Image Recognition Market Report: Emerging Trends, Key Players, and Growth Forecasts 2032
Growing applications in healthcare have also emerged as a significant driver for the image recognition market share.
PORTLAND, PORTLAND, OR, UNITED STATE, March 26, 2024 /EINPresswire.com/ — The image recognition market is expected to continue growing in the coming years owing to the increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies. Furthermore, the advancements in deep learning algorithms and the availability of large labeled datasets have significantly improved the performance of image recognition models. This has led to the widespread implementation of image recognition technology across various industries, such as healthcare, retail, automotive, and security, driving the growth of the market.
According to a new report published by Allied Market Research, titled, “Image Recognition Market,” The image recognition market was valued at $28.3 billion in 2022, and is estimated to reach $126.8 billion by 2032, growing at a CAGR of 16.5% from 2023 to 2032.
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Image recognition is the use of artificial intelligence (AI) and machine learning algorithms to enable computers to interpret and make sense of visual data. Moreover, the system aims to replicate human visual perception by identifying and categorizing objects, scenes, patterns, or features within digital images or video frames. These systems use various techniques such as pattern recognition, statistical analysis, deep learning, and neural networks to extract meaningful information from visual data.
Furthermore, major market players have undertaken various strategies to increase the competition and offer enhanced services to their customers. For instance, in November 2022, NEC Corporation developed a highly accurate technology that recognizes in real time a wide variety of work activities performed by multiple people from images captured by cameras. With this new development, it is possible to recognize various work activities even in congested environments with many people, such as construction sites, which have been difficult to accurately analyze until now. Therefore, such strategy helps to grow the image recognition market.
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Based on technology, the object recognition segment emerged as the dominant segment in the image recognition market, capturing the highest market share in 2022. This is attributed to the fact that object recognition technology has matured significantly, making it highly accurate and reliable in identifying and classifying objects within images. This has led to its widespread adoption across various industries, including automotive, retail, healthcare, and manufacturing, among others. However, the facial recognition segment is forecasted to be the fastest-growing segment during the forecast period.
This projection is based on several factors such as facial recognition technology has seen significant advancements in recent years, enabling more accurate and reliable identification of individuals. Moreover, the increasing demand for enhanced security measures across various industries, such as law enforcement, banking, and retail, is driving the adoption of facial recognition systems. In addition, the growing integration of facial recognition technology in smartphones, access control systems, and surveillance cameras is further propelling its market growth. Therefore, the rising need for efficient and secure identity verification solutions is fueling the rapid expansion of the facial recognition segment within the image recognition market.
Region-wise, North America attained the highest growth in 2022 due to surge in demand for automation coupled with rapid digitization across industries, advancements in artificial intelligence (AI) and deep learning algorithms, and widespread adoption of smartphones and other connected devices. In addition, with robust technological infrastructure and high adoption rate of cutting-edge technologies in the region, it provides a fertile ground for companies to develop and deploy innovative image recognition solutions, leading to increased efficiency, enhanced user experiences, and new business opportunities. However, Asia-Pacific is considered to grow at the fastest rate during the forecast period owing to increase in adoption of smartphones, rise in internet penetration, and surge in e-commerce activities.
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The report focuses on growth prospects, restraints, and trends of the image recognition market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the image recognition market.
Leading Market Players: –
• Amazon Web Services, INC.
• Catchtoom
• Google
• IBM
• Imagga technologies ltd
• Intel Corporation
• LTU technologies
• Microsoft Corporation
• NEC Corporation
• Oracle
The report provides a detailed analysis of these key players in the global image recognition market. These players have adopted different strategies such as expansion, merger, and product launches to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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