Image Recognition Market Growth Accelerates as Visual Data Analysis Takes Center Stage
Image recognition market is witnessing a significant surge in growth, driven by the increasing demand for visual data analysis across various industries.
PORTLAND, PORTLAND, OR, UNITED STATES, June 5, 2023/EINPresswire.com/ — The market for image recognition was estimated to be worth $17,911 million globally in 2017, and it is anticipated to rise to $86,001 million by 2025, at a CAGR of 21.8%.
Increased use of media cloud services, improvements in facial recognition technology, an increase in the number of mobile devices with cameras, and rising interest in security software and products with image recognition capabilities all contribute to the market’s expansion. The expensive cost of installing image recognition systems, however, is anticipated to restrain market expansion.
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The growing need for visual data analysis across various industries is a major driver for the image recognition market. Image recognition technology enables automated analysis and interpretation of visual data, such as images and videos. This technology finds applications in sectors such as retail, healthcare, automotive, and surveillance, enabling efficient decision-making, improved customer experiences, and enhanced operational efficiency.
Image recognition heavily relies on AI and deep learning algorithms to accurately analyze and classify visual data. Recent advancements in AI technologies, such as deep neural networks and convolutional neural networks, have significantly improved the accuracy and performance of image recognition systems. These advancements have fueled the adoption of image recognition technology across various industries, driving market growth.
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The rapid growth of e-commerce and online advertising is a significant driver for the image recognition market. Image recognition technology enables personalized product recommendations, visual search, and augmented reality experiences, enhancing the online shopping experience for consumers. Additionally, image recognition plays a crucial role in targeted advertising by analyzing images and identifying relevant content for effective ad placement.
Image recognition has gained widespread adoption in mobile devices, including smartphones and tablets. Mobile apps equipped with image recognition capabilities offer functionalities such as object recognition, facial recognition, and barcode scanning. This integration enhances user experiences, enables mobile commerce, and supports various applications like augmented reality gaming and visual search, driving the growth of the image recognition market.
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Some of the key image recognition market players profiled in the report include IBM Corporation, Imagga Technologies Ltd., Amazon Web Services, Inc., Qualcomm Incorporated, Google LLC, Microsoft Corporation, NEC Corporation, LTU technologies, Catchoom Technologies S.L., and Intel Corporation.
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