Report Ocean has released a research study titled “Image Recognition Market .” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Image Recognition Market is valued approximately at USD 22.76 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 15.1% over the forecast period 2020-2027. Image recognition is the ability of the software that identifies images, places, objects, writings and others. It performs various tasks such as self-driving cars, image content search, labeling the content of images with meta-tags, and guiding autonomous robots. Principally image recognition follows machine learning technique which needs deep understanding of algorithms. Rise in the adoption of artificial intelligence, due to rise of cyber-attacks in industries such as manufacturing, financial service, insurance and BFSI industries.
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There was a sharp increase of cyber-attacks during 2010-2018 period, 40,000 and above cases were registered in just five days according to the Maharashtra state police and NDTV. For instance, according to Statista report the global AI software market?is expected to grow approximately 54 percent year-on-year in year 2020 reaching a forecast size of 22.6 billion U.S. dollars. Therefore, this factor may strengthen the adoption for Image Recognition Market across the globe. Moreover, various businesses are shifting towards digitization to transform the business processes around the world, are also some of the key factors responsible for the CAGR of the market during the forecast period. However, the high cost involved in manufacturing Image Recognition devices is one of the factors that restraining the market growth over the forecast period of 2020-2027.
The regional analysis of the global Image Recognition Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to adoption of technology at faster rate in the region. Whereas Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027, owing increase in merging of artificial intelligence with image recognition,
Major market player included in this report are:
Honeywell International Inc
Qualcomm Technologies, Inc.
Slyce Acquisition Inc.
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the image recognition market’s deep analysis concerning various industries reveals several key insights:
- Retail Industry:
- Visual Search and Personalization: Image recognition technology is transforming the retail sector by enabling visual search capabilities. Retailers leverage this technology to offer consumers the ability to search for products using images. It also helps in providing personalized recommendations based on past purchases and browsing history.
- Inventory Management: Retailers use image recognition for inventory management, enabling automatic stock counting, product identification, and monitoring shelf conditions, which reduces manual labor and improves accuracy.
- Healthcare Industry:
- Medical Imaging and Diagnostics: Image recognition plays a pivotal role in medical imaging for diagnoses, treatment planning, and disease monitoring. It assists in interpreting medical images like X-rays, MRIs, CT scans, and pathology slides, aiding healthcare professionals in making more accurate and timely diagnoses.
- Patient Monitoring and Care: Image recognition facilitates patient monitoring through technologies that detect changes in patient conditions, such as facial recognition for pain assessment or monitoring vital signs through cameras.
- Automotive Industry:
- Advanced Driver-Assistance Systems (ADAS): Image recognition is integral to ADAS, helping in object recognition, lane departure warnings, pedestrian detection, and overall scene understanding. This technology is crucial for autonomous vehicles to navigate and make real-time decisions on the road.
- Enhancing User Experience: Image recognition in vehicles enhances the user experience by providing features like gesture recognition for controls, driver monitoring systems for safety, and augmented reality displays for navigation.
- Security and Surveillance:
- Facial Recognition and Access Control: Image recognition systems, particularly facial recognition, are widely used for access control, surveillance, and authentication purposes. They are employed in airports, public spaces, and various security applications for identifying individuals and enhancing overall security measures.
- Manufacturing and Industrial Applications:
- Quality Control and Defect Detection: Image recognition technology is utilized in manufacturing for quality control and defect detection in production lines. It can automatically identify defects in products, reducing waste and ensuring higher product quality.
- Process Optimization: Image recognition aids in process optimization by monitoring equipment, detecting anomalies, and enabling predictive maintenance to prevent machinery breakdowns.
- Agriculture and Farming:
- Crop Monitoring and Precision Agriculture: Image recognition assists in crop monitoring, disease identification, and yield prediction. Drones equipped with cameras and image recognition capabilities help farmers in assessing crop health and applying targeted interventions.
- Entertainment and Media:
- Content Analysis and Recommendation Systems: Image recognition is used in entertainment and media for content analysis, recommendation systems, and content moderation. It helps in analyzing images and videos to categorize content, personalize recommendations, and enforce content guidelines.
- Challenges and Future Trends:
- Challenges: Challenges include ensuring accuracy across diverse environments, addressing biases in training data, managing data privacy concerns, and navigating regulatory landscapes.
- Future Trends: The future of image recognition involves advancements in multimodal AI, the integration of 3D imaging and depth perception, improving real-time processing capabilities, and refining algorithms for better accuracy and interpretability.
The detailed segments and sub-segment of the market are explained below:
Scanning and Imaging
Security and Surveillance
By Deployment mode
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Rest of the World
Table of Contents:
- Executive Summary
- Market Overview
- Market Analysis
- Market Size and Forecast
- Market Trends
- Market Dynamics
- Market Segmentation
- Competitive Landscape
- Competitive Scenario
- Key Players
- Regional Analysis
- Regional Market Overview
- Market Size and Forecast by Region
- Product/Service Analysis
- Product/Service Overview
- Market Size and Forecast by Product/Service
- End-User Analysis
- End-User Overview
- Market Size and Forecast by End-User
- Industry Structure
- Key Findings and Recommendations
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