Artificial Intelligence
Image Recognition Market worth $53.0 billion by 2025, Growing at a CAGR of 15.1% Report by MarketsandMarkets™
Chicago, July 25, 2023 (GLOBE NEWSWIRE) — The global Image Recognition Market size to grow from USD 26.2 billion in 2020 to USD 53.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.1% from 2020 to 2025, according to a new report by MarketsandMarkets™. Increased in the need for efficient and profitable retail execution processes with adherence to compliance standards and technological advancements to boost the adoption of image recognition market across the globe. Retailers’ dependency on traditional auditing methods is one of the major challenge of the image recognition market.
Browse in-depth TOC on “Image Recognition Market“
247 – Tables
45 – Figures
243 – Pages
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Scope of the Report
| Report Metrics | Details |
| Market size value in 2020 | USD 26.2 Billion |
| Market size value in 2025 | USD 53.0 Billion |
| Growth rate | CAGR of 15.1% |
| Market size available for years | 2014–2025 |
| Base year considered | 2019 |
| Forecast period | 2020–2025 |
| Forecast units | Value (USD Million) |
| Segments covered | By Technology ,Component, Service, Type, Deployment Mode, Application, Vertical and Region |
| Geographies covered | North America, Europe, APAC, MEA, and Latin America |
| Major companies covered | IBM (US), Google (US), Qualcomm (US), Microsoft (US), AWS (US), Trax (Singapore),NEC Corporation (Japan), Catchoom (Spain), Slyce (US), LTU Tech (France), Vispera(Turkey), Blippar(UK), Clarifai(US), Wikitude (Austria), Huawei (China), Honeywell (US) and many more |
The report segments the image recognition market by component, by application, by deployment mode, by end user and by region. The component segment is categorized into hardware, solutions and services. The application type segment covered in the market include inventory analysis, product and shelf monitoring analysis and gauging emotions. Further, the deployment type segment is bifurcated into cloud and on premise. The end user segment consists of online and offline. Based on region, the image recognition market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
In the component, the services segment is expected to grow at the higher CAGR during the forecast period. Services for the image recognition market include implementation, deployment, product upgrades, maintenance, and consulting. Increase in the adoption of image recognition software has led to the growth of such services, which help organization to increase overall revenue and enhance performance. Vendors in the image recognition market sometimes provide services via channel partners; these partners can help strengthen the geographical reach of solution vendors and improve the cost-effectiveness of their software. The growing demand for rich media is expected to drive companies, such as Partium to offer integrated training services, professional services, and support and maintenance services.
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In the application type, the gauging emotions segment to grow at a higher CAGR during the forecast period. Image recognition uses the Convolution Neutral Network (CNN) model to capture facial features. Gauging emotions can help companies to understand the customer’s behaviour towards their product. It can also help to place the products on the shelf according to the customers’ demand. Retailers are taking support from their technological partners to implement image recognition technology to gain customer insights that can give them a competitive edge.
The image recognition market has various opportunities for vendor growth in this market, such as Integration of AI with image recognition solutions to improve store performance and accelerating demand for cloud-powered image recognition solutions to aid representatives in smooth retail execution. Major players in the image recognition market such as Microsoft along with its partners are empowering companies by transitioning from manual operations to AI based operations to optimize retail operations and manage shelf operations efficiently. For example, Clobotics, a Chinese intelligent computer vision provider for retailers, developed a Cloud Image Recognition solution that uses AI, advanced computer vision, and machine learning technologies to provide real-time insights about product placement, shelf optimization, product tracking, and planogram compliance through Microsoft Power BI. Microsoft’s Australia-based partner, Lakeba has combined its computer vision technology with intelligent image capturing, and Microsoft Azure cloud-based data analytics solution to provide optimal on-shelf stock management. The demand for cloud-based services has soared even more due to the outbreak of COVID-19. Intelligence Retail, a computer vision and AI provider for merchandising solutions, leverages the IBM cloud and analytics solution featuring cutting-edge Graphic Processing Units (GPUs) to help organizations to drive sales, decrease audit costs, boost performance, and drive customer loyalty.
Top Trends in Global Image Recognition Market
- Artificial Intelligence (AI) Advancements: Deep learning and AI technologies have led to improvements in picture recognition abilities. The accuracy and effectiveness of image recognition systems have increased thanks to better algorithms and neural networks, making them more dependable and usable in a variety of industries.
- Integration of Image Recognition in Smartphones: The use cases for this technology have grown as a result of the widespread use of smartphones and the integration of image recognition technology into mobile devices. Users are able to carry out a variety of tasks using it, including object recognition, visual search, and augmented reality (AR) applications.
- Augmented Reality (AR) and Virtual Reality (VR): The demand for image recognition technology has increased as a result of the growing interest in AR and VR applications. For example, facial recognition for avatars or object recognition for interactive features, image recognition is essential to delivering a smooth and interactive experience in AR/VR applications.
- E-commerce and Retail Applications: Image recognition technology has a wide range of uses in the e-commerce and retail industries. Through the use of photos in visual search, users may locate things online, and augmented reality try-on features make it possible to virtually try on apparel and accessories.
- Security and Surveillance: To identify and track people, licence plates, and other items, image recognition is becoming more and more used in security and surveillance systems. The technology’s ability to detect anomalies and potential threats has made it a valuable tool in safeguarding critical infrastructure and public safety.
- Healthcare and Medical Imaging: Image recognition is used in the healthcare sector to help doctors diagnose diseases, analyse radiology images, and spot patterns and anomalies in medical scans.
- Autonomous Vehicles: Image recognition is a key piece of autonomous vehicle technology. To provide safe navigation, cameras and sensors use image recognition algorithms to recognise and interpret road signs, people, cars, and obstructions.
- Social Media and Content Moderation: Social media platforms use picture recognition to find and control unwanted content, such as hate speech and offensive photographs.
- Agriculture and Precision Farming: Using precision farming methods, image recognition is used in agriculture to monitor crop health, identify pests and diseases, and improve irrigation and fertilisation practises.
- Geospatial Analysis: By combining picture recognition and geospatial information, applications like urban planning, environmental monitoring, and catastrophe response are made possible.
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Key Industry Development
- Integration of AI and Deep Learning: This industrial progress has been largely attributed to the incorporation of artificial intelligence (AI) and deep learning technologies into image recognition systems. These cutting-edge algorithms allow image recognition models to manage complex data, continuously increase accuracy, and adapt to different use cases.
- Cloud-Based Image Recognition Services: The increased accessibility of image recognition technology is largely due to cloud computing. Scalable solutions are provided by cloud-based image recognition services, enabling enterprises to implement and integrate image recognition capabilities without requiring significant infrastructure investments.
- Mobile Image Recognition Applications: Applications for mobile image identification have become increasingly popular as a result of the rise of smartphones and other mobile devices. Mobile apps with visual search, augmented reality (AR), and object identification are becoming more and more common, improving user experiences and providing business potential.
- Edge AI for Real-Time Image Recognition: Edge computing, which processes data closer to the source, has grown significantly in importance. AI at the edge can handle data in real-time and with less latency, which makes it suited for time-sensitive applications like autonomous vehicles and surveillance systems.
- Cross-Industry Integration: In addition to classic applications, image recognition is being incorporated into a wide range of businesses. Image recognition technology are being adopted by industries like healthcare, agriculture, retail, manufacturing, and automotive to optimise processes.
- Emphasis on Privacy and Security: As image recognition technology spreads, worries about privacy and security have also risen. With the help of enhanced data protection measures, understandable AI, and ethical frameworks, industry innovations are concentrating on addressing these challenges.
- Customization and Personalization: Companies are adopting image recognition more and more to give their customers individualised experiences. This includes individualised product recommendations, focused advertising, and material that is developed based on how people engage with images.
- Hybrid Approaches: To improve performance and versatility across a range of applications, several image recognition solutions are merging different technologies, such as combining deep learning with classic computer vision techniques.
- Standardization and Interoperability: The industry is working to standardise image recognition protocols and formats, assuring compatibility between various systems and facilitating smooth platform integration.
- Collaboration and Partnerships: Businesses in the image recognition sector are establishing strategic alliances and partnerships to draw on one another’s knowledge and broaden their product lines. These partnerships encourage creativity and hasten the creation of new applications.
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Artificial Intelligence
Securden Recognized as a Market Leader in GigaOm Radar Report for Enterprise Password Management
Securden has become a leader and an outperformer with cutting-edge features, rapid market advancements, and consistent customer value.
WILMINGTON, Del., July 4, 2024 /PRNewswire/ — Securden, Inc., a leading provider of privileged access and identity security solutions, today announced that it has been recognized as a leader and outperformer in GigaOm Radar Report for Enterprise Password Management.
GigaOm rigorously evaluates vendors in various solution segments and produces Radar reports with valuable insights to assist enterprise decision-makers in evaluating and investing in solutions.
The GigaOm Radar 2024 on Enterprise Password Management examined 13 enterprise password management solutions. “Securden is positioned in the innovation quadrant. It offers a strong solution, and its approach is to take its customers on a journey to broader PAM, with password management simply one focus area. It scored well across all of the decision criteria we evaluated, placing it as a leader, and its execution of the emerging features and rate of progress in the market classify it as an Outperformer,” states the report.
Securden has earned top ratings in key evaluation criteria, including platform security, security auditing, PAM capabilities, ease of management, ease of use, and scalability.
“We are proud to be recognized as a market leader in Enterprise Password Management by GigaOm Radar,” said Bala Venkatramani, CEO of Securden, Inc. “Protecting various identities used by humans and machines is a top priority for IT teams. Our platform offers a comprehensive privileged identity security solution, witnessing rapid adoption by SMBs and Enterprises globally. With innovation at the core, we are committed to offering simplicity and affordability in cybersecurity. This recognition affirms our strong market presence and our focus on providing powerful capabilities to strengthen our customers’ security posture.”
Securden offers robust protection for the vault with controls like access hardening, resilient deployment, and strong data protection approaches. It offers insights into password usage, identifies poor practices, flags failure to follow password standards, issues breach warnings identifying compromised passwords, and more. These measures significantly help reduce password-related risks.
Streak of Recognition
EMA Research, a top industry analyst firm, recently published an impact brief recognizing the Securden Unified PAM MSP platform as a groundbreaking development in privileged access management for MSPs. “By eliminating the need for disparate PAM solutions and providing comprehensive functionality within a single package, Securden empowers MSPs to deliver robust, scalable, and secure PAM services to their clients with unparalleled efficiency and confidence,” states the impact brief.
About Securden
Securden provides leading privileged access governance and identity security solutions that uniquely combine critical security principles to prevent cyberattacks, malware propagation and insider exploitation. With products designed for security and scalability (Password Vault for Enterprises, Unified PAM, Endpoint Privilege Manager, and Unified PAM MSP), Securden is trusted by organizations worldwide, including large financial institutions, government agencies, healthcare organizations, educational institutions, IT service providers, MSPs, and manufacturing companies. For more information, visit https://www.securden.com.
Media ContactJames [email protected]
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Artificial Intelligence
Managed Security Services Market Forecast to Exceed USD 101.86 Billion by 2031 Due to Escalating Security Concerns | SkyQuest Technology
WESTFORD, Mass., July 4, 2024 /PRNewswire/ — According to SkyQuest, the global Managed Security Services Market size was valued at USD 26.89 billion in 2022 and is poised to grow from USD 31.18 billion in 2023 to USD 101.86 billion by 2031, growing at a CAGR of 15.95% during the forecast period (2024-2031).
The global managed security services market has been growing rapidly, over the last couple of years, due to the increasing security threats or risks and increasing challenges in managing security over IT networks. It’s impossible to ignore the fact that small businesses face relentless cyberattacks, including malware, ransomware, advanced threats, advanced persistent threats, and data breaches, leading to remote and hybrid operations systems.
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Managed Security Services Market Overview:
Report Coverage
Details
Market Revenue in 2023
USD 31.18 billion
Estimated Value by 2031
USD 101.86 billion
Growth Rate
Poised to grow at a CAGR of 15.95%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Service Type, Type, Organization Size, Security, Type and Industry Vertical
Geographies Covered
North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Surge in Demand for Managed Detection and Response (MDR) Service
Key Market Drivers
Cyber Threats are Growing Complex
Segments covered in Managed Security Services Market are as follows:
Service TypeManaged IAM, managed vulnerability management, managed risk and compliance, managed detection and response, managed firewall, and managed SIEM and log management, othersTypeFully managed, co-managedOrganization SizeSmall and medium-sized enterprises, Large enterprisesSecurity TypeNetwork security, cloud security, endpoint security, application security, othersIndustry VerticalBFSI, government, healthcare & life sciences, telecommunications, IT and ITeS, Retail and eCommerce, energy and utilities, manufacturing, and other verticalsRequest Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/managed-security-services-market
Rapid Responders: Incident Response Services
Managed detection and response are the large segment in the managed security services market. Managed detection-response services provide continuous improvement, threat detection, and response capabilities critical to today’s enterprises facing sophisticated cyber threats. This segment is characterized by the increasing prevalence and importance of cyberattacks advanced threat detection and response strategies beyond traditional security measures. The ability of the MDR service to provide comprehensive analysis of security incidents and take corrective action quickly is essential to minimize potential damage and ensure business continuity.
Managed identity and access management is the fastest growing segment in the market. The rising growth in this sector is driven by the need for robust stakeholder solutions in an era of digital transformation and remote collaboration. The rise of cyber threats and increasing regulatory requirements for data security and privacy and the main drivers of this segment.
Data Guardians: Data Protection Services
The global market recognizes the dominant position of the entire service management segment. This dominance is largely due to the scope of this role, in which companies assume full responsibility for an organization’s security programs from security providers, especially those without in-house security expertise or resources. These roles cover a wide range of security measures, including threat identification, incident response, compliance management and continuous monitoring. Adoption rates are also driven by the increasing complexity of cyber threats, which require a strong, 24/7 monitored security measure that only specialized providers can provide further strengthening its position as the largest market share.
In addition to the dominance of fully managed services, the advanced management segment is growing the fastest in the global market. This increase is driven by hybrid security models that offer a collaborative approach between internal IT teams and external security providers.
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Safeguarding Tomorrow’s Digital Frontiers
As businesses and organizations take on the cyber panorama in terms of severe, MSS vendors remain vigilant guards, the use of advanced era and professional insights. Managed Security Services (MSS) have emerged as the cornerstone of present-day cybersecurity strategies, presenting strong protection in opposition to threats in a more and more digital international.
Related Report:
Cyber Security Market
Network Security Market
Endpoint Security Market
Cloud Security Market
Application Security Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:Mr. Jagraj SinghSkyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
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Artificial Intelligence
Industrial Internet of Things (IIoT) Market is Expected to Surpass USD 191.6 Billion Valuation by 2031, Rise of Automation in Manufacturing to Boost Expansion| SkyQuest Technology
WESTFORD, Mass., July 4, 2024 /PRNewswire/ — According to SkyQuest, the global Industrial Internet of Things (IIoT) Market was valued at USD 102.48 Billion in 2022 and is expected to rise from USD 109.86 Billion in 2023 to reach a value of USD 191.6 Billion by 2031, at a CAGR of 7.2% during the forecast period (2024-2031).
The rapid adoption of smart manufacturing practices in multiple industries and growing demand for automation have set the tone for industrial internet of things (IIoT) market growth. IIoT devices and solutions are specifically designed to enhance industrial operations and promote operational efficiency and productivity as well. Advancements in IoT and IoT connectivity technologies are also slated to create new business scope for industrial internet of things (IIoT) companies in the future. The global industrial internet of things (IIoT) market is segmented into component, technology, connectivity technology, software, vertical, and region.
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https://www.skyquestt.com/sample-request/industrial-internet-of-things-iiot-market
Industrial Internet of Things (IIoT) Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 109.86 billion
Estimated Value by 2031
$ 191.6 billion
Growth Rate
Poised to grow at a CAGR of 7.2%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Component, Technology, Connectivity Technology, Software and Vertical
Geographies Covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights
Development of novel blockchain AI solutions that give benefits of both technologies involved
Key Market Opportunities
Adoption of Smart Initiatives
Key Market Drivers
Implementation of IPV6
Segments covered in Industrial Internet of Things (IIoT) Market are as follows:
ComponentHardware, Platform, Solution, and ServicesTechnologySensor, Radio Frequency Identification (RFID), Industrial Robotics, Distributed Control System and OtherConnectivity TechnologyWired Technology and Wireless TechnologySoftwareVisualization Software, SCADA, Distribution Management System, Farm Management Systems and OtherVerticalManufacturing, Energy, Oil & Gas, HealthCare, Retail, Transportation, Metal & Mining, AgricultureRequest Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/industrial-internet-of-things-iiot-market
Hardware Components Slated to Bring in Most Revenue Owing to Development of IIoT Infrastructure
Industrial internet of things (IIoT) requires specialized connected devices made from dedicated sensors and controllers. Growing investments in the development of new IIoT infrastructure are projected to bolster the demand for hardware components and allow this segment to lead the market in terms of revenue generation. Advancements in connectivity technologies are also predicted to bolster the demand for novel IIoT hardware components across the forecast period and beyond.
Meanwhile, industrial internet of things (IIoT) companies can also invest in the development of novel platforms and services to strengthen their business potential. The need for IIoT platforms and services will only get stronger by the day as the adoption of IoT technology in industrial settings increases.
Manufacturing to Take the Crown for Industrial Internet of Things (IIoT) Sales Owing to the Rise of Smart Factories
The manufacturing industry vertical is estimated to take center stage when it comes to industrial internet of things (IIoT) adoption. High demand for better productivity and operational efficiency in manufacturing facilities is estimated to make this segment a highly lucrative one. From remote monitoring to predictive maintenance, all of these features can only be added to a manufacturing facility through the use of industrial internet of things (IIoT). Energy and oil & gas industry verticals are also forecasted to provide moneymaking opportunities for industrial internet of things (IIoT) companies in the future as digitization increases in them. Apart from these industry verticals, industrial internet of things (IIoT) providers can also explore retail, healthcare, agriculture, and transportation industry verticals to maximize their business scope and boost revenue generation going forward.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/industrial-internet-of-things-iiot-market
Wireless Connectivity to Gain Prominence with the Advent of 5G Technology
Advancements in technology have created novel wireless technologies used for connected devices. The need for the elimination of wires is projected to drive the demand for wireless connectivity in industrial internet of things (IIoT) devices. 5G is the key wireless connectivity technology that is projected to help the wireless segment become the most rewarding for market players over the coming years.
Industrial internet of things providers will need to choose their strategies carefully if they want to succeed in this business. Industrial internet of things (IIoT) companies can get good returns on their investments if they target the manufacturing industry as the trend of automation catches up. Developing new IIoT hardware devices and components will also help industrial internet of things (IIoT) companies expand their business potential on a global level.
Related Reports:
Internet Of Things (IoT) Market
IoT Security Market
Narrowband-IoT (NB-IoT) Market
Consumer IoT Market
Internet of Things (IoT) in Smart Cities Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:Mr. Jagraj SinghSkyQuest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
Logo: https://mma.prnewswire.com/media/2446095/SkyQuest_Logo.jpg
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