According to a research report “Image Recognition Market by Offering (Hardware, Software, Services), Technology (QR/barcode, Digital Image Processing, Facial Recognition ), Application Area ,Organization Size, Vertical and Region – Global Forecast to 2029″ published by MarketsandMarkets, the global image recognition market will grow from USD 46.7 billion in 2024 to USD 98.6 billion by 2029 at a compounded annual growth rate (CAGR) of 16.1% during the forecast period.
Browse 250 market data Tables and 56 Figures spread through 280 Pages and in-depth TOC on “Image Recognition Market – Global Forecast to 2029”
Download PDF Brochure : https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=222404611
The software segment is expected to capture the highest CAGR during the forecast period by offering.
The software type segment of the image recognition market includes hardware, software, and services. The services segment accounted for a significant CAGR during the forecasted period. Services in the image recognition market encompass a wide range of offerings that contribute to professional and managed services. Moreover, professional services include implementation, deployment, product upgrades, maintenance, and consulting. The surge in image recognition software has led to the proliferation of related services, enabling organizations to increase their overall revenue and enhance performance. In some cases, vendors in the image recognition market opt to deliver services through channel partners, who can help broaden the geographical reach of solution providers and enhance the cost-effectiveness of their software offerings. The rising demand for rich media will prompt companies, including Partium, to offer integrated training, professional services, and support and maintenance solutions.
Based on the application, the scanning & imaging segment is expected to hold the second-largest market share during the forecast period.
The image recognition market, by application, is segmented into scanning and imaging, security and surveillance, image search, augmented reality, marketing and advertising, and other application areas. During the forecast period, the scanning and imaging segment holds the second-largest market size and share in the image recognition market. The growing implementation of scanning and imaging in document processing will drive demand for image recognition. With image recognition, scanned documents can undergo intelligent processing, such as detecting specific document types, extracting relevant metadata, and triggering automated workflows based on predefined rules or conditions. By analyzing the content of scanned documents using image recognition, organizations can gain valuable insights into patterns, trends, and relationships within their data; this enables informed decision-making and strategic planning.
Request Sample Pages : https://www.marketsandmarkets.com/requestsampleNew.asp?id=222404611
Asia Pacific to grow at a higher CAGR during the forecast period.
Asia Pacific region has a thriving technology ecosystem with countries such as China, Japan, South Korea, and India leading in innovation and research. Tech giants such as Alibaba, Tencent, and Baidu in China, and Sony and Panasonic in Japan, are investing heavily in artificial intelligence, including image recognition, to stay competitive in the global market. Further, rapid digital transformation across industries in Asia Pacific is fueling the demand for image recognition technology across various industries. For instance, Alibaba’s e-commerce platform Taobao utilizes image recognition to enhance product search capabilities, while hospitals in India are adopting AI-powered image recognition systems for medical imaging analysis. Additionally, the growing smartphone penetration and internet connectivity in the region are creating vast amounts of visual data, further driving the need for advanced image recognition solutions. As governments in the region prioritize investments in digital infrastructure and innovation, this is expected to offer opportunities for image recognition software and services.
Key Players
Some of the significant image recognition vendors, Google (US), Qualcomm (US), AWS (US), Microsoft (US), Toshiba (Japan), NVIDIA (US), Oracle (US), NEC (Japan), Huawei (China), Hitachi (Japan), Trax (Singapore), Samsung (South Korea), STMicroelectronics (Switzerland), ON Semiconductor Corporation (US), Snap2Insight (Portland), Attrasoft (US), Sterison (India), Unicsoft (UK), ParallelDots (US), Vue.ai (US), Catchoom (Spain), Wikitude (Austria), Ximilar (Czech Republic), Imagga Technologies (Bulgaria), Blippar (UK), Clarifai (US), LTU Technologies (France), and DeepSignals (US).
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
