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The Image Recognition Market is estimated to grow by USD 111.45 billion at a CAGR of 25.49% between 2023 and 2028. The market's growth is fueled by several critical factors. Identity theft incidents are on the rise, driving demand for advanced security solutions to safeguard personal and corporate data. Additionally, the increasing adoption of high-bandwidth data services and advanced 3D image processing technologies is expanding the market's scope. These trends underscore the market's pivotal role in addressing contemporary digital challenges and driving technological innovations. Businesses and consumers alike are prioritizing security measures that can adapt to evolving cyber threats, while advancements in data processing technologies enhance capabilities in sectors ranging from healthcare to entertainment. As digital landscapes evolve, the market continues to evolve to meet the growing demand for secure, efficient, and innovative solutions across various industries.
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The market share growth by the media and entertainment segment will be significant during the forecast period. The multiplex's adoption of video surveillance with facial recognition analysis to gauge audience engagement is one of the main causes of this growth.
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The media and entertainment segment was valued at USD 9.10 billion in 2018. Businesses that use technology to deliver eye-catching promotions, helpful visitor information, as well as projections and displays that enhance the atmosphere of the facility, attract and retain customers more successfully. The need for facial recognition in multiplex systems is growing globally. As a result, the market will experience growth due to the increasing adoption of facial recognition in the media and entertainment industry during the forecast period.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavioâs analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growth in the market revenue in North America is primarily attributable to the US. The high adoption of cutting-edge technologies during the early stages of homeland security and defense is one of the primary causes of this growth. The market is expanding as a result of the implementation of image recognition for border security through the detection of passport identity fraud.
In addition, applications for image recognition include media and entertainment, retail, and e-commerce, including online shopping malls. As facial recognition is extremely crucial to the BFSI industry, the market in North America is predicted to expand significantly during the forecast period. Furthermore, the rise in cyberattacks and data theft in businesses are other factors driving the market's expansion in the region. Governments have also increased spending on facial recognition technologies as a result of such incidents. Hence, due to such factors, the market in the region will witness growth during the forecast period.
Image recognition is an essential technology in various industries, including banking, healthcare, manufacturing, and more. This technology enables machines to identify and understand visual content, such as images and videos, by recognizing patterns, objects, and people. Two primary applications of image recognition are Visual Inspection and Facial Recognition. Visual Inspection involves using image recognition software to identify defects or picture elements in products, such as broken bones in X-rays or tumors in medical images. Object Detection, a type of Visual Inspection, uses techniques like Faster R-CNN and YOLOv3 to identify specific objects in images. Facial Recognition, on the other hand, uses deep learning models like Convolutional Neural Networks (CNN) for feature extraction and recognition of human faces. Machine Learning models are used for training these models using large datasets.
In addition, image recognition technology is also used in Automated Driving and Robotics for object detection and recognition. In the banking sector, it is used for mobile check deposits and banking apps. The market for image recognition is expected to grow significantly due to its increasing applications in various industries. Image recognition involves processing visual data, converting it into a 2-dimensional grid of pixels, and using machine learning models to extract features and make predictions. These features can be edge features, corner features, or other relevant information.
The increasing instances of identity theft are notably driving market growth, propelled by the widespread adoption of image recognition technology and machine learning. As visual websites, social networking platforms, and online gaming portals become increasingly prevalent, the vulnerability of end-users to identity and data theft rises correspondingly. To counter these sophisticated threats, end-users are turning to secure authentication solutions, leveraging facial recognition and biometric security.
Further, these technologies harness advanced image identification and visual analytics, enabling robust user authentication based on physical and behavioral characteristics, thus fortifying safety and security measures. With the global surge in identity theft threats, industries like BFSI in emerging economies such as China, Indonesia, and India are actively embracing facial recognition technology to enhance security protocols, fueling market growth. Moreover, the integration of facial recognition technology in security checkpoints and travel document checkers at airports and transportation security administration agencies underscores its pivotal role in bolstering safety and security measures worldwide.
The growing popularity of cloud-based image analysis solutions is one of the major market trends. Advanced software for the analysis and processing of medical images has become popular among doctors and other healthcare professionals in recent years. The software improves disease diagnosis and treatment by providing useful clinical information. However, installing these imaging tools frequently necessitates sizable capital expenditures for both hardware and software. Over time, this raises both operational and medical costs.
Moreover, healthcare providers are increasingly using cloud computing and the software-as-a-service (SaaS) model to overcome this obstacle. In this model, processing electronic health records is done by healthcare professionals using remote applications provided by an external vendor. The images are processed by these models, and the data is then sent back to the user. According to this model, healthcare providers are paid according to how many services are used. Cloud computing also provides better quality services in addition to easy accessibility and quick response times. Hence, such factors are expected to increase the demand in the healthcare industry, which, in turn, will drive market growth and trends during the forecast period.
The high cost of deployment is a major challenge impeding the market growth. It takes time to deploy image recognition systems on a large scale in government agencies and airports, and these systems typically have a protracted sales cycle. Additionally, deployment costs vary according to user needs. Testing technologies is limited by financial constraints. As a result, these departments might suffer a significant loss if the implementation fails.
Other hidden costs, such as maintenance costs, middleware costs, and other associated costs, exist in addition to the actual cost of the solution. The high cost of deploying these systems is a result of all these factors. Such factors are expected to hinder the growth of the market in focus during the forecast period.
The market growth analysis report includes the adoption lifecycle of the market research and growth , covering from the innovatorâs stage to the laggardâs stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market analysis and report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Imagga Technologies Ltd. - The company focuses on a platform as a service providing image recognition API that helps businesses understand and monetize image content in the cloud and on-premise.
The market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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Image recognition is an essential technology in various industries, including automotive, robotics, medical imaging, and more. This technology enables computers to identify and classify objects, places, people, text, actions, and even self-driving cars and autonomous mobile robots. Image recognition relies on machine learning algorithms, such as supervised learning and unsupervised learning, deep learning, and neural networks. Deep learning models, like the Pretrained Model and Transfer Learning, use large datasets for training and require less labeled data for accurate results. Feature extraction is a crucial step in image recognition, which can be achieved through edge features, corner features, or machine learning models. Computer vision, a subset of image recognition, processes digital images and videos to identify and understand their content. Google Lens and Vecteezy are popular image recognition software that uses deep learning toolboxes like Deep Learning Toolbox⢠for feature extraction and object detection.
In the automotive industry, image recognition is used for visual inspection in manufacturing processes and for advanced driver assistance systems (ADAS) in self-driving cars. In medical imaging, image recognition is used for diagnosing diseases in MRIs, X-rays, and other medical images, including radiology, ophthalmology, and pathology. Overall, image recognition is a powerful technology that continues to transform industries and improve our daily lives. The market encompasses a range of applications from augmented reality on smartphones to quality control in factories. Utilizing supervised and unsupervised learning algorithms, machine learning models analyze training and test data sets to classify objects like vehicles and defective products using annotated tags, bounding boxes, and object categories, enhancing efficiency in various industries.
Market Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 25.49% |
Market growth 2024-2028 |
USD 111.45 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
19.96 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 36% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Advanced Micro Devices Inc., Alphabet Inc., Amazon.com Inc., Attrasoft Inc., Blippar Ltd., Clarifai Inc., Hitachi Ltd., Honeywell International Inc., Imagga Technologies Ltd., Intel Corp., International Business Machines Corp., LTU TECH, Micron Technology Inc., Microsoft Corp., NEC Corp., NVIDIA Corp., Partium, Qualcomm Inc., Samsung Electronics Co. Ltd., and Wikitude GmbH |
Market dynamics |
Parent market analysis, Market trends and analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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