IMAGE RECOGNITION MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
Global image recognition market is estimated to be valued at US$ 46.1 Bn in 2024 and is expected to reach US$ 124.9 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 15.3% from 2024 to 2031.
Image recognition refers to the process of identifying and detecting objects, locations and concepts within digital images. Recent advancements in deep learning and machine learning have enabled faster and more accurate image recognition. Image recognition market has witnessed significant growth over the past few years, due to growing adoption of image recognition techniques across various end-use industries such as retail, healthcare, automotive and transportation. Rising need for quality inspection and automation also boosts demand for image recognition systems globally.
Market Dynamics
Image recognition market growth is driven by several factors such as increasing penetration of AI and machine learning technologies, growth of digitalization across industries, rising need for automation and quality control. However, high implementation costs and concerns around data privacy and security can hamper the market growth. Adoption of cloud-based image recognition solutions and integration of image recognition in IoT devices and embedded systems presents tremendous opportunities for market players.
Key Features of the Study
- This report provides in-depth analysis of the global image recognition market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global image recognition market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Amazon Web Services, V7Labs, NEC Corporation, NVIDIA Corporation, Slyce Acquisition Inc., and Clarifai Inc.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- Global image recognition market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global image recognition market
Market Segmentation
Table of Contents
*Browse 32 market data tables and 28 figures on 'Image Recognition Market' - Global forecast to 2031
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