vision, pattern recognition, machine vision, and many more are driven by Artificial Intelligence. Adoption of face recognition technology for surveillance purpose by many public and private sectors are expected to fuel the Image Recognition Market growth. Image Recognition technology is being used to search products online for purchase. Use of this technology by retail and e-commerce industries evolving face recognition solutions in BFSI industry are the factors expected to drive the Image Recognition Market growth.

Growing acceptance of AI and computer vision technology and local regulations are expected to restrain the Image Recognition Market growth. High installation cost of the Image Recognition system and lack of financial resources are factors expected to hamper the Image Recognition market growth.

Image Recognition Market Regional Insights

North America region dominated the Image Recognition market in 2021 and is expected to witness significant growth during the forecast period. Growth in cloud-based streaming services in US and integration of artificial intelligence & mobile computing platforms are expected to influence the regional Image Recognition market growth. Demand for car obstacle detection technologies in the region is expected to drive the Image Recognition market growth.

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Asia Pacific region is expected to grow at a fast growth rate during the forecast period. Popularity of online streaming in emerging countries like India and China with increased usage of mobile phones and tablets are expected to influence the regional Image Recognition market growth.

Image Recognition Market Segmentation

By Technology:

• Object Recognition
• Code Recognition
• Facial Recognition
• Digital Image Processing
• Others

By Outlook:

• Service
• Software
• Hardware

By Application:

• Marketing & Advertising
• Scanning & Imaging
• Image Search
• Augmented Reality
• Security & Surveillance
• Others

Image Recognition Market Key Players Include:

• Wikitude
• Huawei
• Honeywell
• Toshiba
• Oracle
• Trigo
• INFFRD
• AIRY3D
• Standard Cognition
• Unispectral LTD
• Snap2Insight
• restb.ai
• Vize by Ximilar
• Mirror that Lock
• IBM
• Google
• Qualcomm
• Microsoft
• AWS
• Trax
• NEC Corporation
• Catchoom
• Slyce
• LTU Tech
• Vispera
• Blippar
• Clarifai

Key questions answered in the Image Recognition Market are:

• What is Image Recognition?
• What was the Image Recognition market size in 2021?
• What is the expected Image Recognition market size by 2029?
• What is the growth rate of the Image Recognition Market?
• Which are the factors expected to drive the Image Recognition market growth?
• Which segment dominated the Image Recognition market growth?
• What is the demand pattern for the Image Recognition market?
• Which region held the largest share in the Image Recognition market?
• Who are the key players in the Image Recognition market?

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Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2021)
• Past Pricing and price curve by region (2018 to 2021)
• Market Size, Share, Size & Forecast by different segment | 2022−2029
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
• Market Segmentation – A detailed analysis by Technology, Outlook, and application
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

Maximize Market Research is leading Information technology and telecommunication research firm, has also published the following reports:

AI Image Recognition Market: The total market size is expected to reach USD 8.04 Bn by 2029, at a CAGR of 24.82 percent during the forecast period reaching USD 8.04 Bn. Growing demand for security applications and products with image recognition functions is expected to drive the market growth.

Automatic Content Recognition Market: The total market size was valued at USD 2.96 Bn in 2021 and is expected to reach USD 20.75 Bn by 2029 at a CAGR of 27.56 percent over the forecast period 2021-2029. Increasing deployment of ACR technologies by media companies for applications such as broadcast monitoring and audience measurement are expected to drive the market growth.

Optical Character Recognition Market: The total market size was valued at USD 8.92 Bn in 2021 and the total revenue is expected to grow at a CAGR of 15.4 percent from 2022 to 2029, reaching USD 28.08 Bn. OCR software collects letters from photos and converts them to words, then sentences, allowing the original text to be edited are expected to drive the market growth.

Facial Recognition Market: The total market size was valued at USD 4.47 Bn in 2021 and is expected to grow at a CAGR of 17.8 percent through 2022 to 2029, reaching nearly USD 16.59 Bn. Biometrics can be utilised to create security solutions because they are universal, distinctive, and measurable, which is expected to drive the market growth.

Voice Recognition System Market: The total market size is projected to reach USD 3.46 Bn by 2029, at a CAGR of 11.2 percent. Higher adoption rate by vehicle manufacturers to equip passenger cars with voice recognition system is expected to drive the market growth.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.